Financial News: Page 286
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J.C. Penney's turnaround suffers holiday setback
After a slow start in the first three weeks of November, which included the U.S. presidential election, overall same-store sales rose between Thanksgiving week through the end of December.
By Daphne Howland • Jan. 8, 2017 -
Sam's Club CEO Brewer to step down
The warehouse chain has appointed John Furner to replace Rosalind Brewer as CEO. Furner most recently served as Sam's Club's executive vice president of merchandising.
By Jason Ankeny • Jan. 6, 2017 -
Staples to halt USPS operations in stores
While the American Postal Workers Union is declaring victory, it’s unclear how the decision will affect the office supplies retailer or the post office in the long term.
By Daphne Howland • Jan. 6, 2017 -
In challenge to Amazon's Zappos, Wal-Mart's Jet tries on Shoebuy
The acquisition is the speediest way to expand Jet’s reach and further Wal-Mart’s goals of increasing and diversifying its online customer base.
By Daphne Howland • Jan. 6, 2017 -
Walgreens raises guidance in anticipation of successful Rite Aid merger
Sales declined in the first quarter, but CEO Stefano Pessina expressed confidence that the merger and the synergies it will provide will happen, telling analysts there is “no plan B.”
By Daphne Howland • Jan. 6, 2017 -
Coloring books, Adele leave Barnes & Noble hanging at the holidays
Without a hot gift trend or a blockbuster album, store traffic was slow, though the bookseller managed better-than-expected profits thanks to cost-cutting.
By Daphne Howland • Jan. 6, 2017 -
The Limited officially closes all stores, moves online
The mall retailer posted a message on its website Friday stating that all stores had officially closed, but the business would continue online.
By Daphne Howland • Jan. 5, 2017 -
Nordstrom CTO bows out after less than a year
Former Amazon exec Kumar Srinivasan arrived last March amid a tech revamp, but it looks like the department store retailer intends further restructuring of its digital operations.
By Daphne Howland • Jan. 5, 2017 -
Amazon reportedly adding athleisure to private label apparel
The e-commerce giant has a penchant for developing private-label brands in many categories, using its deep intelligence from customer feedback and sales to see which categories have the most potential.
By Daphne Howland • Jan. 5, 2017 -
Sears Holdings to close 150 Sears and Kmart stores, sell Craftsman brand
The retailer has also entered into a $500 million committed secured loan facility, maturing in July 2020, with Seritage Growth Properties.
By Daphne Howland • Jan. 5, 2017 -
Deep Dive
Food for thought: 7 trends set to define grocery retail in 2017
Online grocery, last-mile shipping, social media marketing, product transparency and differentiated shopping experiences will highlight the year ahead.
By Sandy Skrovan • Jan. 5, 2017 -
Kohl's slashes guidance on discouraging holiday quarter
Holiday prospects seemed bright in early November, but sales were volatile and strong days few and far between in the weeks to follow.
By Daphne Howland • Jan. 5, 2017 -
Macy's job losses could top 10k after brutal holiday season
About 3,900 associates will be displaced as a result of store closures announced Wednesday, while additional restructuring measures may signal the loss of another estimated 6,200 positions.
By Jason Ankeny • Jan. 4, 2017 -
UPDATE: Next Level Apparel reportedly bids on bankrupt American Apparel
Amazon, Forever 21 and Authentic Brands Group have also been in talks to submit bids. A decision by a Delaware bankruptcy judge is expected on Thursday.
By Corinne Ruff • Jan. 4, 2017 -
Walgreens Boots Alliance pilots vision clinic
The test run at the company’s Chicago flagship could open another facet of medical care that could challenge rivals and boost traffic to retail stores.
By Daphne Howland • Jan. 4, 2017 -
Opinion
How New York's scheduling proposals will create headaches for retailers
Protections for retail workers will bring gains for some employees at the expense of others, and create substantial compliance difficulties for employers.
By Robert L. Ortbals, Jr. • Jan. 4, 2017 -
Struggling Rue21 elevates execs to 'transform the customer experience'
Brett Trent will fill the newly-created CMO spot, yet Fitch analysts have named the teen retailer as one of seven retailers in imminent danger of going bankrupt.
By Daphne Howland • Jan. 3, 2017 -
Amazon's one-click patent nearing expiration date
So-called “utility” patents expire 20 years after the patent filing date — in this case, Sept. 12, 1997 — meaning that other retailers will soon be able to use the one-click function without having to license it from Amazon.
By Dan O'Shea • Jan. 3, 2017 -
Deep Dive
How tech drove retailer turnaround efforts in 2016
Staples, Sears and J.C. Penney were among the big sector names leaning on tech innovation to help steer their comeback narratives and position themselves for growth in 2017.
By Dan O'Shea • Jan. 3, 2017 -
Sears accelerates store closings, opens $200M line of credit
CEO Edward Lampert’s ESL Investments hedge fund is providing yet another lifeline for the fading retailer.
By Daphne Howland • Jan. 3, 2017 -
UPDATE: Nasty Gal set for bankruptcy auction with $20M stalking bid from U.K.'s Boohoo
U.K. online merchant Boohoo is seeking to take on the edgy women's apparel retailer’s brand to expand its growing stable of youth-oriented fashion.
By Daphne Howland • Jan. 3, 2017 -
FTC's second request delays Bass Pro-Cabela's merger
In a Securities and Exchange Commission filing Friday, Cabela’s stated that its deal to sell its credit card business to Capital One has also been delayed.
By Daphne Howland • Dec. 30, 2016 -
FAO Schwarz owner ThreeSixty Group acquires Sharper Image
ThreeSixty appears to be shifting its focus beyond licensing to outright ownership of brands — and there may be more acquisitions to come.
By Daphne Howland • Dec. 30, 2016 -
Rent the Runway raises $60M to expand store footprint, subscription business
The New York City-based startup, co-founded in 2009 by Harvard Business School graduates Jennifer Hyman and Jennifer Fleiss, has now raised more than $190 million in venture financing.
By Jason Ankeny • Dec. 28, 2016 -
American Apparel shutters nearly all UK stores
Operations in Spain, Japan, Australia and Ireland are also winding down as the retailer prepares to unload its intellectual property rights and inventory in its second bankruptcy in little over a year.
By Daphne Howland • Dec. 23, 2016