Retail

  Bloomberg Cosmetics giant Revlon Inc is preparing to file for Chapter 11 bankruptcy as soon as next week as it battles supply chain problems and a heavy debt load, according to people with knowledge of the matter. Talks around the potential filing aren’t final and could change, said the people, who asked not to be named discussing private negotiations. ...

Bloomberg A complaint by US labour board prosecutors against Home Depot Inc — for allegedly interfering with workers’ rights to protest against racial harassment — should be dismissed, an agency judge ruled. The US National Labour Relations Board’s (NLRB) general counsel alleged that the company violated federal labour law by preventing staff from displaying the message “Black Lives Matter” (BLM) ...

  Bloomberg Revlon Inc plunged 53%, the biggest one-day drop on record, after distressed debt news outlet Reorg reported that the cosmetics empire is preparing to file for the bankruptcy. The company, controlled by billionaire Ronald Perelman, could file as soon as next week, Reorg said, citing unnamed sources. Revlon shares triggered the multiple trading halts because of the volatility, ...

Bloomberg Target Corp cut its profit outlook for the second time in three weeks as it rushes to ease an inventory surge by marking down items and cancelling orders. Soaring merchandise stockpiles and “unusually high transportation and fuel costs” prompted Target to cut its outlook for operating profit to about 2% of sales this quarter. The company had projected the ...

  Bloomberg Inditex SA reported its highest profitability in a decade as the Zara owner offset inflation through tight cost control and kept attracting shoppers even with higher prices. Operating income rose 82% in the three months through April, exceeding pre-pandemic levels, the company said. The gross margin reached a 10-year record. The stock rose as much as 4.8%. Inditex ...

  Bloomberg Marks & Spencer Group Plc’s outgoing Chief Executive Officer Steve Rowe is set to receive a £2.6-million ($3.3 million) compensation package as he officially steps down from his role this summer. That includes a £1.6 million bonus because he will serve as adviser to the new leadership for a year, according to the annual report. Half of the ...

  Bloomberg Kohl’s Corp shares rose in early trading after the retail chain and Franchise Group Inc said they entered exclusive talks on a potential $8 billion takeover deal. The companies said in separate statements that they entered a three-week exclusivity period to discuss Franchise Group’s offer to buy Kohl’s for $60 a share. Kohl’s shares rose 9% to $45.90 ...

Bloomberg Stock splits were all the rage early this year as indexes hovered near record highs, with companies from Amazon.com Inc. to Alphabet Inc announcing them to make their share prices more alluring to individual investors. A few months on, the market has taken care of the problem. Amazon is among companies whose stocks have tumbled since the moves were ...

  Bloomberg Walmart Inc said it needs another two quarters or so to work through an inventory surge that prompted markdowns and contributed to last month’s steep stock decline. About a fifth of the 32% jump in inventories last quarter came from merchandise piling up more quickly than the company wanted, said John Furner, chief of Walmart’s US operations. Another ...

  Bloomberg Starbucks said it’s reopening its stores in Shanghai after a wave of Covid-19 infections and government lockdowns hurt its business in key Chinese market. The Seattle-based company has reopened 600 of its 940 stores in the city, a spokeswoman said by email. Starbucks is moving quickly to restart business there on just the third day of Shanghai’s official ...