February, 2020

• 22 February

  Puma chief puts brave face on coronavirus retail crisis

  

  Bloomberg Puma SE’s chief executive officer put a brave face on the coronavirus crisis in China, forecasting a 10% gain in revenue this year. “Long-term, this will not have an impact on our industry and our brand,” CEO Bjorn Gulden told journalists. “Can we reach the guidance or not? We will do everything we can.” Puma shares surged as much …

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• 22 February

  Forever 21’s new owners in talks to keep ‘US stores’ open

  

  Bloomberg Forever 21 Inc’s new owners plan to keep most of the fast-fashion chain’s US stores open under a new chief executive officer in the coming weeks when it emerges from bankruptcy. Owners Authentic Brands Group (ABG), Simon Property Group Inc and Brookfield Property Partners LP are talking with other landlords about keeping as many of its 448 US stores …

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• 22 February

  Victoria’s Secret sells control to Sycamore

  Bloomberg L Brands is selling a controlling stake in Victoria’s Secret to Sycamore Partners, giving the ailing apparel chain a chance to rehabilitate its image and sales outside the glare of public markets. Under the deal, Sycamore Partners will buy 55% in the chain and take it private, leaving L Brands with a minority stake. L Brands’ billionaire founder Leslie …

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• 19 February

  Adnoc signs exclusive seller deal with China’s energy firm

  

  LONDON / WAM The Abu Dhabi National Oil Company (Adnoc), on Wednesday announced that it has signed an Exclusive Seller Agreement with Xiamen Sinolook Oil Co. Ltd. This new agreement, which was signed at the 24th World Base Oils and Lubricants Conference in London, appoints Xiamen Sinolook Oil as exclusive seller of Adnoc’s Group III base oil, ADbase, into China, …

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• 19 February

  China mulls cash injections, mergers to bail out airlines

  

  Bloomberg China is considering measures such as direct cash infusions and mergers to bail out an airline industry crippled by the coronavirus outbreak, according to people familiar with the matter. One proposal involves allowing some of the nation’s biggest carriers — which are controlled by the state — to absorb smaller ones suffering the most from the collapse of travel, …

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• 19 February

  Jet Air’s bid deadline extended again with liquidation looming

  

  Bloomberg Both firms shortlisted as potential buyers for Jet Airways India Ltd missed the bidding deadline on February 18, forcing another extension with just weeks to go until they hit a key liquidation trigger. Prudent ARC Ltd and Synergy Group Corp now have until March 9 to bid for the bankrupt airline, said a person familiar with the matter. While …

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• 19 February

  Wuhan airport reminds Air India rescue pilot of zombie apocalypse

  

  Bloomberg As an Air India flight landed at the airport in Wuhan last month to rescue Indians stranded in the coronavirus-hit city, Captain Kamal Mohan couldn’t help but think that he had entered a post-apocalyptic film set. “It was frightening,” Mohan said in an interview. “It’s a massive airport, so just imagine not seeing a soul. You’d think a zombie …

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• 19 February

  Singapore Air’s India JV to offer live cricket in the sky

  

  Bloomberg Vistara, the Indian affiliate of Singapore Airlines Ltd, will become the country’s first carrier to offer in-flight Wi-Fi and streaming services on its new Boeing Co 787 Dreamliners, in what could boost its ambitions as a premium airline in one of the world’s busiest markets. Passengers will be able to access sites like Facebook and messaging service WhatsApp, as …

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• 19 February

  Macy’s cut to junk by S&P over ‘turnaround doubts’

  Bloomberg Macy’s Inc was cut to junk by S&P Global Ratings, which said the department-store chain falls on the wrong side of changing consumer preferences. The company’s credit rating was lowered one notch to BB+ from BBB-, S&P said in a statement, citing its “excess stores.” The outlook is stable. Macy’s shares extended losses after the announcement. “Pressure is mounting …

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• 19 February

  Bed Bath & Beyond selling online gift unit

  Bloomberg Bed Bath & Beyond Inc is selling its PersonalizationMall.com business amid efforts to slim down, renew focus on its core home-furnishings business and reverse years of stagnant sales. The company agreed to sell the online personalised gift company for $252 million to 1-800-Flowers.com, it said. PersonalizationMall.com will continue to provide products and services to Bed Bath & Beyond and …

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