TheKingEast
Senior Member
Amazon kills everything.
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- Thread starter Johnny Au
- Start date
Tuscani01
Senior Member
Party City and PetCo will be interesting to watch, as Party City Canada is now owned and operated by Canadian Tire, and PetCo is partnered with Canadian Tire as a supplier.
If Party City US goes under, Canadian Tire will likely need to step in to buy up their manufacturing and distribution in order to keep PC Canada running. Same for PetCo, though that one is easy to just pivot away from entirely without any risk.
AlbertC
Superstar
Nordstrom to close 16 full-line stores for good
May 6, 2020
Dive Brief:
www.retaildive.com
May 6, 2020
Dive Brief:
- Nordstrom on Wednesday said it will permanently close 16 full-line stores across the country. This represents about 14% of its fleet, according to analysts.
- In order to save about $150 million, the department store is also restructuring regions, support roles and its corporate organization, achieving 30% of previously planned expense cuts of more than $500 million, according to a company press release.
- For its remaining stores, Nordstrom plans to follow local public health guidance for a phased reopening of its off-price Rack and full-line locations. The department store said it will take certain precautions like employee health screenings, providing masks for employees and customers, and limiting hours and number of people in the store, among others. The retailer is also shifting its popular anniversary sale from July to August.
Nordstrom to close 16 full-line stores for good
The retailer also announced plans for a phased reopening of its other stores closed due to the pandemic, but didn't say when or where.
AlbertC
Superstar
Lord & Taylor reportedly prepping to liquidate
May 6, 2020
Dive Brief:
www.retaildive.com
May 6, 2020
Dive Brief:
- When Lord & Taylor's 38 stores reopen after pandemic-related restrictions ease, they may be running liquidation sales ahead of shuttering permanently. Reuters reported the news on Tuesday, citing unnamed sources.
- The department store, now owned by online apparel rental company Le Tote, is delaying a bankruptcy filing in order to make the most of such sales, but has been in touch with liquidators, according to the report. A company spokesperson declined to comment to Retail Dive on the news.
- Hudson's Bay Co., which last August sold Lord & Taylor to Le Tote for $100 million, held on to some real estate in that deal and may take advantage of a bankruptcy to reassume some leases, Reuters said.
Lord & Taylor reportedly prepping to liquidate
The department store is delaying a bankruptcy filing in order to hold going-out-of-business sales after stores are allowed to reopen, Reuters reported.
tiffer24
Senior Member
Confirmed: Neiman Marcus, the 112-year-old storied luxury department store chain, is seeking Chapter 11 bankruptcy protection, the first department store to be toppled by the coronavirus pandemic.
https://www.cp24.com/world/neiman-marcus-files-for-chapter-11-bankruptcy-protection-1.4928979
https://www.cp24.com/world/neiman-marcus-files-for-chapter-11-bankruptcy-protection-1.4928979
AlbertC
Superstar
Global luxury gloom to deepen despite easing lockdowns: Bain
Reuters May 7, 2020
MILAN (Reuters) - Global sales of luxury goods are expected to slump by 50% to 60% in the second quarter even as some countries begin to ease coronavirus lockdowns and despite signs of recovery in the Chinese market, consultancy Bain said on Thursday.
With the April to June decline coming on top of an estimated 25% drop in the first three months of the year, Bain expects global sales of luxury handbags, clothing and cosmetics to shrink by between 20% and 35% in 2020, against a previous estimate for a 15% to 35% decline.
The consultancy, which produces closely followed forecasts for the sector, says it will take until 2022-23 for revenues to return to 2019 levels, which are estimated by Bain to have totaled 281 billion euros ($303.5 billion).
An April report by fellow consultancy McKinsey said the personal luxury goods industry is expected to contract by 35% to 39% this year.
If stores remain shuttered for two months, roughly 80% of listed fashion companies in Europe and North America will be "in a state of financial distress", McKinsey said.
A recent rebound in China, where the lockdown has been gradually eased since March, is helping offset some of the decline in Europe and the United States, where luxury goods stores are only expected to reopen in the second half of May.
ca.finance.yahoo.com
Reuters May 7, 2020
MILAN (Reuters) - Global sales of luxury goods are expected to slump by 50% to 60% in the second quarter even as some countries begin to ease coronavirus lockdowns and despite signs of recovery in the Chinese market, consultancy Bain said on Thursday.
With the April to June decline coming on top of an estimated 25% drop in the first three months of the year, Bain expects global sales of luxury handbags, clothing and cosmetics to shrink by between 20% and 35% in 2020, against a previous estimate for a 15% to 35% decline.
The consultancy, which produces closely followed forecasts for the sector, says it will take until 2022-23 for revenues to return to 2019 levels, which are estimated by Bain to have totaled 281 billion euros ($303.5 billion).
An April report by fellow consultancy McKinsey said the personal luxury goods industry is expected to contract by 35% to 39% this year.
If stores remain shuttered for two months, roughly 80% of listed fashion companies in Europe and North America will be "in a state of financial distress", McKinsey said.
A recent rebound in China, where the lockdown has been gradually eased since March, is helping offset some of the decline in Europe and the United States, where luxury goods stores are only expected to reopen in the second half of May.
Global luxury gloom to deepen despite easing lockdowns: Bain
Global sales of luxury goods are expected to slump by 50% to 60% in the second quarter even as some countries begin to ease coronavirus lockdowns and despite signs of recovery in the Chinese market, consultancy Bain said on Thursday. The coronavirus crisis, which first hit China late last year...
AlbertC
Superstar
Shoe chain Aldo seeks bankruptcy protection to restructure debt
MAY 7, 2020
Footwear retailer Aldo Group Inc. began a court restructuring process Thursday after the pandemic shuttered stores and worsened the company’s already-struggling business.
The Montreal-based company operates about 3,000 stores worldwide. It requested court protection through the Companies’ Creditors Arrangement Act in Canada and is seeking similar protection in the U.S., Aldo said in a statement.
business.financialpost.com
MAY 7, 2020
Footwear retailer Aldo Group Inc. began a court restructuring process Thursday after the pandemic shuttered stores and worsened the company’s already-struggling business.
The Montreal-based company operates about 3,000 stores worldwide. It requested court protection through the Companies’ Creditors Arrangement Act in Canada and is seeking similar protection in the U.S., Aldo said in a statement.
Shoe chain Aldo seeks bankruptcy protection to restructure debt
Shuttered stores worsened Montreal-based company’s already struggling business
business.financialpost.com
AlbertC
Superstar
And the malls come tumbling down
A lot of shopping centers have been on the decline for years. The pandemic will prevent some from ever recovering.
Published May 7, 2020
www.retaildive.com
A lot of shopping centers have been on the decline for years. The pandemic will prevent some from ever recovering.
Published May 7, 2020
And the malls come tumbling down
A lot of shopping centers have been on the decline for years. The pandemic will prevent some from ever recovering.
Jonny5
Senior Member
Shoe chain Aldo seeks bankruptcy protection to restructure debt
MAY 7, 2020
Footwear retailer Aldo Group Inc. began a court restructuring process Thursday after the pandemic shuttered stores and worsened the company’s already-struggling business.
The Montreal-based company operates about 3,000 stores worldwide. It requested court protection through the Companies’ Creditors Arrangement Act in Canada and is seeking similar protection in the U.S., Aldo said in a statement.
Shoe chain Aldo seeks bankruptcy protection to restructure debt
Shuttered stores worsened Montreal-based company’s already struggling business
They have a quite good online shopping site, but a part of the problem buying shoes there is the sizes don't seem consistent between the different designs. I'm always worried a different design won't fit properly. I finally found one design for work shoes I really liked and I've kept buying those as needed. The fulfillment and delivery is quite quick. An order on Monday is delivered by Friday; all the shoes come from Montreal.
AlbertC
Superstar
JCPenney is reportedly considering filing for bankruptcy and closing hundreds of stores
May 8, 2020
JCPenney is preparing to file for bankruptcy as early as next week, though no final decision has been made, Reuters reported Friday, citing people familiar with the matter.
According to Reuters, about a quarter of the chain's roughly 850 stores could permanently close.
A representative for JCPenney declined to comment to Business Insider.
The department store has nearly $4 billion in debt. It missed a debt payment on April 15 but has a 30-day grace period that ends next Friday.
www.businessinsider.com
May 8, 2020
JCPenney is preparing to file for bankruptcy as early as next week, though no final decision has been made, Reuters reported Friday, citing people familiar with the matter.
According to Reuters, about a quarter of the chain's roughly 850 stores could permanently close.
A representative for JCPenney declined to comment to Business Insider.
The department store has nearly $4 billion in debt. It missed a debt payment on April 15 but has a 30-day grace period that ends next Friday.
JCPenney is reportedly considering filing for bankruptcy and closing hundreds of stores
JCPenney could file for bankruptcy amid a heavy debt load and closures related to the coronavirus pandemic.
www.businessinsider.com
SunriseChampion
Senior Member
That bald bellend has never got a penny out of me and never will.
But people are lazy and cheap so.....his workers can keep getting sacked for demanding better pay and conditions whilst the bald man gets more and more obscenely wealthy at the same time as he asks for government money to help top-up pay.
I'm going to start judging people who buy through Amazon soon.
TheKingEast
Senior Member
That bald bellend has never got a penny out of me and never will.
But people are lazy and cheap so.....his workers can keep getting sacked for demanding better pay and conditions whilst the bald man gets more and more obscenely wealthy at the same time as he asks for government money to help top-up pay.
I'm going to start judging people who buy through Amazon soon.
I think I might have purchased one thing from Amazon. My wife is the amazon shopper though. Seriously though, companies like Amazon need to give back a lot more than they do. Tax them more, limit their growth. We will basically have Amazon an Walmart and that's about it. It's disgusting.
SunriseChampion
Senior Member
Yeah, it is.
I don't want to be complicit in the wealth those sorts of people enjoy and the selfishness with which they act towards their employees and the world as a whole.
Same goes for not wanting to be complicit with the CCP's rape of Hong Kong and their concentration camps in Xinjiang. Never mind all the other bollocks.
Something that people who buy Chinese-made goods are complicit in.
Of course, a lot of what Amazon sells is cheap CCP rubbish so the it can be quite the double hit of complicity through cheapness and lazy "convenience".
People should think a minute about whether their convenience is worth the degradation of the Amazon employees' worth or if the concentration camp residents in China think it's cute you got your shitty string of LED lights in one day.
I don't want to be complicit in the wealth those sorts of people enjoy and the selfishness with which they act towards their employees and the world as a whole.
Same goes for not wanting to be complicit with the CCP's rape of Hong Kong and their concentration camps in Xinjiang. Never mind all the other bollocks.
Something that people who buy Chinese-made goods are complicit in.
Of course, a lot of what Amazon sells is cheap CCP rubbish so the it can be quite the double hit of complicity through cheapness and lazy "convenience".
People should think a minute about whether their convenience is worth the degradation of the Amazon employees' worth or if the concentration camp residents in China think it's cute you got your shitty string of LED lights in one day.
Johnny Au
Senior Member
Amazon should give a raise to all the warehouse employees. Some of their warehouses have been described as being furnaces (and a few Amazon warehouse employees in the United States died of heat exhaustion). Oh, and Amazon should improve their working conditions as well.
SunriseChampion
Senior Member
What raise?
That piece of shit Bezos can afford to double the wages of his warehouse employees.
The skunt.
That piece of shit Bezos can afford to double the wages of his warehouse employees.
The skunt.