Financial News: Page 116
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Daphne Howland/Retail Dive
Nordstrom tells landlords to expect just half their rent until January 2021
The department store acknowledged that it’s modifying rent payments in order to achieve cost cuts to weather the pandemic crisis.
By Daphne Howland • Updated July 10, 2020 -
From 'doing things' to doing things profitably: Outdoor Voices' plans for growth
New board Chairwoman Ashley Merrill doesn't want to change the brand's values, just its operations.
By Cara Salpini • July 2, 2020 -
The image by Massachusetts Office of Travel & Tourism is licensed under CC BY-ND 2.0
Crate and Barrel names new CEO
Janet Hayes, who succeeds Neela Montgomery on Aug. 1, previously held roles at Williams Sonoma and Pottery Barn Kids and Teen.
By Caroline Jansen • Updated July 8, 2020 -
Men's Wearhouse misses $6.1M interest payment on bonds
The retailer, owned by struggling Tailored Brands, faces default if it can't work out a deal with lenders or bring in additional liquidity.
By Ben Unglesbee • July 2, 2020 -
Daphne Howland/Retail Dive
Macy's Q1 loss approaches $4B
The eye-popping tumble is four times the department store's warning last month, as forced closures prompted a $3.2 billion impairment charge.
By Daphne Howland • July 1, 2020 -
David's Bridal names new chief technology officer
The appointment of Danny Luczak comes on top of a slew of tech features the retailer has rolled out in recent months.
By Tatiana Walk-Morris • July 1, 2020 -
Daphne Howland/Retail Dive
The not-so-grand reopening of retail
As COVID-19 cases spike in areas of the U.S., some stores are reclosing, while others struggle to enforce safety precautions.
By Daphne Howland • July 1, 2020 -
Adidas HR chief out as employees seek more diversity
In a statement on her departure, Karen Parkin said that "to unify the organization it would be better for me to retire and pave the way for change."
By Cara Salpini • July 1, 2020 -
Stein Mart gets $10M in stimulus aid as it faces steep losses
The discount retailer is searching for capital, and a potential buyer, amid the COVID-19 crisis, which is forcing it to run down its credit line.
By Ben Unglesbee • July 1, 2020 -
NY governor mandates HVAC upgrade for malls to open
But experts say that, compared to masks and distancing, the filter requirement isn't the best way to prevent the spread of COVID-19.
By Daphne Howland • July 1, 2020 -
Guitar Center gets some breathing room with $56M debt exchange
The struggling musical instrument retailer cut a deal with bondholders that freed up cash in the short run, but analysts expect more restructuring ahead.
By Ben Unglesbee • June 30, 2020 -
Lululemon snaps up at-home workout platform Mirror for $500M
Analysts hailed the move as synergistic for both companies, especially considering the appeal of virtual workouts during the pandemic.
By Daphne Howland • June 30, 2020 -
Gap, Kanye West announce Yeezy collaboration
The struggling apparel retailer bills it as coming full circle with the designer, who worked at a Gap store as a teenager.
By Daphne Howland • June 29, 2020 -
Courtesy of Nike
Nike anticipates layoffs as it accelerates digital strategy
The job cuts are not related to losses incurred by the pandemic, a company spokesperson said, and savings will be reinvested in the retailer's priorities.
By Cara Salpini • June 29, 2020 -
Rite Aid looks to buy time on debt as it posts $73M Q1 loss
The drugstore retailer's sales boomed in the first quarter as it remained on the "front lines" of the COVID-19 crisis, but it still failed to turn a profit.
By Ben Unglesbee • June 29, 2020 -
Microsoft to close its physical stores
The tech giant is investing in its online channels while transitioning to virtual customer services.
By Tatiana Walk-Morris • June 29, 2020 -
How CBL's journey to the brink lays bare the risks to malls
The REIT skipped an interest payment and signaled it may not survive as the pandemic disrupts rent payments and the entire retail ecosystem.
By Ben Unglesbee • June 29, 2020 -
Nike plans up to 200 small-format stores, despite 38% revenue drop
The retailer swung to a $790 million loss in Q4, but executives remained focused on the future, announcing a new phase of its consumer direct strategy.
By Cara Salpini • June 26, 2020 -
Barnes & Noble will shutter NYC bookstore, downsize headquarters
The bookseller, now under private ownership, says it will return to the Upper East Side in a smaller location, and is already looking for a new site.
By Daphne Howland • June 26, 2020 -
What's next for bankrupt GNC?
After struggling financially for years, the retailer finally buckled under its debt amid the COVID-19 crisis. Now multiple parties are ready to take over.
By Ben Unglesbee • June 26, 2020 -
Daphne Howland/Retail Dive
Story founder Rachel Shechtman to leave Macy's
Is the department store's reinvention over before it even began?
By Daphne Howland • June 26, 2020 -
Sonos to lay off 12% of workforce
The company is also temporarily cutting executive pay to trim costs while it copes with the economic uncertainty brought on by the pandemic.
By Tatiana Walk-Morris • June 25, 2020 -
Target will roll out fresh grocery pickup nationwide
Following successful tests, the company will add the service to more than 400 stores by the end of this month and to 1,500 by the holidays.
By Jeff Wells • June 25, 2020 -
Bruce Bennett via Getty Images
Drugstores got a lift as essential retailers, but what's next?
Analysts say CVS could benefit the most from the sales boosts in recent months as consumers flock to stores for health care and everyday items.
By Daphne Howland • June 25, 2020 -
Daphne Howland/Retail Dive
Macy's slashes workforce by nearly 4K corporate employees
"We know that we will be a smaller company for the foreseeable future," CEO Jeff Gennette said as the retailer also cut store staff, supply chain and customer support.
By Daphne Howland • June 25, 2020
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