Retail

Bloomberg Modell’s Sporting Goods Inc is preparing a bankruptcy filing that could come soon after the retailer failed to garner enough support from its vendors and landlords. Following weeks of negotiations with its stakeholders, the family-owned retail chain is looking to file for Chapter 11 protection and sell assets through a court-supervised bidding process, Chief Executive Officer Mitchell Modell said ...

Bloomberg If 2019 was a bad year for Tony Tan Caktiong, the Philippine tycoon who built a fast-food empire that trounced McDonald’s in his home market, 2020 is shaping out to be worse for his company’s stock. After wooing millions of Filipinos for decades with its signature fried chicken, Tan’s Jollibee Foods Corp set out on an expansion in the ...

Bloomberg John Lewis Partnership Plc’s employees will get their lowest bonuses in 67 years in 2020, though they may be relieved to get anything following the UK retailer’s three straight annual profit declines in a highly competitive market. The parent company of John Lewis department stores and upmarket grocer Waitrose said it will pay a 2% bonus to its employee-owners ...

Bloomberg A bipartisan group of house lawmakers urged Amazon.com Inc and EBay Inc executives to take stronger actions against third-party vendors who sell fake, stolen or unsafe goods on their shopping websites. “Organised retail crime, selling counterfeits and stolen products, poses a threat to consumers who are unwittingly purchasing these items,” said Representative Jan Schakowsky, an Illinois Democrat, during a ...

Bloomberg Target Corp delivered a sanguine outlook for the year ahead, saying the coronavirus hasn’t had a big impact on operations yet while pressing ahead with growth initiatives online and in the stores. While the retailer has witnessed “aggressive shopping” as consumers stockpile food and other household essentials in recent days, Chief Executive Officer Brian Cornell told investors that he ...

Bloomberg Amazon.com’s Prime Now and Amazon Fresh delivery services have been overwhelmed by demand, a sign that virus-spooked shoppers are turning to the world’s largest online retailer to avoid going to brick-and-mortar stores. Amazon warned customers that both services would have limited availability, meaning orders are being delivered more slowly than usual. The company hasn’t reduced the number of people ...

Bloomberg JD.com Inc surged to its highest since June 2018 after its forecast for at least 10% revenue growth this quarter suggested online retail in China was proving more resilient to the coronavirus epidemic than anticipated. Its shares rose more than 12.4% in New York, their biggest gain since August, after the company reported fourth-quarter revenue of 170.7 billion yuan ...

Bloomberg Hong Kong retail sales by value tumbled again in January, entering a 12-month losing streak after a Lunar New Year holiday interrupted by the coronavirus outbreak and amid months of anti-Beijing protests. Retail sales by value fell 21.4% in January from a year earlier, extending a run of declines that started in February, the longest downward trajectory in three ...

Bloomberg Mr DIY Group, Malaysia’s biggest home improvement retailer, is considering postponing its planned initial public offering after the country’s equities market tumbled on political uncertainty, according to people familiar with the matter. The company will finalise a decision on the share sale plan as soon as this week, said the people, who asked not to be identified as the ...

Bloomberg In the three years since becoming an agent for mobile e-commerce company Copia Global Inc, Samuel Kihara has boosted revenue at his general store fivefold, opened a second shop, bought land and a truck and moved his children to private school. “The commissions I earn as a Copia agent have been my working capital,” Kihara, 48, said as he ...