Retail

BLOOMBERG Bed Bath & Beyond Inc has picked Overstock.com Inc as the lead bidder in an upcoming bankruptcy auction for the right to own the big box store’s brand. Overstock’s $21.5 million cash offer has been selected as the stalking-horse bidder for Bed Bath & Beyond’s intellectual property, according to court papers filed, setting the price floor for the bankrupt ...

BLOOMBERG Retail executives are sounding the alarm on in-store shoplifting as theft burns a multibillion dollar hole in their balance sheets. While most are vowing to fight back, they’re also expressing fears that they may be largely powerless to stop the problem. As if a possible recession and declining consumer sentiment wasn’t enough to worry about, retail executives are struggling ...

BLOOMBERG Frasers Group Plc has bought an 18.9% stake in online electronics retailer AO World Plc, as Mike Ashley’s retail empire keeps up its acquisitive streak. Frasers has spent £75 million ($94 million) on the stake as part of a strategic partnership with AO World after two years of talks, according to a statement. The deal will help Frasers expand ...

BLOOMBERG Frasers Group Plc, the retail empire majority owned by tycoon Mike Ashley, has raised its stake in struggling online fashion hub Asos Plc. Already Asos’s third-largest shareholder, Frasers raised its holding to 8.8% from 7.4%, according to a filing. The stake has grown from around 5% in October. Ashley founded Sports Direct four decades ago and built it into ...

BLOOMBERG Lululemon Athletica Inc jumped after posting a strong start to the fiscal year and projecting a better-than-expected full-year outlook — a sign of robust demand for the company’s pricey activewear despite emerging consumer weakness. Earnings and comparable sales surpassed analysts’ average estimate in the company’s first quarter. For the full year, Lululemon now expects revenue to be as high ...

BLOOMBERG Beyond Meat Inc seeks to raise as much as $200 million in an equity offering as the plant-based burger maker contends with falling sales and a decline in cash reserves. The company filed a prospectus supplement with the US Securities and Exchange Commission, according to a statement. The proceeds will be used for “general corporate and working capital purposes,” ...

BLOOMBERG The International Monetary Fund (IMF) flagged risks to the Bangladesh economy such as inflation, growth and foreign reserves as it concluded its mission under the $4.7 billion loan programme. “Persistent inflationary pressures, elevated volatility of global financial conditions, and slowdown in major advanced trading partners continue to weigh on growth, foreign currency reserves, and the Taka,” according to a ...

BLOOMBERG Amazon.com Inc reported quarterly profit that topped estimates as cost cuts and surprisingly strong sales in the cloud-computing division helped the e-commerce giant weather an uncertain economy. The shares were little changed in extended trading, giving back earlier gains of as much as 12%. First-quarter revenue increased 9.4% to $127.4 billion, the company said in a statement, above expectations ...

BLOOMBERG Procter & Gamble Co (P&G) raised its sales projection for the fiscal year ending in June, citing higher prices and a slight increase in demand for some of its products. The shares rose the most in three years. The maker of Bounty paper towels and Herbal Essences shampoo said organic sales, which exclude fluctuations, should grow 6% from the ...

BLOOMBERG Bed Bath & Beyond Inc, the big-box retailer that for decades provided essential shopping for college dorms, wedding gifts and new homes, will close all of its stores and liquidate inventory over the next two months after its turnaround failed. The Union, New Jersey-based company filed for Chapter 11 bankruptcy, a move that came months after saying it was ...