Retail

Bloomberg Shoprite Holdings Ltd reappointed Christo Wiese as chairman even after ordinary shareholders resoundingly voted against his re-election as a non-executive director. Holders of more than 61% of the shares opposed his reappointment, Africa’s biggest grocer said after its annual general meeting in Cape Town. The former billionaire only secured another term thanks to his own superior voting rights. “We ...

Bloomberg Under Armour Inc shares plunged after the company disclosed that federal officials have been probing its accounting practices for more than two years, bringing a fresh headache to investors just as the sports brand prepares for a CEO transition. The athleticwear company also lowered its full-year revenue forecast, but it raised some other projections after posting solid third-quarter results. ...

Bloomberg The Nordic operations of Thomas Cook have been bought by a group of local investors, a little over a month after the parent company went bust. Billionaire Petter Stordalen’s Strawberry Group will team up with Altor Fund V and TDR Capital to take over the assets of Thomas Cook Northern Europe, or Vinggruppen, the group said. “Their great industry ...

Bloomberg Wayfair Inc plunged to its lowest levels of the year after the online home-goods retailer gave a disappointing outlook for the critical holiday quarter. The shares fell 17% to $84.23 in New York, their lowest since December 26. The company said on its conference call with analysts and investors that it expects fourth-quarter net revenue of $2.48 billion to ...

Bloomberg Takeaway.com has changed the type of bid it’s making for Just Eat Plc to one that allows it to change the shareholder acceptance threshold down the line as it competes with Naspers Ltd spinoff Prosus NV for the asset. Takeaway is moving from a “scheme of arrangement” to a conditional offer, the company said in a statement on Monday. ...

Bloomberg After weeks of hand-wringing over its fate, the flagship location of Barneys New York Inc will stay open for at least another year, albeit with a new format. The store will morph into a “pop-up retail experience” including boutiques, art and other cultural events, according to a statement from its new owner, Authentic Brands Group LLC. But the centre ...

Bloomberg Your move, Tiffany & Co. That was the message from LVMH, as executives from the French luxury group arrived in New York to sell the merits of its proposed $14.5 billion takeover of the storied American jeweller. After eyeing Tiffany for years, LVMH submitted an offer last month as it enjoys record cash flow and revenue while the blue ...

Bloomberg Forever 21 Inc will keep open more than 60 US stores previously set to shutter as part of the company’s bankruptcy restructuring after the retailer secured rent concessions from its biggest landlords, according to people with knowledge of the situation. It’s an early win for the fast-fashion company after it filed for Chapter 11 protection in September as talks ...

Bloomberg Amazon.com Inc is lowering the cost of its grocery delivery service Amazon Fresh, the company’s latest effort to get more people to buy fruits, veggies, milk and meats online rather than going to the store. Amazon is also expanding fast delivery of online grocery orders around the country. Amazon Fresh, available in 22 metropolitan markets, will be included in ...

Bloomberg Beyond Meat fell in early trading despite an increased sales forecast and its first quarterly profit. Investors were bracing for a selloff, when early backers of the faux meat maker will finally be allowed to cash out. The maker of meatless beef and sausages said third-quarter sales rose 250% to $92 million, outpacing analysts’ average estimate. The company now ...