Retail

Bloomberg Lowe’s Cos. is leaving Manhattan. The home-improvement retailer announced the closing of 51 under-performing stores, including two New York locations that the company hailed just three years ago as way to win over city dwellers. The move is part of new Chief Executive Officer Marvin Ellison’s push to get rid of distractions and focus on improving its core business …

Bloomberg Lego A/S has won a new intellectual property lawsuit in China after a court agreed with the Danish toy manufacturer that local companies had copied its building blocks and miniature figures under the Lepin brand. The Guangzhou Yuexiu District Court ruled that the four defendants should immediately cease the production, sale and promotion of the toys and pay about …

Bloomberg Did Michael Kors Holdings overpay for Versace? The market said yes, but some analysts see something different. The stock got two upgrades in the past two days, with analysts at UBS Group AG and Piper Jaffray both citing the potential for Versace to drive gains after the stock was punished for the $2.2 billion acquisition in late September. Michael …

Bloomberg The hedge funds that now own the Toys ‘R’ Us brand plan to relaunch the toy retailer as a standalone operation next year, according to people familiar with the matter. Solus Alternative Asset Management and Angelo Gordon will look to raise capital to help revive the chain, which closed its last stores at the end of June, and are …

Bloomberg Kraft Heinz Co. shares sank in late trading on Thursday after the packaged-food company posted quarterly profit that missed estimates, dragged down by sluggish sales growth and higher costs. Earnings per share were 78 cents in the quarter, excluding some items, trailing the average analysts’ estimate of 81 cents. Adjusted EBITDA in the key US region was down 16 …

Bloomberg Coty Inc. wants to get closer to valuable Chinese consumers of cosmetics, hair care and fragrances, and will do so through a partnership with Alibaba Group Holding Ltd. The beauty company and online giant are teaming up on interactive vending machines in malls of major Chinese cities, as well as on initiatives with beauty and hair salons, and lets …

Bloomberg An economic development director at Amazon.com Inc. isn’t happy about a Washington Post report that the e-commerce giant is in advanced talks with a Washington suburb about being the location for its second headquarters. In a recent tweet, Amazon’s Mike Grella addressed “the genius leaking info,” saying: “You’re not doing Crystal City, VA any favours. And stop treating the …

Bloomberg Gildan Activewear Inc. said it won a contract to produce men’s underwear for a major retailer, part of the clothing maker’s bid to capitalise on companies’ growing preference to sell their own lines of apparel. The Montreal-based company, which also owns American Apparel, said it secured a contract for 2019 to manufacture men’s innerwear for its “largest mass retail …

Bloomberg Starbucks Corp. broke out of its home-market slump, posting better-than-expected sales in the US that sparked a share rally in late trading. Comparable sales — the key gauge of retail performance — rose 4 percent in the Americas, beating analysts’ estimate for a gain of 2.8 percent and far-outpacing the previous quarter’s sluggish pace. Sales also beat globally. Starbucks …

Bloomberg Fears of a prolonged market downturn, slowing international sales, stepped-up competition in the US and flat-out confusion about how Amazon.com Inc. makes money are all reasons behind the company’s dizzying 25 percent drop in value from its September high. The world’s largest online retailer had been an investor darling, with shares more than doubling over the past two years …