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“Saks Fifth Avenue parent closing 15 more stores in bankruptcy — here are the locations” Saks Global said Friday it was closing 15 more stores as the luxury retailer, which filed for bankruptcy earlier this year, tries to cut losses and focus on more profitable, higher-end locations. The company has largely completed the process of shutting down underperforming stores with…
“Amazon posts weak cloud growth while rivals Google, Microsoft thrive” Amazon on Thursday forecast third-quarter sales above market estimates, but failed to live up to lofty expectations for its Amazon Web Services cloud computing unit after rivals handily beat expectations. Shares fell by more than 3% in after-hours trading after finishing regular trading up 1.7% to $234.11. Both Google-parent Alphabet and Microsoft posted…
“Bed Bath & Beyond posts nearly $400M loss in Q3” Bed Bath & Beyond on Tuesday reported a third-quarter loss of $393 million after early holiday sales failed to provide a respite from the months’ long cash burn that led to warnings of a possible bankruptcy. The home goods seller has been struggling with a dwindling cash…
“REBNY gala to return to seated affair in 2023” Industry bigs who had foot cramps after the Real Estate Board of New York’s annual gala last year can relax: they’ll have a place to sit next time. A REBNY rep confirmed our tip that the event, which became a floor-roaming, walkaround affair in 2022, will be…
“Party City plans bankruptcy filing within weeks : report” Party City is preparing to file for bankruptcy within weeks as its cash dwindled and inflation dampened sales, the Wall Street Journal reported on Friday, citing people familiar with the matter. Shares of the company fell about 58% to 15 cents in afternoon trade. The party supplies retailer, which has…
“Bed Bath & Beyond shares plunge after bankruptcy warning” Struggling Bed Bath & Beyond warned on Thursday that there’s substantial doubt about the company’s ability to continue as a “going concern” as sales continue to drop and it struggles to attract shoppers. The company, based in Union, NJ, said that it’s looking at several options…
“Victoria’s Secret CEO Amy Hauk to exit after just 8 months, stock plummets” Victoria’s Secret brand CEO Amy Hauk will resign after just eight months running the lingerie giant, according to a filing with the Securities and Exchange Commission on Tuesday. Hauk, whose resignation goes into effect on March 31, will also relinquish her duties…
“Italian fashion retailer LuisaViaRoma snags first US location in Noho” High-end European fashion retailers continue craving a bite of the Big Apple action — but more in downtown neighborhoods than uptown. In the latest large-store news, Italy’s LuisaViaRoma signed a lease for nearly 13,000 square feet at 1 Bond Street in red-hot Noho. It will…
“Sherry-Lehmann owners in NYC drank wines while clients waited” Sherry-Lehmann’s owners have allegedly treated New York’s premier wine shop like their own personal booze stash — helping themselves to rare, pricey vintages on the company dime even as angry customers claim that they’re not getting the deliveries they paid for, The Post has learned. As…
“Retail sales fall 0.6% in November after rising in October” Americans cut back sharply on retail spending last month as the holiday shopping season began with high prices and rising interest rates forcing families, particularly lower income households, to make harder decisions about what they buy. Retail sales fell 0.6% from October to November after a sharp 1.3% rise…