Retail furloughs snowball as Kohl's, Gap extend store closuresWrite a catchy title...
Gap Inc. on Monday extended its store closures in North America and Europe past their previously announced April 1 reopening and furloughed most store workers in the U.S. and Canada, "pausing pay but continuing to offer applicable benefits until stores are able to reopen." Gap also reduced its corporate headcount globally, and its executives and board are taking a temporary pay cut, according to a press release. Furloughed workers number more than 80,000, according to a company spokesperson, who declined to share how many corporate employees are affected.
As Nike’s sales fall in China, the retailer braces for impact to its US business
Nike took a hit to its China business during the third quarter thanks to the coronavirus outbreak there. Now, the company will look at what the outbreak, which is ramping up in the U.S., will do to its retail business, even as the company hopes that its growing DTC business and loyalty programs may mitigate the worst of the impact.
Coronavirus Means More Bankruptcies, More Closures: How America’s Mall Will Survive Now
Shopping malls have been through a lot in recent years, combatting waning foot traffic and vacancies amid the so-called retail apocalypse. Now, mall owners are being forced to contend with another unwelcome factor: the coronavirus.
Retailers offer discounts, waive shipping fees to boost online sales
NEW YORK (Reuters) - After closing their stores earlier this week to limit the spread of the coronavirus, several retailers are dangling site-wide discounts and free shipping to entice people stuck at home to shop.
As it prepares for life as an independent company, Bath & Body Works lays out its plan
For the past couple of years, Bath & Body Works has been the one bright spot of L Brands, reporting positive comparable sales growth while Victoria’s Secret has been reporting declining sales. Soon, the mall-based lotion and candle retailer will get a chance to stand on its own.
The off-price retailer, which operates T.J. Maxx, Marshalls, Marmaxx and HomeGoods, released quarterly earnings Wednesday before the bell, revealing more than $40 billion in annual sales, prompting the stock to jump more than 8 percent during the regular day’s trading session.
As Victoria’s Secret’s star wanes, the lingerie market is growing more fragmented
Victoria’s Secret’s market share has declined for years — a combination of a dated approach, oversexualized images and a plethora of competition. But the number of startups and retailers vying to take a slice of the business that previously belonged to Victoria’s Secret hasn’t slowed down.