Retail

Bloomberg Three days after President Trump signed a $2 trillion stimulus into law, Kohl’s Corp, Macy’s Inc and Gap Inc joined the growing number of retailers to halt pay for much of their workforce on March 30, while preserving some benefits. With these furloughs, that brings the total number of employees who are out a paycheck at major US chains ...

Bloomberg Amazon.com Inc has extended the shuttering of a warehouse dedicated to returning apparel after three workers tested positive for Covid-19, the first known instance of the online retailer indefinintely idling a US facility in response to the pandemic. The move comes after employees expressed concern that returning to work to process returned sneakers and wristwatches wasn’t worth the risk ...

Bloomberg Lululemon Athletica Inc reported an acceleration of sales growth in the latest quarter, but refrained from offering an outlook for the current year because of the uncertainty caused by the coronavirus outbreak. The Vancouver-based retailer, which has closed many locations amid the health crisis, said the key metric of comparable sales, a gauge of retail success, accelerated to 20% ...

Bloomberg Walmart Inc has taken on 25,000 new employees and given offers to thousands more in the first week of a hiring push, as the biggest private employer in the US scrambles to keep its shelves stocked and checkouts staffed during the coronavirus pandemic. The retailer has compressed a hiring process that can often take two weeks into as little ...

Bloomberg LVMH said revenue for the last quarter dropped 10% to 20%, compared with the same period last year, as its luxury brands temporarily closed stores and shoppers tightened their wallets due to the coronavirus pandemic. The French luxury-goods maker will disclose first-quarter results on April 16. The company said the outbreak’s full impact “cannot be accurately calculated at this ...

Bloomberg Nike Inc doesn’t have a cure for coronavirus, but the company does have a plan for coping with the pandemic globally. After delivering better-than-expected quarterly results, the sportswear giant’s top executives discussed their experiences dealing with the virus in China — Nike’s top growth market and the place where the Covid-19 outbreak began. They expect the disruption and recovery ...

Bloomberg For at least a decade, experts have been predicting the demise of the big box supermarket as online rivals like Ocado Group Plc muscled in. Giant warehouse-style grocery stores with thousands of products seemed anachronistic in an era when consumers increasingly wanted to shop for fresh, locally produced food, or from the comfort of their living rooms. Now the ...

Bloomberg Yum! Brands Inc said it’s suspending its share repurchase program and working to assist some franchisees as the coronavirus outbreak erodes sales. The owner of the KFC, Pizza Hut and Taco Bell brands said in a filing that comparable-store sales — a key measure for restaurant companies — will likely decline in a range of mid to high single ...

Bloomberg Amazon, Walmart, EBay and other large online sellers were urged by state law enforcement officials to crack down on price gouging that preys on panic over the coronavirus pandemic amid surging complaints by consumers. The attorneys general of New York and California called on the companies to take action as 6,000 complaints have poured in to authorities across the ...

Bloomberg Neiman Marcus Group Inc, the luxury retailer that’s been struggling to ease its $4.3 billion debt load, is talking with lenders about filing for bankruptcy, according to people with knowledge of the matter. No formal decisions have been made, but Neiman Marcus has held initial talks with lenders about a potential bankruptcy loan that would keep the company running ...