retail

J.C. Penney’s landlords reached a tentative deal to rescue the beleaguered department store chain from bankruptcy proceedings, averting a liquidation that would have threatened roughly 70,000 jobs and represented one of the most significant business collapses following the coronavirus pandemic, a company lawyer said during a brief court hearing Wednesday. Mall owners Simon Property Group …

An IKEA sister company that runs malls around the world is hoping to open its first American shopping center by next year. Ingka Centres — a division of IKEA parent Ingka Group — says it has added an empty San Francisco complex known as the 6X6 mall to its existing portfolio of 45 malls in …

What do Dressbarn, Pier 1 Imports and Modell’s Sporting Goods have in common besides bankruptcies and store liquidations? They’ve all recently been scooped up by a 43-year-old self-help guru who raises chickens and cows on a ranch in Virginia, drives a Lamborghini and a Rolls-Royce and churns out blog posts like “How humans can live …

Walmart rolled out a new subscription service Tuesday offering free shipping for online orders, in its latest move to compete with Amazon. The service, dubbed Walmart+, will deliver more than 160,000 items to subscribers’ homes as fast as the same day for $98 a year or $12.95 a month starting Sept. 15. Members will also …

America’s biggest dollar store chains reported better-than-expected quarterly profit on Thursday, as cash-strapped consumers sought lower-priced groceries and household items in a coronavirus-induced economic downturn. Sales at Dollar General and Dollar Tree remained robust even after the panic-buying surge at the start of lockdowns, with high US unemployment pushing demand for cheaper cereals, vegetables and …

Hudson’s Bay, the owner of luxury department store Saks Fifth Avenue, has ditched its plan to raise up to $900 million in debt after prospective investors requested a higher interest rate than the company was willing to pay, people familiar with the matter said Wednesday. The pulled bond offering highlights the perceived risk of lending …

J.Crew Group said Tuesday it expects to emerge from Chapter 11 in early September, after a bankruptcy court accepted its restructuring plan. The plan, approved by a Virginia federal court, will equitize over $1.6 billion of secured debt, and provide for $400 million in asset-based loans as well as $400 million of fresh financial aid. …

Consumer electronics retailer Best Buy warned of a slowdown in sales in the third quarter as it faces risks from the coronavirus pandemic including unemployment, lower government stimulus and potential product shortages. The company’s shares fell as much as 7.4 percent in early trading on Tuesday after it said sales growth, driven by record online …

Target hit a bullseye in the second quarter as an explosion of online shopping led the department store giant to record sales growth. The Minneapolis-based chain on Wednesday reported a 24.3 percent spike in comparable sales for the three months ending Aug. 1 — its biggest quarterly increase on record — driven by a massive …

Walmart said its online sales nearly doubled as locked-down consumers armed with stimulus checks stocked up on everything from milk to clothing during the pandemic. The world’s biggest retailer’s online sales spiked 97 percent in the most recent quarter ended July 31, with customers increasingly picking up their web-ordered groceries in the store parking lot, …