retail

Victoria’s Secret is slimming down — and Wall Street likes the new look. The lingerie giant’s corporate parent L Brands saw a 10-percent stock surge on Thursday after Victoria’s Secret said its shuttering more than 20 percent of its stores this year — or about 250 locations in the US and Canada — as its …

Target Corp’s quarterly online sales surged 141 percent due to panic buying in the coronavirus crisis, the retailer said on Wednesday, driving results past Wall Street expectations even as its operational costs soared. The company said it had set aside nearly $500 million to spend on maintaining safety standards at stores and pay employees higher …

Pier 1 Imports is calling it quits. The bankrupt home-goods retailer has asked a court for permission to liquidate its remaining 540 stores once they reopen, ending a 58-year legacy of selling colorful glassware, wicker furniture and other home decor. “This is not the outcome we expected or hoped to achieve,” Robert Riesbeck, Pier 1’s …

JCPenney plans to trim its store count by 29 percent, to about 604, as the US department store chain looks to focus on those more profitable, a regulatory filing showed on Monday, two days after it filed for bankruptcy protection. The stores to stay open accounted for 82 percent of the company’s fiscal 2019 sales, …

Apple Inc will this week reopen more than 25 of its branded stores in the United States, the company said on Sunday, continuing a gradual process that has unlocked doors at nearly a fifth of its worldwide retail outlets. The iPhone maker in March shut all its stores outside of Greater China in response to …

JCPenney filed for bankruptcy protection on Friday, the latest among traditional brick-and-mortar retailers to crumble as prolonged store closures due to the COVID-19 pandemic deliver the final blow to troubled businesses. The department store chain, known for selling family apparel, cosmetics and jewelry at roughly 850 locations, said it reached an agreement with creditors for …

JCPenney shares surged after the retailer said it has made a $17 million interest payment that was due May 7. The announcement eased fears that the struggling retailer is headed for a bankruptcy filing soon, sending its shares up nearly 30 percent in afternoon trading, to 25 cents. The once-mighty department store chain has been …

US retail sales took a record plunge for the second straight month in April as the coronavirus crisis gutted the industry, new data shows. Sales by retail and food service merchants plummeted 16.4 percent last month to $403.9 billion, the US Department of Commerce said Friday. That’s worse than the 12 percent drop economists predicted …

The nation’s biggest mall owner plans to reopen roughly half of its shopping centers within a week, according to its CEO. Simon Property Group had already reopened 77 US retail properties as of Monday with coronavirus safeguards in place such as social distancing, increased sanitizing and health screenings for employees, David Simon said. The company …

A Czech billionaire and professional soccer team owner has purchased a 5-percent stake in Macy’s with apparent plans to reshape the struggling company, according to a regulatory filing on Monday. Daniel Kretinsky of Vesa Equity Investment made a “strategic investment” in the US’s largest department store company with plans to “engage in constructive discussions with …