Financial News: Page 135
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Stage Stores presses vendors for concessions
The retailer was already stumbling in its plans to convert to an off-price retailer when the COVID-19 pandemic shut down its stores.
By Ben Unglesbee • April 20, 2020 -
Daphne Howland/Retail Dive
The future of Neiman Marcus: When private equity debt meets a pandemic
The storied luxury department store has been in distress for years. Now with a looming retail cataclysm, Neiman could soon file for bankruptcy.
By Ben Unglesbee • April 20, 2020 -
Lululemon CFO to depart amid pandemic
The athletics brand joins Macy's in having its chief financial officer exit at a critical moment.
By Jane Thier • April 20, 2020 -
RTW Retailwinds CEO-elect, board members step down
Traci Inglis was tapped less than a month ago to take the reins on April 17, but has resigned instead.
By Daphne Howland • April 17, 2020 -
Neiman Marcus missed bond payment, hedge fund says
The luxury department store chain's failure to pay its interest this week could set the stage for a bankruptcy — potentially a contentious one.
By Ben Unglesbee • April 17, 2020 -
Stein Mart's private equity takeover gets nixed
The retailer cited uncertainty from the COVID-19 pandemic for the mutual decision to terminate its deal with Kingswood Capital Management.
By Ben Unglesbee • April 17, 2020 -
Courtesy of Walmart
Walmart reserves pickup hour for at-risk shoppers
The retailer is offering an early morning pickup option to assist customers who are more vulnerable to COVID-19.
By Jessica Dumont • April 17, 2020 -
Toy Association launches virtual toy fair series
The events leverage tech to connect the toy industry during the COVID-19 outbreak.
By Tatiana Walk-Morris • April 16, 2020 -
Shoptalk to host virtual events
The company is providing new ways for the retail community to connect through a series of tabletalks, conferences and meetings.
By Tatiana Walk-Morris • April 16, 2020 -
Bed Bath & Beyond sells off One Kings Lane
It's the second banner the retailer has moved to unload this year, though the deal to sell PersonalizationMall.com has yet to close as planned.
By Caroline Jansen • April 16, 2020 -
J.C. Penney misses another debt payment as potential bankruptcy looms
The retailer missed a $17 million interest payment on its credit facility as Reuters reports Penney could close 200 stores in Chapter 11.
By Ben Unglesbee • Updated May 11, 2020 -
Best Buy to furlough 51K workers, including 'nearly all' part-timers
Despite robust e-commerce and lingering demand for products that help people work from home, freeze food or play games, sales are down 30%.
By Daphne Howland • April 15, 2020 -
Kaarin Vembar/Retail Dive
Under Armour, Nike bring on new execs
Under Armour appointed an outsider with transformation experience as its new chief product officer, while Nike named a new head of North America.
By Cara Salpini • April 15, 2020 -
Daphne Howland/Retail Dive
What retail could look like when stores reopen
Retailers have closed their doors to help stop the spread of the coronavirus. But things might not revert back once they open again, according to experts.
By Caroline Jansen • April 15, 2020 -
Retrieved from Neiman Marcus on March 12, 2019
Neiman Marcus downgraded as COVID-19 closures sharpen need for restructuring
A massive debtload has created even more pressure on the luxury department store chain as it closes its doors amid the pandemic.
By Ben Unglesbee • April 15, 2020 -
"True Religion Brand Jeans" by Mike Mozart is licensed under CC BY 2.0
True Religion seeks shelter from pandemic (and rent) in Ch. 11
The denim seller filed for the second time since 2017 after temporarily closing all its stores and seeing most of its revenue wiped out.
By Ben Unglesbee • April 14, 2020 -
Yujin Kim/Retail Dive
COVID-19 wreaks havoc on inventories
Just when retailers had pared down thanks to a busy holiday season, merchandise is piling up again.
By Daphne Howland • April 14, 2020 -
Reuters: J.C. Penney considers possible bankruptcy
The retailer has enough cash to survive for now, but the combination of COVID-19 closures and debt have scrambled its turnaround efforts.
By Ben Unglesbee • Updated April 15, 2020 -
Daphne Howland/Retail Dive
Macy's 'exploring numerous options' to shore up finances
Without sales from its hundreds of stores, the retailer is scrambling to pull various financial levers as e-commerce fails to make up the difference.
By Daphne Howland • April 13, 2020 -
Courtesy of eBay via PRNewswire
New Walmart e-commerce exec leaves to take the helm at eBay
Jamie Iannone took the position at the retail giant only last month, after revamping the digital business at its Sam's Club warehouse unit.
By Daphne Howland • April 13, 2020 -
Daphne Howland/Retail Dive
Department stores are most at risk of default, S&P says
The sector leads consumer industries with a 42.1% probability of defaulting on their debt, which spiked in late March as the COVID-19 pandemic took hold.
By Ben Unglesbee • April 13, 2020 -
COVID-19 will both complicate and accelerate retail bankruptcies
Some retail Chapter 11s are on pause, with store liquidations effectively impossible. But a "wave" of bankruptcies is coming, experts say.
By Ben Unglesbee • April 13, 2020 -
Permission granted by Kroger
Authorities order grocery workers and customers to cover their faces
Los Angeles, New Jersey and Miami are requiring those working and shopping inside stores to wear masks or cloth coverings, per CDC guidelines.
By Sam Silverstein • April 13, 2020 -
Daphne Howland/Retail Dive
Nordstrom: Prolonged store closures could lead to financial distress
The department store may not be as bad off as some rivals, but it has its own vulnerabilities to the economic fallout from the COVID-19 pandemic.
By Daphne Howland • April 9, 2020 -
Courtesy of Ulta
Ulta furloughs store and salon associates as store closures extend
The beauty retailer said it has "every intention of bringing its workforce back when it is safe to do so," and CEO Mary Dillon will forgo her salary indefinitely.
By Cara Salpini • April 9, 2020
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