Go Outdoors Administration To Likely See Small Recovery To Unsecured Creditors
Go Outdoors, the U.K. retailer required JD Sports in a pre-pack administration, could see its unsecured creditors recoup just 1 pence in every £1 owed, according to the case’s administrators from Deloitte LLP.
Hudson’s Bay CFO To Depart
Hudson’s Bay Co., the parent of Saks Fifth Avenue and the Canadian retailer Hudson’s Bay, said Ed Record, its CFO, is leaving the company. The exit follows a deal to take the company private in March and the departure of its CEO, Helena Foulkesleft, soon thereafter.
NRF Welcomes Healthy Workplace Tax Credit
The National Retail Federation welcomed legislation introduced that would give businesses a tax credit intended to help defer the cost of employee testing, personal protective equipment, cleaning, and other steps needed to make workplaces safe during the coronavirus pandemic.
Retail Shrink Totaled $61.7 Billion In 2019 Amid Rising Employee Theft And Shoplifting/ORC
Theft, fraud and losses from other retail “shrink” totaled $61.7 billion in 2019, up from $50.6 billion the year prior as industry security executives reported increases in the number of shoplifting, organized retail crime and employee theft incidents, according to the annual National Retail Security Survey released by the National Retail Federation.
Foot Locker Amends, Repays Credit Agreement
Foot Locker Inc. said in a regulatory filing that on July 14 it extended the maturity date of its revolving credit facility to July 14, 2025, and expanded the aggregate commitments of the lenders under the facility to $600 million.
L.L. Bean Inks First Wholesaler Partnerships In The U.S.
L.L. Bean plans to sell its products at Nordstrom, Staples and Scheels in its first foray into wholesale in the U.S.
Nike Training Club App To Remain Permanently Free
Nike has made Nike Training Club (NTC) permanently free after waiving the app’s premium fee in April for a limited time to help people stay active in their homes while quarantining due to COVID-19.
Afterpay Introduces Apple Pay For In-Store Payments
Afterpay, the buy-now-pay-later platform, announced that its customers can now use Apple Pay to make purchases through Afterpay in physical retail stores and online.
NRF Survey Predicts Potential Record Back-To-School Spending
Consumers tentatively plan to spend a record amount to prepare students for school and college this year as they buy more laptops and computer accessories in anticipation that at least some classes will take place online because of the coronavirus pandemic, according to the annual survey released by the National Retail Federation and Prosper Insights & Analytics.
Zalando Forecasts Strong Q2
Zalando SE, Europe’s leading online platform for fashion, expects a significant increase in sales and EBIT in the second quarter, which is significantly above current market expectations.
U.S. Retail Sales Climb 7.5 Percent In June
U.S. retail sales jumped 7.5 percent in June from the prior month as some stores and restaurants reopened. Results came out ahead of Reuters’ expectations calling for an increase of 5 percent.
Tilly’s Warns Of Sluggish Restart
Tilly’s Inc. provided a business update indicating that same-store sales are down 9.4 percent through July 14 and being impacted by weak traffic as stores reopen. The retailer also warned that sales will be impacted by the state of California’s decision on July 13 to close indoor shopping malls after reopening them in mid-June.
Anta Warns On First-Half Profits
Anta Sports Products Ltd. said it expects profits to decline up to 25 percent in the first half ended June 30 and up to 35 percent after taking into account its share of the loss from the Amer Sports acquisition.
StockX Sees Accelerated Growth Amid Pandemic
Despite unprecedented, industry-wide challenges due to the global pandemic, StockX, the sneaker re-selling website, announced it has now surpassed $2.5 billion in gross merchandise value (GMV) and has experienced its biggest months of sales in the second quarter.
JCPenney To Cut Jobs In Restructuring
J. C. Penney Company Inc., which is reorganizing in bankruptcy proceedings, announced that it is aligning its workforce with its store optimization strategy and reduced store footprint. The company will reduce its workforce by approximately 1,000 corporate, field management, and international positions.
