Retail

  Bloomberg Amazon Inc workers will stage a week-long strike at a warehouse in Coventry, UK, next month in a dispute over pay, according to trade union GMB. The walkout is timed to maximise disruption for Easter weekend and slow product delivery, a GMB spokesperson told Bloomberg. It follows a day-long strike at the warehouse late last month, a first ...

  Bloomberg Tuesday Morning Corp filed for bankruptcy protection for the second time since the onset of the Covid-19 pandemic. The Dallas-based discount retailer filed in the Northern District of Texas, listing assets and liabilities of $100 million to $500 million, in its bankruptcy petition. It emerged from its last bankruptcy in January 2021 after closing about 200 stores, cutting ...

  Bloomberg Oasis Corp, a South Korean grocery delivery app that competes with US-listed Coupang Inc, decided to withdraw what was expected to be the nation’s largest initial public offering in five months amid difficulty in reaching expected valuation. After finishing the book building for an offering expected to be as large as 206.8 billion won ($162 million), the startup ...

Bloomberg Chinese-owned e-commerce upstart Temu made its Super Bowl debut, an unofficial coming-out party for an online shopping app that’s climbed American download charts since its debut late last year. PDD Holdings Inc’s service, which like Shein has gained a reputation for cut-rate pricing and fast delivery, ran two 30-second spots featuring a trendy shopper twirling and dancing to phrases ...

  Bloomberg Amazon.com subsidiary Zappos laid off more than 300 employees — about 20% of its workforce — in January, the Wall Street Journal (WSJ) reported, citing people familiar and a company memo. The cuts, described as being part of broader layoffs at the company, included customer-service representatives at the online shoe and clothing retailer, which Amazon bought in 2009, ...

Bloomberg Tapestry Inc shares jumped the most since November after the high-end retailer raised its full-year earnings outlook, citing more moderate currency headwinds and a sales pickup in China. The Coach owner now sees earnings per diluted share in the range of $3.70 to $3.75. That’s up from its previous range of $3.60 to $3.70 and above the average estimate ...

  Bloomberg Inditex SA shares dropped after the owner of the Zara clothing chain agreed to raise the pay of its store workers in Spain by an average of 20%. The retailer agreed to pay all store workers in Spain a minimum of €1,500 ($1,610) per month, Spanish union UGT said in a statement. That’s a hike of up to ...

  Bloomberg Distressed Brazilian retailer Americanas SA got court approval for a debtor-in-possession (DIP) financing plan of up to 2 billion reais ($379 million) through the sale of local bonds, with its biggest shareholders willing to fund up to half of it. The Rio de Janeiro-based company will sell 1 billion reais of local notes in a first tranche which ...

  Bloomberg Vice President Kamala Harris announced $950 million in contributions from companies including Target Corp. and Nestle SA aimed at addressing poverty and violence that is driving migration from Central America. Target has promised to boost spending in the region by $300 million over a decade and increase the use of vendors from El Salvador, Guatemala and Honduras. Nestle ...

Bloomberg Japanese convenience store operator Lawson Inc. is exploring strategic options for its China operation, people with knowledge of the matter said, as consumption in the country recovers after Covid lockdowns. The Tokyo-based firm has held talks with advisers as it weighs possibilities to boost growth in the China unit, including introducing strategic partners and selling minority stakes. Deliberations are ...