Corporate News: Page 2

Designer Brands furloughs over 80% of employees

The footwear and accessories company is turning to e-commerce as remaining staff takes a pay cut. 

By Kaarin Vembar • March 26, 2020

Walmart, Sam's Club offer rent relief to in-store tenants

The corporation is also moving to pay suppliers faster as supply chains feel the impact of COVID-19.

By Daphne Howland • March 26, 2020

Macy's 'Polaris' on pause

CEO Jeff Gennette will forgo his salary as the department store, at least for now, walks back its turnaround ambitions amid the COVID-19 pandemic.

By Daphne Howland • March 26, 2020

Nike sees China as a 'playbook' to tackling COVID-19 in the US

The retailer reopened its first store in Wuhan, China, last week, and said it will reopen stores in North America on a location-by-location basis.

By Cara Salpini • March 25, 2020

Target pivots from planned investments to deal with 'unprecedented' sales surge

Consumers stocking up amid the COVID-19 pandemic have pushed comparable sales for food and essentials up 50% at the retailer. 

By Ben Unglesbee • March 25, 2020

15K stores could permanently close in 2020, Coresight says

As the coronavirus pandemic brings a "sharp shock" to retail and triggers bankruptcies, closures this year could explode past the record set in 2019.

By Ben Unglesbee • March 25, 2020

Pier 1 furloughs staff, cuts wages

The program is an attempt to preserve the distressed retailer's liquidity as the COVID-19 outbreak takes a toll on the industry.

By Caroline Jansen • March 25, 2020

Under Armour product chief to step down

Kevin Eskridge, who has been with the company for a decade and took the chief product officer post almost three years ago, leaves Aug. 15.

By Daphne Howland • March 25, 2020

How retailers stay afloat during unprecedented mass closures

Around 100 retailers have closed stores as the country fights a pandemic. Now plans are going out the window and profits are taking a back seat. 

By Ben Unglesbee • March 25, 2020

Neiman Marcus mulling bankruptcy filing: Bloomberg Law

In a statement about the report, the upscale department store said it’s "evaluating all courses of action" to preserve its financial strength.

By Daphne Howland • UPDATED: March 24, 2020 at 1 p.m.

S&P downgrades Kohl's, Nordstrom on coronavirus-induced disruptions

Analysts expect closed stores and a likely recession to especially weigh on department stores. Nordstrom took steps to ease that.

By Daphne Howland • March 24, 2020

H&M anticipates 'tens of thousands' of layoffs

The apparel retailer stated that temporary store closures and lower demand has "had significant negative impact on sales so far in March." 

By Kaarin Vembar • March 24, 2020

GNC downgraded after saying it probably can't pay its debt

S&P analysts said that the coronavirus pandemic, economic downturn and squeezed credit markets are weighing on the supplement retailer.

By Ben Unglesbee • March 24, 2020

How small retailers are coping with the pandemic

Local stores are closing, without the financial cushions enjoyed by their larger rivals, and face even more unknowns in a post-COVID-19 future.

By Daphne Howland • March 23, 2020

Casper's quarterly loss narrows after public debut

However, the mattress brand provided weaker than anticipated first quarter earnings guidance as a result of the evolving situation around COVID-19.

By Caroline Jansen • March 23, 2020

Joann downgraded as pandemic disruption looms

The crafting retailer joins Party City in getting downgraded into C-territory from S&P as COVID-19 takes its toll on sales.

By Ben Unglesbee • March 23, 2020

RTW Retailwinds taps new CEO from within

Traci Inglis arrived from TechStyle Fashion Group last June as chief marketing and customer officer and succeeds Gregory Scott.

By Daphne Howland • March 20, 2020

Walmart to hire 150K hourly employees

The big-box retailer also announced cash bonuses to associates for their work during the pandemic. 

By Kaarin Vembar • March 20, 2020

Party City downgraded on weak sales, coronavirus disruption

S&P pushed the retailer into C-level territory, citing declines in Q4 and "significant headwinds" from the pandemic gripping the U.S.

By Ben Unglesbee • March 20, 2020

Facebook announces $100M in grants to small businesses impacted by COVID-19

The social media company is working to provide some relief in response to the global pandemic. 

By Tatiana Walk-Morris • March 19, 2020

LVMH reiterates Tiffany takeover plans

The luxury company said, contrary to rumors, it won't buy the jeweler's shares on the open market but will instead stick to their agreement.

By Daphne Howland • UPDATED: March 23, 2020 at 9:36 a.m.

NRF pushes government to come to retail's aid

The group appealed to the White House and Congressional leaders for rent and various forms of tax relief as COVID-19 curtails most shopping.

By Daphne Howland • March 19, 2020

Temporary closures could wipe out up to 50% of some retailers' annual profits, Cowen says

After temporarily shuttering more than 11,000 stores, analysts predict sales could fall by 12% this year for specialty and department store retailers.

By Ben Unglesbee • March 19, 2020

Distressed retailers struggled with falling sales for years — and then came coronavirus

With shoppers shunning stores or being barred outright, the entire industry will take a hit. What will happen to the retailers that were already in trouble?

By Ben Unglesbee • March 19, 2020

Taubman joins Simon Property in closing its shopping centers.

Taubman is closing most of its shopping centers, joining its suitor Simon Property, which is closing around 200 malls in the U.S.

By Ben Unglesbee • UPDATED: March 20, 2020 at 9:29 a.m.