Retail

Bloomberg Hudson’s Bay Co Chairman Richard Baker was in talks about selling the Canadian retailer’s stake in its European business when he started to formulate his own plan to take the owner of Saks Fifth Avenue private, according to a regulatory filing. The document offers a look into Baker’s role in the sale of Hudson’s Bay’s stake in a joint ...

Bloomberg Reynolds Consumer Products Inc, the maker of Reynolds Wrap aluminum foil and Hefty trash bags, rose 9.8% in its trading debut after raising $1.23 billion in the biggest initial public offering by a household goods maker. Reynolds, backed by New Zealand billionaire Graeme Hart’s Rank Group, sold 47.17 million shares for $26 each after marketing them for $25 to ...

Bloomberg Levi Strauss & Co’s profitability rose in its latest quarter, with the jeans maker citing higher prices and fewer sales to off-price retailers. The company also reported continuing weakness in its US wholesale business, however. The shares alternated between losses and gains in late trading. Gross margin, a key gauge of profitability, rose 1.1 percentage point from a year ...

Bloomberg Intu Properties Plc has written down the value of one of the UK’s largest malls, offering a glimpse at its parlous finances ahead of a planned equity raise. The company notified holders of 485 million pounds ($631 million) of bonds secured against Intu Metrocentre, a large mall in northeast England, that the debt secured against the property now accounts ...

Bloomberg Luckin Coffee Inc, the Chinese challenger to Starbucks Corp, has lost nearly a third of its value since the outbreak of the coronavirus. However, at least one analyst maintains this may be just a blip for the company. The upstart has closed all of its coffee shops in Wuhan, the capital of the Hubei province and the epicenter of ...

Bloomberg Amazon.com Inc’s valuation briefly topped $1 trillion after its results beat expectations, with analysts applauding the popularity of the e-commerce giant’s one-day shipping initiative and the performance of its cloud-computing business. Shares surged as much as 9.9% in their biggest intraday gain since 2017 before paring back gains to trade below the $1 trillion threshold. The stock hit a ...

Bloomberg Bankrupt retailer Forever 21 Inc asked a bankruptcy court to approve plans to sell “substantially all” of its assets to a buyer who might keep the chain in business. Forever 21 is in “substantial, round-the-clock negotiations” with a potential stalking-horse bidder, which would set a minimum price for the fashion chain while it continues to seek bids for alternative ...

Bloomberg In Moscow, online orders delivered in just 15 minutes by bicycle signal what the future of shopping may hold. Russia’s largest technology company, Yandex NV, is getting groceries to Moscow homes within a quarter of an hour, free of charge. Its new online service, called Lavka, has spread small warehouses across the capital stocked with about 2,000 items and ...

Bloomberg Cosmetics maker Kose Corp slashed its full-year profit outlook by 19%, citing a decline in tourists to Japan because of the novel coronavirus outbreak in China. The Tokyo-based company also cited a stronger yen and a consumption tax hike in October as reasons for the expected decline in its financial performance. Kose cut its net income projection to 30 ...

Bloomberg As the flat white trounces black tea, Lipton owner Unilever is weighing a sale of one of its best-known brands. The Anglo-Dutch giant initiated a review of its global tea business, which includes the more than century-old label and generates sales of almost $3.3 billion. The move comes after the company’s slowest quarterly growth in a decade. Unilever is ...