Retail

Bloomberg Steinhoff International Holdings NV plans to dig deeper into the accounting misdeeds that brought the retailing giant to its knees as it seeks to get to the bottom of some $7.4 billion in fictitious or improper deals. A forensic probe by PwC found that a small group of former executives — with the help of others outside the company …

Bloomberg Debenhams Plc cracked open the door to billionaire Mike Ashley for the first time, saying it’s considering his bid to increase control over the UK retailer and install himself as chief executive officer. The billionaire’s Sports Direct International Plc offered a loan of 150 million pounds ($199 million) to the troubled department-store chain in a deal that would boost …

Bloomberg Inditex SA fell the most in 2019 after the Spanish owner of the Zara apparel chain reported the weakest earnings growth in five years, showing it’s not immune to the retail malaise that has burdened rival Hennes & Mauritz AB. Even a more generous dividend policy unveiled on Wednesday failed to stem the decline. The shares fell as much …

Bloomberg US retail sales stabilised in January after a plunge the prior month that was larger than first reported, indicating consumers may still be able to help support economic growth after a dismal end to 2018. The value of overall sales rose 0.2 percent after a 1.6 percent drop in the prior month that was the steepest since 2009, Commerce …

Bloomberg The gloomy state of brick-and-mortar retail has helped push another chain into bankruptcy, and this one is planning a speedy sale in order to dodge liquidation. Z Gallerie LLC, the upscale retailer known for its eclectic home decor, filed for bankruptcy in Delaware. The company blames the filing on self-imposed problems — namely a failure to invest enough in …

Bloomberg Amazon.com Inc. — has abruptly stopped buying products from many of its wholesalers, sowing panic. The company is encouraging vendors to instead sell directly to consumers on its marketplace. The retailer makes more money that way by offloading the cost of purchasing, storing and shipping products. Meanwhile, Amazon can charge suppliers for these services and take a commission on …

Bloomberg UK retailer John Lewis Partnership Plc cut employee-owners’ annual bonus to the lowest level in more than half a century, underlining the depths of the crisis in the country’s shopping districts. The operator of department-store chain John Lewis and grocer Waitrose said it cut the bonus to reduce debt, maintain investment and retain cash as it wrestles with uncertainty …

Bloomberg Billionaire Mike Ashley’s push to oust the board of Debenhams Plc came after creditors of the troubled UK retailer repeatedly rebuffed his bid to take over immediately as chief executive officer, according to people familiar with the situation. Ashley, whose Sports Direct International Plc is the biggest investor in the department-store chain, has stepped up his campaign by appealing …

Bloomberg The US retail sector is looking just fine for 2019 — as long as it’s not inside a shopping mall. Shares of Target Corp. and Kohl’s Corp. jumped after both retailers gave optimistic profit projections for the current year. The companies, which traditionally occupy big-box locations in strip malls, are showing how to defend market share in the age …

Bloomberg Gap Inc.’s plans to spin off Old Navy made two things clear: The long decline of its namesake brand is accelerating, and its Athleta chain is its best chance of a future. The company’s signature Gap banner, which turns 50 this year, has posted just one quarterly sales gain in five years. That’s in stark contrast to Athleta, a …