Retail

  Bloomberg Software maker Zendesk Inc agreed to be acquired by a group of buyout firms led by Hellman & Friedman and Permira for about $9.5 billion. The all-cash transaction offers shareholders $77.50 a share, a premium of 34% over Zendesk’s closing stock price. Including debt, the deal is valued at about $10.2 billion. The announcement comes after Zendesk said ...

  Bloomberg More than 75% of people are “terrified” of the effect the cost-of-living crisis will have on their families, according to the head of UK’s largest supermarket. Tesco Plc Chief Executive Officer Ken Murphy said the grocer has done a lot of research about how people are feeling right now as they battle the worst inflation to hit Britain ...

  Bloomberg Amazon.com Inc tapped Doug Herrington to run the company’s sprawling retail and logistics operation, giving him the new title chief executive officer of Worldwide Stores and signalling the importance of a continued push into groceries under company CEO Andy Jassy. Herrington, 55, joined Amazon in 2005 and launched the Amazon Fresh grocery delivery service in 2007. He replaces ...

Bloomberg British sporting goods billionaire Mike Ashley’s Frasers Group Plc raised its stake in fashion retailer Hugo Boss AG, ramping up its exposure to the German retailer as it works on a rejuvenation effort. Frasers valued the new holding at about 900 million euros ($944 million) in a statement, two years after first investing about 108 million euros in the ...

  Bloomberg Traders piled into shares of Revlon Inc, driving its gains from a record low to 650% as individual investors looked to strike a quick profit, while ignoring the fundamentals of the troubled cosmetics giant. The stock surged 34%, bringing gains from an all-time low to more than 650% as trading volume continued to soar past recent trends. More ...

Bloomberg Kellogg Co said it will split into three independent companies, sparking a rally in the food conglomerate’s shares. The maker of Froot Loops and other well-known breakfast cereals said the companies would focus on global snacking, North American cereals and plant-based foods — giving each greater autonomy and room for growth. The breakup will occur through two tax-free spinoffs, ...

  Bloomberg Associated British Foods Plc said that budget-clothing retailer Primark will test a UK click-and-collect service on children’s products, seeking to boost sales that are still recovering from the pandemic. In a significant departure for a retailer that has previously resisted moving any of its sales online, the trial will take place in up to 25 stores in the ...

  Bloomberg Ocado Group Plc raised £575 million ($705 million) to fuel expansion even as the surge in online food shopping during the pandemic recedes with soaring inflation thinning consumer wallets. Shares in the British e-commerce group fell as much as 6.1% in early trading, after Ocado sold 72.3 million shares in an accelerated placing, in an emailed statement. Stock ...

  Bloomberg Berjaya Food Bhd, which operates Starbucks and chicken-based restaurant chain Kenny Rogers Roasters outlets across Malaysia, is looking to curb costs internally rather than pass on rising production costs to consumers. “For us, the last thing we want to do is increase prices. Consumers feel it if you pass the cost” to them, Group Chief Executive Officer Sydney ...

  Bloomberg A former Amazon Web Services worker was convicted of hacking into the company’s cloud servers to steal customer data and computer power that she used to mine cryptocurrency. Following a week-long trial in Seattle, Paige A. Thompson, 36, was found guilty of seven federal crimes, including wire fraud, which carries a prison sentence of as long as 20 ...