JC Penney: We haven’t hired advisors ‘to prepare for an in-court restructuring or bankruptcy’

J.C. Penney on Friday afternoon said it hasn’t hired any advisors to prepare for an “in-court restructuring or bankruptcy.” The statement followed a report Thursday evening that the embattled department store chain had hired advisors to explore debt restructuring options, potentially buying it more time for a turnaround. “As a public company, we routinely hire external advisors to evaluate opportunities for the Company,” Penney said in a statement. Also, given our strong liquidity position we ca


J.C. Penney on Friday afternoon said it hasn’t hired any advisors to prepare for an “in-court restructuring or bankruptcy.” The statement followed a report Thursday evening that the embattled department store chain had hired advisors to explore debt restructuring options, potentially buying it more time for a turnaround. “As a public company, we routinely hire external advisors to evaluate opportunities for the Company,” Penney said in a statement. Also, given our strong liquidity position we ca
JC Penney: We haven’t hired advisors ‘to prepare for an in-court restructuring or bankruptcy’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: lauren thomas
Keywords: news, cnbc, companies, stores, bankruptcy, hired, prepare, advisors, department, restructuring, past, company, penney, debt, havent, store, shares, incourt, jc


JC Penney: We haven't hired advisors 'to prepare for an in-court restructuring or bankruptcy'

J.C. Penney on Friday afternoon said it hasn’t hired any advisors to prepare for an “in-court restructuring or bankruptcy.”

The statement followed a report Thursday evening that the embattled department store chain had hired advisors to explore debt restructuring options, potentially buying it more time for a turnaround.

“As a public company, we routinely hire external advisors to evaluate opportunities for the Company,” Penney said in a statement.

“By working with some of the best firms in the industry, we are taking positive and proactive measures, as we have done in the past, to improve our capital structure and the long-term health of our balance sheet. We have no significant debt maturities coming due in the near term, and we continue to maintain a strong liquidity position. Also, given our strong liquidity position we can confirm that we have not hired any advisors to prepare for an in-court restructuring or bankruptcy.”

Penney has roughly $4 billion in debt coming due in the next few years, with more than $1.5 billion currently available under a revolving credit line, according to SEC filings.

The Plano, Texas-based retailer’s sales continue to dwindle, as the company hasn’t been able to invest in the latest tech, modern fixtures and other ways to draw shoppers into stores. Penney’s apparel business also hasn’t been able to keep pace with fast-fashion players such as Zara. And the department store sector as a whole is troubled, with more and more consumers shopping directly with brands such as Nike and Kate Spade, bypassing wholesalers.

Luxury department store chain Barneys New York, for example, is making preparations for a bankruptcy filing that could come as soon as this month, people familiar have told CNBC. Nordstrom is trading nearly $20 a share lower than a $50-a-share buyout offer it rejected two years ago as too low. Saks owner Hudson’s Bay Company is considering going private after its shares fell nearly 50% in the year through June. And shares of Macy’s are down 40% through the past year.

Still pruning its real estate, Penney has said it plans to shut 18 of its department stores in 2019, with additional closures a possibility if the situation doesn’t improve. Penney still operates more than 800 stores across the country. And some analysts have estimated it could still need to shut more than 100.

According to the report on Thursday, Penney in recent weeks had been talking with lawyers and bankers who specialize in advising troubled companies on debt restructurings and other financial workouts.

Penney shares were down more than 17.5% by Friday afternoon to trade below $1. The stock has fallen more than 60% over the past 12 months. Shares, which have a market value of roughly $285.5 million, sank below $1 for the first time in December 2018.

— CNBC’s Lauren Hirsch contributed to this report.

WATCH: Retail is not lousy, retailers are lousy: Expert


Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: lauren thomas
Keywords: news, cnbc, companies, stores, bankruptcy, hired, prepare, advisors, department, restructuring, past, company, penney, debt, havent, store, shares, incourt, jc


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Dressbarn to close 53 stores in August, saying the wind down of the business is ‘on target’

Ascena Retail Group on Thursday said the winding down of its Dressbarn business is on target, as it released the locations of 53 stores slated to shut by the end of August. The announcement came amid chatter the business would be forced to file for bankruptcy to break leases. Further, we are current, and expect to remain so, with our vendors and suppliers,” Steven Taylor, Dressbarn CFO, said in a statement. Dressbarn at the end of June announced the first round of locations, a total of 28 stores


Ascena Retail Group on Thursday said the winding down of its Dressbarn business is on target, as it released the locations of 53 stores slated to shut by the end of August. The announcement came amid chatter the business would be forced to file for bankruptcy to break leases. Further, we are current, and expect to remain so, with our vendors and suppliers,” Steven Taylor, Dressbarn CFO, said in a statement. Dressbarn at the end of June announced the first round of locations, a total of 28 stores
Dressbarn to close 53 stores in August, saying the wind down of the business is ‘on target’ Cached Page below :
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Dressbarn to close 53 stores in August, saying the wind down of the business is 'on target'

Ascena Retail Group on Thursday said the winding down of its Dressbarn business is on target, as it released the locations of 53 stores slated to shut by the end of August.

The announcement came amid chatter the business would be forced to file for bankruptcy to break leases.

Ascena announced in May that it planned to wind down Dressbarn and ultimately shut all 650 or so of the women’s clothing shops in order to focus on its more profitable brands, like Ann Taylor and Loft.

There has since been some speculation that Dressbarn as a standalone unit would ultimately file for bankruptcy if its landlords didn’t agree to relieve the brand of its lease obligations, as it started shutting hundreds of stores within malls and shopping centers across the country. Retail property owners have already been hit by a massive wave of store closures this year, so any further announcements only add to a backlog of empty space.

But the company on Thursday said everything is going as planned and that all stores are expected to be dark by the end of the year.

“We have received overwhelming landlord support for our plan, which will allow us to implement our wind down in a manner that provides the best recovery for our landlords. Further, we are current, and expect to remain so, with our vendors and suppliers,” Steven Taylor, Dressbarn CFO, said in a statement.

The company said in a press release that it has started working with Gordon Brothers Retail Partners to assist with the store closures, and with Hilco Streambank to look for buyers for Dressbarn’s intellectual property. It also said it’s still receiving “fresh inventory,” but encouraged customers to “shop early for the best selection, and use any outstanding gift cards.”

Malfitano Partners is managing the overall wind down, according to a person familiar.

Dressbarn, which has been around for more than five decades, has struggled to grow in apparel retailing as more women steer toward fast-fashion retailers such as H&M and Zara, off-price chains such as T.J. Maxx and Ross Stores, and even Target. Amazon also continues to take a larger share of the apparel market online.

Dressbarn at the end of June announced the first round of locations, a total of 28 stores, set to close this summer, kicking off the winding-down process.

Ascena shares are down more than 75% this year and trade below $1.

Here’s a complete list of the Dressbarn stores set to close in August, according to the company’s website:


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: lauren thomas
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Regret your Amazon Prime Day purchase? Here’s how to course correct

filadendron | E+ | Getty ImagesAmazon’s 48-hour Prime Day is over, which means regret over some of your purchases might be sinking in. He spent around $60 on each of the pots, which have been popular items since the first Prime Day was held four years ago. “I kind of got wrapped up in Prime Day,” McNamara said. Katie Raffa, an executive assistant in New York, snapped up a $65 juicer during last year’s Prime Day, thinking it was a bargain. Events like Amazon Prime Day can trigger uncontrollable s


filadendron | E+ | Getty ImagesAmazon’s 48-hour Prime Day is over, which means regret over some of your purchases might be sinking in. He spent around $60 on each of the pots, which have been popular items since the first Prime Day was held four years ago. “I kind of got wrapped up in Prime Day,” McNamara said. Katie Raffa, an executive assistant in New York, snapped up a $65 juicer during last year’s Prime Day, thinking it was a bargain. Events like Amazon Prime Day can trigger uncontrollable s
Regret your Amazon Prime Day purchase? Here’s how to course correct Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: mallika mitra, lauren thomas
Keywords: news, cnbc, companies, weiss, mcnamara, think, day, purchase, amazon, regret, mistake, prime, heres, getty, splurge, correct, youre, course, ones


Regret your Amazon Prime Day purchase? Here's how to course correct

filadendron | E+ | Getty Images

Amazon’s 48-hour Prime Day is over, which means regret over some of your purchases might be sinking in. You’re not alone. Eddie McNamara, a 43-year-old cook in New York, still regrets his Prime Day purchase of two Instant Pots — one for him and one for his sister — back in 2016. He spent around $60 on each of the pots, which have been popular items since the first Prime Day was held four years ago. “I kind of got wrapped up in Prime Day,” McNamara said. “I saw it was on sale and got overexcited.” McNamara said he made a few recipes with the pot that turned out badly. His sister never even took hers out of the box. “I ended up sort of hating the thing,” McNamara said. “It was haunting me, this lousy purchase.”

Katie Raffa, an executive assistant in New York, snapped up a $65 juicer during last year’s Prime Day, thinking it was a bargain. “It ended up sitting in my closet really high up, where I can’t reach it, for 11 months,” Raffa said. “I regretted making an impulse purchase that I wasn’t going to use.” She ended up regifting it at a wedding last month.

We think we’re the only ones who splurge. We feel like we’re the only ones who made a mistake. Brent Weiss co-founder of Facet Wealth

Impulse purchases are common. In 2017 a survey conducted by personal finance website finder.com found that 88.6% of American adults have impulsively shopped, each spending on average $81.75 per shopping session. Events like Amazon Prime Day can trigger uncontrollable spending, said April Lane Benson, a psychologist and author who specializes in compulsive shopping. A sense of urgency kicks in when there’s a buzz around a deal, encouraging shoppers to whip out the plastic. “You think you’re never going to get this kind of deal again, ” she said. Do you regret buying two Fire TV sets? Here’s what to do.

Don’t beat yourself up

krisanapong detraphiphat | Moment | Getty Images

“We think we’re the only ones who splurge,” said Brent Weiss, certified financial planner and co-founder of Facet Wealth. “We feel like we’re the only ones who made a mistake.” Forgiving yourself is the first step to learning from the mistake and ensuring it doesn’t happen again, he said.

Return, regift or sell

Hispanolistic | E+ | Getty Images

Adjust your budget

Draw up your budget and commit to it. Weiss uses a vision board to track his progress toward different goals, including vacations and saving for retirement. “You want to hack your mind and not your money,” he said, adding that seeing our plans visually can make us act differently. It’s particularly important to do this when you’re behind, like after a splurge. “It will get you back in the balance,” Weiss said.

Learn from the splurge


Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: mallika mitra, lauren thomas
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Uber puts a shopping experience in cars for riders to buy AirPods, Amazon Echos and more

Uber on Wednesday announced the launch of a new shopping app with Cargo, a start-up that aims to be an on-the-go convenience store. About a year ago, Cargo struck a deal with Uber to become the ride-sharing service’s exclusive, in-car commerce provider globally. They have already been working to put consoles selling snacks into cars — about 30,000 Uber drivers in 10 U.S. cities have them. The Cargo app will work only during an Uber trip. The upstart brands, like Glossier and Away, that end up on


Uber on Wednesday announced the launch of a new shopping app with Cargo, a start-up that aims to be an on-the-go convenience store. About a year ago, Cargo struck a deal with Uber to become the ride-sharing service’s exclusive, in-car commerce provider globally. They have already been working to put consoles selling snacks into cars — about 30,000 Uber drivers in 10 U.S. cities have them. The Cargo app will work only during an Uber trip. The upstart brands, like Glossier and Away, that end up on
Uber puts a shopping experience in cars for riders to buy AirPods, Amazon Echos and more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: lauren thomas
Keywords: news, cnbc, companies, cars, uber, amazon, buy, airpods, shopping, experience, riders, items, drivers, app, movies, include, puts, download, echos, cargo, watterson


Uber puts a shopping experience in cars for riders to buy AirPods, Amazon Echos and more

Starting on Wednesday, Uber riders in cars with Cargo consoles already installed will be able to download the new Cargo app to make purchases on items that include travel accessories, movies and trendy tech gear.

The next time you’re sitting in an Uber on the way to the airport, wishing you had better luggage or had thought to download a movie to your phone, you’ll be able to do just that.

Uber on Wednesday announced the launch of a new shopping app with Cargo, a start-up that aims to be an on-the-go convenience store.

About a year ago, Cargo struck a deal with Uber to become the ride-sharing service’s exclusive, in-car commerce provider globally. They have already been working to put consoles selling snacks into cars — about 30,000 Uber drivers in 10 U.S. cities have them.

Now, they’re rolling out the Cargo app, which will be curated with Uber’s help to sell items like the Amazon Echo, Apple AirPods, Away Luggage, Glossier make-up and Oculus Go devices, Neal Watterson, the head of guest products at Uber, said in a blog post.

Here’s how it will work:

Uber riders in cars with Cargo consoles will now be able to download the app to make purchases on items that include travel accessories, movies and trendy tech gear. More brands will be added over time, and more drivers are adding the boxes to their cars.

By buying something, customers will also receive an extra 10% back in Uber Cash, which can be redeemed on future rides or on future Cargo purchases.

The Cargo app will work only during an Uber trip. After a purchase is complete, Cargo will ship items directly to a rider’s home, free of charge, Watterson said. The items should arrive within two to five business days.

The Cargo app will also include in-ride entertainment via a partnership with Universal Studios, selling movies for $5 and $10 apiece, or in bundles for $15 and $20. Watterson said they’re doing this because many people taking Uber trips are riding longer distances to and from airports.

The move shows the company is trying to make the riding experience more appealing over its competitors like Lyft and Via. It’s also another way for drivers to make money if they have Cargo boxes installed — drivers make $1 per purchase and pocket 25% of the cost of each item sold via the app. The upstart brands, like Glossier and Away, that end up on the Cargo app are also likely to gain more exposure.

Uber has equity in Cargo but declined to comment on the amount. Cargo has raised nearly $30 million to date, according to Crunchbase.

Uber went public on May 10, when the stock started trading at $42. Its shares are up about 4.9% since then.

Disclosure: Universal Studios and CNBC are owned by Comcast’s NBCUniversal unit.


Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: lauren thomas
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Amazon says this year’s Prime Day surpassed Black Friday and Cyber Monday combined

Amazon said it sold more than 175 million items during this year’s Prime Day shopping event, more than its sales for the past Black Friday and Cyber Monday combined. Last year’s Prime Day only ran for 36 hours. It said it added more new Prime members on July 15 than it ever has before on a single day. “We want to thank Prime members all around the world,” Amazon CEO Jeff Bezos said in a statement. Amazon has recently started rolling out a one-day shipping option across the country for Prime memb


Amazon said it sold more than 175 million items during this year’s Prime Day shopping event, more than its sales for the past Black Friday and Cyber Monday combined. Last year’s Prime Day only ran for 36 hours. It said it added more new Prime members on July 15 than it ever has before on a single day. “We want to thank Prime members all around the world,” Amazon CEO Jeff Bezos said in a statement. Amazon has recently started rolling out a one-day shipping option across the country for Prime memb
Amazon says this year’s Prime Day surpassed Black Friday and Cyber Monday combined Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: lauren thomas
Keywords: news, cnbc, companies, twoday, million, day, combined, amazon, sold, shipping, shopping, prime, event, black, members, cyber, surpassed


Amazon says this year's Prime Day surpassed Black Friday and Cyber Monday combined

Amazon said it sold more than 175 million items during this year’s Prime Day shopping event, more than its sales for the past Black Friday and Cyber Monday combined.

The online retailer, which didn’t disclose an actual sales figure in the press release, called the two-day sale across 18 countries the “largest shopping event in Amazon history.” Last year’s Prime Day only ran for 36 hours.

It also said that on Monday and Tuesday it sold more Amazon devices — like the Echo Dot, the Fire TV Stick and Alexa Voice Remote — over a two-day period than it ever has before.

A “record number” of Prime members in the U.S., which pay an annual fee of $119 to get perks like free shipping and access to Prime Day, shopped the event this year, Amazon said. It said it added more new Prime members on July 15 than it ever has before on a single day. And it said almost as many people signed up again on July 16.

Amazon disclosed for the first time last April that it had more than 100 million paying Prime members worldwide. It hasn’t provided an update to that figure since then.

“We want to thank Prime members all around the world,” Amazon CEO Jeff Bezos said in a statement. “Members purchased millions of Alexa-enabled devices, received tens of millions of dollars in savings by shopping from Whole Foods Market and bought more than $2 billion of products from independent small and medium-sized businesses. Huge thank you to Amazonians everywhere who made this day possible for customers.”

Amazon has recently started rolling out a one-day shipping option across the country for Prime members, and it called this year’s Prime Day “the fastest ever.” Previously, the default shipping option for Prime members was for two days.

Amazon said it sold over 100,000 laptops, 200,000 televisions, 300,000 headphones, 350,000 luxury beauty products and more than 1 million toys on Prime Day this year.

In the U.S., it said top-selling items were the LifeStraw Personal Water Filter, the Instant Pot DUO60 and 23andMe health and ancestry kits.


Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: lauren thomas
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Retailers should thank Amazon: Adobe estimates the size of a Prime Day bump

Amazon’s Prime Day is fueling other retailers’ online sales, an early reading shows. Adobe said Amazon’s Prime Day is now the third period outside of the holiday season during which online sales in the U.S. will top $2 billion, like they did on Labor Day last year and Memorial Day this year. Amazon’s Prime Day kicked off at 3 a.m. Last year, Prime Day lasted 36 hours. Amazon also said that its sellers worldwide on Monday had the biggest 24-hour sales day in the company’s history, with millions o


Amazon’s Prime Day is fueling other retailers’ online sales, an early reading shows. Adobe said Amazon’s Prime Day is now the third period outside of the holiday season during which online sales in the U.S. will top $2 billion, like they did on Labor Day last year and Memorial Day this year. Amazon’s Prime Day kicked off at 3 a.m. Last year, Prime Day lasted 36 hours. Amazon also said that its sellers worldwide on Monday had the biggest 24-hour sales day in the company’s history, with millions o
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Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: lauren thomas
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Retailers should thank Amazon: Adobe estimates the size of a Prime Day bump

Amazon’s Prime Day is fueling other retailers’ online sales, an early reading shows.

On Monday, the first day of Amazon’s 48-hour shopping extravaganza this year, retailers that make more than $1 billion in annual revenues saw a 64% increase in their digital sales compared with an average Monday, according to Adobe Analytics. That’s better than a 54% spike last year, said Adobe, which measures transactions at 80 of the top 100 internet retailers in the U.S.

Niche retailers, which Adobe classifies as those that bring in less than $5 million in annual sales, saw a 30% increase in online sales on Monday, according to the firm.

Adobe said Amazon’s Prime Day is now the third period outside of the holiday season during which online sales in the U.S. will top $2 billion, like they did on Labor Day last year and Memorial Day this year.

Amazon’s Prime Day kicked off at 3 a.m. ET on Monday and runs for 48 hours, the longest in the event’s history. Last year, Prime Day lasted 36 hours.

Other retailers including Walmart, Target, eBay, Macy’s and Best Buy have been touting deals this week to compete. Target is pushing discounts for its in-house home goods brands. Walmart is expected to run deals, on everything from Google Home smart speakers to Instant Pots, through Wednesday this week.

More than 250 retailers altogether are expected to have sales going on to try to take advantage of the surge of web traffic around Prime Day, according to RetailMeNot, which tracks coupons online.

To be sure, it’s unclear if shoppers are actually buying more around Prime Day through impulse purchases, or if they’re just buying things now that they would’ve normally purchased later in the year. If the latter is the case, the week could end up only stealing sales from the back-to-school and holiday shopping seasons.

A study from Deloitte already shows back-to-school spending is expected to be about flat with last year, as more consumers are feeling price sensitive.

Amazon also said that its sellers worldwide on Monday had the biggest 24-hour sales day in the company’s history, with millions of Alexa-enabled devices already sold.

Amazon shares are up more than 34% this year, bringing its market cap to more than $995 billion.


Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: lauren thomas
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Amazon is using Prime Day this year to try to win in fashion

When you think of Prime Day, you might be thinking about deals on Instant Pots and Amazon Echo devices — not half-off dresses and designer heels. It’s using Prime Day to tout fashion deals. Typically, when it comes to selling clothes, Amazon is really good at “the boring stuff,” Wells Fargo retail analyst Ike Boruchow said. On Prime Day, Amazon is touting 30% off Calvin Klein and deals on some of its own exclusive apparel merchandise. With fashion, Amazon must figure out how to make the experien


When you think of Prime Day, you might be thinking about deals on Instant Pots and Amazon Echo devices — not half-off dresses and designer heels. It’s using Prime Day to tout fashion deals. Typically, when it comes to selling clothes, Amazon is really good at “the boring stuff,” Wells Fargo retail analyst Ike Boruchow said. On Prime Day, Amazon is touting 30% off Calvin Klein and deals on some of its own exclusive apparel merchandise. With fashion, Amazon must figure out how to make the experien
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Amazon is using Prime Day this year to try to win in fashion

On the morning of June 25, mega-fashion influencer Arielle Charnas, who’s collected more than 1.2 million followers on Instagram and has her own clothing line Something Navy at Nordstrom, announced when Amazon’s Prime Day would be kicking off this year. It was a not-so-subtle signal about what Amazon hopes to accomplish with its annual deals extravaganza this year. It still wants to be a bigger name in fashion.

When you think of Prime Day, you might be thinking about deals on Instant Pots and Amazon Echo devices — not half-off dresses and designer heels. But the market for apparel and accessories globally is worth more than $1 trillion, so Amazon clearly sees there’s a lot at stake here. It’s using Prime Day to tout fashion deals. And it’s also had a slew of recent initiatives and tie-ups with fashion influencers — beyond Charnas — to show it’s trying to establish the site as a place to shop for more than just the basics. It hopes to take market share as other apparel retailers are struggling. And it hasn’t been afraid to experiment. Typically, when it comes to selling clothes, Amazon is really good at “the boring stuff,” Wells Fargo retail analyst Ike Boruchow said. Wells Fargo has estimated that Amazon generated roughly $35 billion in sales in 2018 related to apparel and footwear, out of $232.9 billion in sales overall. For context, athletic apparel retailer Lululemon brought in $3.3 billion in sales last year, while Gap Inc.’s net sales were $16.6 billion, and Costco has said it generated $7 billion in sales in 2018 from clothes and footwear. Amazon dwarfs them all, even combined. But a lot of those transactions for Amazon stem from “commoditized” clothing items like white T-shirts, jeans and underwear, according to Boruchow. Amazon’s in-house brand, AmazonEssentials, is popular for that sort of thing — selling a four-pack of women’s camisoles for $24.50, or a 10-pack of cotton crew socks for kids for $9.45.

Bezos’ vision for fashion

Amazon CEO Jeff Bezos frequently told colleagues in the early 2000s: “In order to be a two-hundred-billion-dollar company, we’ve got to learn how to sell clothes and food,” according to the book profiling Amazon’s ascent, written by Brad Stone, called “The Everything Store: Jeff Bezos and the Age of Amazon.” At that time, Bezos set his benchmark based on the size of Walmart’s sales, Stone said. Amazon surpassed $200 billion in annual sales for the first time in 2018. That figure includes revenues from its other businesses like Amazon Web Services, not just retail. Meanwhile, Walmart’s total revenue was $514.4 billion for its latest fiscal year. Amazon is trying to sell more fashionable clothes today as mall-based apparel retailers like Victoria’s Secret, Chico’s, Dressbarn-owner Ascena Retail Group and Forever 21 are closing stores and struggling to draw-in shoppers. And department store chains like J.C. Penney and Macy’s, which have historically been reliant on their apparel businesses to drive sales growth, are shrinking. It’s been estimated retail store closure announcements could reach 12,000 this year, setting a record, with many of those stemming from apparel-based businesses like Charming Charlie and Charlotte Russe. This Prime Day, which kicked off Monday at 3 a.m. ET and runs for 48 hours, will put Amazon’s latest efforts to be a bigger fashion destination to the test.

Lessons from Prime Day

Prime Day 2019 will include hot deals on staple items, like sweatshirts and socks, but also is promoting Amazon’s own fashionable items to highlight the range of clothing it offers. Ahead of Prime Day this year, Amazon was pushing deals for as much as 50% off leggings, accessories and more, Jacquelyn Cooley at analytical intelligence company 1010data said. Fashion items very well could be on the top sellers list this year, considering how the deals are panning out, she said.

On Prime Day, Amazon is touting 30% off Calvin Klein and deals on some of its own exclusive apparel merchandise.

On Monday morning, button-down shirts from Amazon’s Goodthreads line were 30% off, its own Lark & Ro dresses were 50% off, and certain Calvin Klein and Adidas merchandise was 30% off. Charnas took to social media again to tout her #PrimeDayPicks, including items from Amazon Essentials, Splendid and Rebecca Taylor. Overall, this year’s Prime Day could bring in as much as $5.8 billion in sales globally, up from an estimated $3.9 billion in sales in 2018, when the event ran for just 36 hours, according to Coresight Research.

Beyond Prime Day

But a fashion business isn’t built on a two-day sales event. Amazon has seemingly been amassing an army of fashion influencers on social platforms like Instagram, bringing with them tens of millions of followers altogether, to write posts with taglines like “I #FoundItOnAmazon.” Women including Paola Alberdi, Sierra Furtado, Emi Suzuki, Leonie Hanne and Patricia Bright each have more than 1 million followers on Instagram. Now, they all share something else in common. They’re working with Amazon to promote the platform as a fashion destination — alongside their posts about Reformation, Revolve, Channel, Rebecca Minkoff, and other trendy and luxury labels. One of Amazon’s new influencer-focused ventures called “The Drop” went live in May.

With The Drop, Amazon is partnering with fashion influencers like Bright, a U.K.-based vlogger known for posting chic looks and night-out outfits to her Instagram, and Furtado, an LA-based YouTuber known for her more laid-back style. These partners are designing limited-edition apparel and accessories collections that Amazon will then create in-house. There’s a scarcity element involved because shoppers are only given 30 hours to shop each influencer’s collection before the next one is dropped. A text alert notifies shoppers when a drop is happening. Amazon also says on its website it only makes limited quantities of each drop, so products are expected to sell out. The Drop sounds a lot like fast-fashion retailer Zara’s strategy, which has found success by never making the same thing twice, only shipping limited quantities of items to stores, and rotating inventory frequently to keep shoppers coming back again and again to flip through racks of clothes. Amazon appears to be taking its own stab at this approach.

In order to be a two-hundred-billion-dollar company, we’ve got to learn how to sell clothes and food. Jeff Bezos Amazon CEO

Amazon also has its own subscription box program akin to Stitch Fix called Prime Wardrobe, where users can pick out a handful of clothing items, try them on at home and then only pay for what they want to keep, shipping back what they don’t want. And just last month it launched an artificial intelligence tool called “StyleSnap.” Within Amazon’s app, users can either take a photo or upload an existing image of an outfit, and StyleSnap will use machine learning to “match the look” with clothes for sale on Amazon.

Making shopping fun

Still, analysts and fashion experts agree that navigating Amazon’s website for clothes often is more arduous than it is enjoyable. The website’s design isn’t desirable for discovering new things or new brands. Most people shopping on Amazon go there knowing exactly what they’re looking for. With fashion, Amazon must figure out how to make the experience more fun. There’s also reluctance for brands to partner with Amazon because they lose autonomy over pricing and marketing, founders have told CNBC. On the whole, it hasn’t been easy for Amazon to entice popular fashion brands to sell there. The majority of product listings on Amazon’s fashion page are from third parties. This is likely one of the reasons why Amazon has been incubating so many of its own apparel and accessories lines in-house. It has more than 60 today, according to tracking by TJI Research, like Core 10 for women’s leggings and sports bras, and Goodthreads for men’s khaki pants and button-down tops.

More clothing sales shifting online


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: lauren thomas
Keywords: news, cnbc, companies, amazons, apparel, items, fashion, sales, clothes, using, day, billion, amazon, try, prime, win


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Store closures accelerate and may top 12,000 in 2019. Here’s what’s closed so far this year

So far, 7,062 store closures have been announced by U.S. retailers this year, according to a tracking done by Coresight Research. Last year, Coresight tracked 5,524 store closures, down more than 30% from an all-time high of 8,139 closures announced in 2017. Below is a running list of some of the most significant retail store closure announcements so far this year. Luke Sharrett | Bloomberg | Getty ImagesPier 1 Imports is planning to shut 57 stores in 2019, and potentially more. Drew Angerer | G


So far, 7,062 store closures have been announced by U.S. retailers this year, according to a tracking done by Coresight Research. Last year, Coresight tracked 5,524 store closures, down more than 30% from an all-time high of 8,139 closures announced in 2017. Below is a running list of some of the most significant retail store closure announcements so far this year. Luke Sharrett | Bloomberg | Getty ImagesPier 1 Imports is planning to shut 57 stores in 2019, and potentially more. Drew Angerer | G
Store closures accelerate and may top 12,000 in 2019. Here’s what’s closed so far this year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-13  Authors: lauren thomas
Keywords: news, cnbc, companies, company, shut, retailers, far, locations, heres, getty, 2019, retailer, closed, closures, stores, close, whats, store, 12000, brands, accelerate


Store closures accelerate and may top 12,000 in 2019. Here's what's closed so far this year

Paul J. Richards | AFP | Getty Images

Despite the year being more than halfway over, the pace of store closures doesn’t appear to be slowing down in the retail industry. More companies piled on the bad news this week. So far, 7,062 store closures have been announced by U.S. retailers this year, according to a tracking done by Coresight Research. And the tally could top 12,000 by the end of 2019, setting a new record, Coresight says. Last year, Coresight tracked 5,524 store closures, down more than 30% from an all-time high of 8,139 closures announced in 2017. With the back-to-school shopping season and winter holidays looming, most retailers planning to shut stores this year have already shuffled through those announcements so they can shift their focus toward the industry’s busiest times. But analysts say there are still some exhausted businesses teetering on the brink of survival, as sales continue to shift to the internet and younger brands like Warby Parker, Casper and Allbirds steal shoppers’ attention. Take Mattress Firm as one example. The company emerged from bankruptcy back in October. But it’s still suffering in an increasingly competitive landscape with newer entrants like Casper and Eight Sleep. And it hasn’t been able to achieve all the concessions from landlords that it desired. All the store closure announcements have also been bad news for U.S. mall owners like Simon and Macerich, which were already struggling with traffic to department stores falling off. The landlords are getting creative with their malls, now, bringing in more food options, e-commerce brands and even apartments, hotels and office spaces. The mall model is being reinvented. Amid all the closings, there are still retailers opening stores. Coresight has tracked 3,017 store opening announcements so far this year. This past Thursday, Lululemon opened its biggest store ever in Chicago. And there’s a massive, 3-million-square-foot mall called American Dream slated to open in New Jersey on Oct. 25. Below is a running list of some of the most significant retail store closure announcements so far this year.

Fred’s

A store log outside of the headquarters of Fred’s Pharmacy Memphis, Tennessee. Sipa | AP Images

Fred’s said Friday it will shutter another 129 stores this year, as the company works to repay its debt and diversify its product selection. It was already planning to close 263 shops in 2019. Now, the discount retailer says it will have roughly 80 retail stores and 166 pharmacies still operating following all the closures. Fred’s, which sells groceries and other everyday items like cleaning supplies, has been a victim of e-commerce’s ascent in many households. Its shares have tumbled more than 75% this year to trade below $1.

Charming Charlie

Source: Charming Charlie

Accessories chain Charming Charlie filed for Chapter 11 bankruptcy protection earlier this week and said with that it plans to close all 261 stores by the end of August. This marks the second time the retailer has filed for bankruptcy in under two years. The company said it hasn’t been able to come up with a plan to win shoppers back and “ensure long-term profitability” for the business.

Bed Bath & Beyond

A shopper exits a Bed Bath & Beyond store in New York. Michael Nagle | Bloomberg | Getty Images

Bed Bath & Beyond plans to close at least 40 locations this year — and likely more — while opening 15 stores. The company has said unless it’s able to “negotiate more favorable lease terms with … landlords,” the number of closures will grow. Bed Bath & Beyond, which also owns Christmas Tree Shops, lost its CEO Steven Temares in May, with its financial performance weakening and activist investors pushing for change. The company’s stock is down about 1% for the year.

Dressbarn

Getty Images

Women’s fashion retailer Dressbarn, owned by Ascena Retail Group, is going out of business for good this year. Ascena said it decided to wind down that business entirely in order to be able to turn its focus to its more profitable brands like Ann Taylor and Loft. Just last month, it released a list of the first 28 Dressbarn stores expected to close this year but hasn’t announced anything beyond that. All told, about 650 stores across the country will go dark.

Topshop

Sir Philip Green the owner of Topshop and Taiwanese actress Gwei Lun Mei cut a ribbon to mark the opening of the new Topshop store Jessica Hromas | Getty Images

Fast-fashion chain Topshop is shutting all 11 of its stores in the U.S. The retailer’s London-based parent company, Arcadia Group, filed for bankruptcy protection in May, citing “challenging retail headwinds, changing consumer habits and ever-increasing online competition.” Topshop’s U.S. stores are in major markets like New York, Los Angeles, Las Vegas and Miami. The company hasn’t yet said when it expects the 11 stores to close.

Party City

Party City store in Hamilton, New Jersey Dorann Weber | Getty Images

Party City plans to shut about 45 stores in the U.S. this year. That’s more than normal. The party-supply retailer had been closing 10 to 15 stores, on average, annually. Following the announcement, some speculated a global helium shortage was straining its business of selling balloons for birthday parties, weddings and other special occasions. But the retailer said it was able to secure a new source of helium and that the decision to close more stores in 2019 was unrelated to the global shortage. Party City shares are down more than 28% this year.

Pier 1 Imports

A Pier 1 Imports retail store stands in Louisville, Kentucky. Luke Sharrett | Bloomberg | Getty Images

Pier 1 Imports is planning to shut 57 stores in 2019, and potentially more. The home goods retailer in June said if it’s “unable to achieve our performance goals, sales targets and reductions in occupancies and other costs,” it could shutter as much as 15% of its fleet. Pier 1 closed 30 stores in 2018, leaving it with about 1,000 locations in total across the U.S. Many shoppers have navigated to Amazon and other online retailers to buy things like dishes, wall art and the small furniture accessories that Pier 1 sells. The retailer’s shares are up a little more than 1% for the year.

CVS

Pedestrians pass in front of a CVS location in New York. Scott Mlyn | CNBC

CVS is closing 46 of its “underperforming” locations across the country this year. That’s still less than 1% of CVS’ roughly 9,600 stores nationwide. But the drugstore chain, like many retailers today, must work toward culling its massive footprint and adding unique services to stores to keep customers coming back. As it shuts some stores, CVS is adding hundreds of SmileDirectClub shops inside certain CVS locations, offering shoppers a cheaper way to straighten their teeth. It’s also opening up locations known as HealthHUBS that boast services and products like blood testing and sleep apnea machines. CVS’ stock is down nearly 12% in 2019.

Gap

Traffic passes by an Old Navy and GAP stores in Times Square, March 1, 2019 in New York City. Drew Angerer | Getty Images

Gap Inc. is planning to shut 230 of its namesake brand’s stores over the next two years. This fiscal year, Gap said it expects to close about 50 company-owned stores, net of any new openings or repositionings. The apparel retailer in February announced its plans to split its business into two publicly traded companies, one that includes Gap, Banana Republic, Intermix and its women’s and men’s athleisure brands Athleta and Hill City, and another with just Old Navy. Gap Inc. shares have fallen more than 27% this year.

Victoria’s Secret

Pedestrians carrying shopping bags walk past a Victoria’s Secret store in New York. Lucas Jackson | Reuters

L Brands’ Victoria’s Secret is planning to shut 53 stores this year, as the lingerie retailer struggles to appeal to women with its outdated and over-the-top bras and underwear. On average, the company has been closing roughly 15 stores each year. Meantime, online-based lingerie brands like Adore Me and Lively are opening up stores, potentially making it more difficult for Victoria’s Secret to win back market share. L Brands’ stock is up about 3% year to date.

Bath & Body Works

Pedestrians walk past a Bath & Body Works store. Craig Warga | Bloomberg | Getty Images

L Brands’ Bath & Body Works also has some closures planned. The retailer said it intends to shut two dozen locations this year. But it will also be opening 46 stores and renovating more than 170 locations. As Victoria’s Secret’s sales have been in a slump, Bath & Body Works has been a bright spot for L Brands. The company reported in May that Bath & Body Work’s same-store sales surged 13% during the fiscal first quarter. The upbeat news led L Brands to hike its profit outlook for the full year.

Abercrombie & Fitch

Pedestrians are reflected in the window of an Abercrombie & Fitch store in San Francisco. Getty Images

Specialty apparel retailer Abercrombie & Fitch Co. said it plans to close up to 40 stores during fiscal 2019, after closing 29 locations last year. The company has, meanwhile, been working toward reducing the size of its stores and remodeling existing locations. Abercrombie also said it plans to open additional stores this year, to make up for the closures, after opening 22 stores in 2018. It also owns the Hollister clothing brand. The retailer’s stock has fallen roughly 10% in 2019.

Charlotte Russe

Charlotte Russe fashions Source: Charlotte Russe

Teen apparel retailer Charlotte Russe is liquidating and closing all of its stores, after filing for bankruptcy protection in February. At the time, it was only planning to shut 94 stores. But now, the company will be closing more than 500 locations across the country, after a liquidator won the auction for its business in bankruptcy court. Many of its stores are found within shopping malls.

Payless ShoeSource

A pedestrian walks by a Payless Shoe Source store on April 5, 2017 in San Francisco. Getty Images

Payless ShoeSource filed for bankruptcy in February and has started the process of shutting all 2,500 of its stores across North America. Payless struggled with a heavy debt load and also said in court documents it faced “unanticipated” delays from its suppliers in recent years that forced it to sell inventory at deep discounts. It’s also fallen victim to more consumers shopping for footwear online.

Gymboree

Pedestrians walk past a Gymboree store in San Francisco, California. David Paul Morris | Bloomberg | Getty Images

When kids clothing company Gymboree filed for bankruptcy protection in January, it said it would close all 800 of its Gymboree and Crazy 8 stores. It’s since sold the rights associated with both Gymboree and its Crazy 8 brand to Children’s Place, while Gap has acquired Gymboree’s Janie and Jack brand’s intellectual property, its website, customer data and other assets.

Family Dollar

Shoppers exit a Family Dollar store in Belleville, New Jersey. Michael Nagel | Bloomberg | Getty Images

Discount chain Dollar Tree said it plans to close 390 Family Dollar stores this year while it renovates 1,000 other locations. After buying Family Dollar in 2015, Dollar Tree has been left with the task of improving the appearance of those stores, many of which are run down. It’s also been trying to cut costs. Dollar Tree shares are up more than 24% year to date.

Chico’s

Pedestrians pass in front of a Chico’s store in New York Scott Mlyn | CNBC

Women’s clothing retailer Chico’s said it will shut between 60 to 80 stores in fiscal 2019. The company overall intends to close at least 250 stores in the U.S. over the next three years. It joins a list of apparel companies that are struggling to stay afloat, as more sales move online and shoppers are lured to fast-fashion brands like Zara. Chico’s shares have tumbled more than 38% this year.

J.C. Penney

Pedestrians pass a JC Penney store in New York. Scott Mlyn | CNBC


Company: cnbc, Activity: cnbc, Date: 2019-07-13  Authors: lauren thomas
Keywords: news, cnbc, companies, company, shut, retailers, far, locations, heres, getty, 2019, retailer, closed, closures, stores, close, whats, store, 12000, brands, accelerate


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Fear missing out? Amazon knows it—and uses it to make Prime Day sales

It uses our fear of missing out to make sales on Prime Day. This year, Amazon Prime Day will run for 48 hours, starting at midnight PT on July 15. Similar to Black Friday being just before the holiday shopping season, Prime Day comes just before the back-to-school shopping season, retail’s second busiest shopping season. Take eBay’s ad where a father asks his teenage daughter, who happens to be named Alexa, if anything good happens on Prime Day to which she responds “Yeah, did you check eBay?” S


It uses our fear of missing out to make sales on Prime Day. This year, Amazon Prime Day will run for 48 hours, starting at midnight PT on July 15. Similar to Black Friday being just before the holiday shopping season, Prime Day comes just before the back-to-school shopping season, retail’s second busiest shopping season. Take eBay’s ad where a father asks his teenage daughter, who happens to be named Alexa, if anything good happens on Prime Day to which she responds “Yeah, did you check eBay?” S
Fear missing out? Amazon knows it—and uses it to make Prime Day sales Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: mallika mitra, lauren thomas
Keywords: news, cnbc, companies, amazon, missing, hours, shopping, sold, uses, season, yarrow, fear, itand, sales, knows, day, prime, products


Fear missing out? Amazon knows it—and uses it to make Prime Day sales

Amazon knows how easily we get FOMO. It uses our fear of missing out to make sales on Prime Day.

This year, Amazon Prime Day will run for 48 hours, starting at midnight PT on July 15. The retail giant said last year’s day of deals and discounts was its biggest yet as it sold 100 million products, and having those extra hours this year will likely end in even better results. After all, people don’t want to be left out.

“The psychology is really just the fear of missing out and timing,” said Kit Yarrow, a consumer psychologist. Similar to Black Friday being just before the holiday shopping season, Prime Day comes just before the back-to-school shopping season, retail’s second busiest shopping season. “People don’t just want bargains, they are shopping anyways and have needs.”

Amazon makes sure customers will turn to them to satisfy those needs with marketing campaigns that include a Taylor Swift concert, which took place Wednesday night, and a line of beauty products from Lady Gaga, which is sold exclusively by the company. It not only advertises its own surge of deals, its rivals do as well with their own competing events and messaging.

Take eBay’s ad where a father asks his teenage daughter, who happens to be named Alexa, if anything good happens on Prime Day to which she responds “Yeah, did you check eBay?” Simply put, Prime Day seems to be everywhere.

“There’s this sense that Amazon is for everybody and it’s everywhere,” Yarrow said. “They upped the coolness factor associated with Amazon a lot with these campaigns.”


Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: mallika mitra, lauren thomas
Keywords: news, cnbc, companies, amazon, missing, hours, shopping, sold, uses, season, yarrow, fear, itand, sales, knows, day, prime, products


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Nordstrom is trading nearly $20 a share lower than a $50 a share offer it once rejected as too low

Two years ago, Nordstrom was offered a buyout offer at $50 a share. It’s shares are now trading 38% lower than that, but there’s still hope for the retailer. Nordstrom’s stock is down roughly 35% year-to-date, swept up in the general malaise investors have shown the retail sector. A special committee advising the company’s board rejected the family’s offer of $50 a share as too low, and the two ultimately called off talks. Pressure is also being put on Nordstrom by the the pall currently cast ac


Two years ago, Nordstrom was offered a buyout offer at $50 a share. It’s shares are now trading 38% lower than that, but there’s still hope for the retailer. Nordstrom’s stock is down roughly 35% year-to-date, swept up in the general malaise investors have shown the retail sector. A special committee advising the company’s board rejected the family’s offer of $50 a share as too low, and the two ultimately called off talks. Pressure is also being put on Nordstrom by the the pall currently cast ac
Nordstrom is trading nearly $20 a share lower than a $50 a share offer it once rejected as too low Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: lauren hirsch, lauren thomas
Keywords: news, cnbc, companies, nordstrom, low, shares, retail, offer, nordstroms, lower, company, retailer, nearly, 50, 20, rejected, store, roughly, sector, trading, stores, share


Nordstrom is trading nearly $20 a share lower than a $50 a share offer it once rejected as too low

Two years ago, Nordstrom was offered a buyout offer at $50 a share. It’s shares are now trading 38% lower than that, but there’s still hope for the retailer.

Nordstrom’s stock is down roughly 35% year-to-date, swept up in the general malaise investors have shown the retail sector. Nordstrom’s challenges are not unique to the industry. Its competitors, Macy’s, J.C. Penney, are Kohl’s are facing their own hurdles as they grapple with too many stores and shoppers choosing to buy online or from brands directly.

But Nordstrom — with its affordable luxury price-point and high-touch customer service — has long been viewed as the darling of the sector. That perception was part of the argument that family members, who own 31.2% of the company, used in their quest to take the company private two years ago. The goal at the time was to avoid the pressure of the public market and make needed tougher decisions, like store closures, that are harder when at the mercy of quarterly reports and public investors.

That deal never came to fruition, however. A special committee advising the company’s board rejected the family’s offer of $50 a share as too low, and the two ultimately called off talks.

Now, with Nordstrom’s shares depressed along with the rest of industry, it seems its fears of the impact of being a public company have come to fruition.

Some of Nordstrom’s pain is self-inflicted. Executives acknowledged in May its fourth-quarter earnings were hurt by a poor roll-out of its “Nordy Club” loyalty program.

Pressure is also being put on Nordstrom by the the pall currently cast across the department store sector. And the retailer is being punished by investors for making the investments it needs to survive, like e-commerce and new stores.

Nordstrom reportedly spent north of $500 million on its New York flagship, set to open in October. The retailer has said it expects that flagship, along with the Nordstrom Local neighborhood service hubs expected to open this fall, will “contribute a meaningful sales lift for this market.”

It’s off-price retail concept, Nordstrom Rack, is a roughly $5 billion business that has recently slowed, but it benefits from the same bargain shopping trends that have sent shares of TJ Maxx parent, TJX, up nearly 25% year-to-date.

Meantime, Nordstrom continues to be well-positioned in its real estate. As retailers progressively view expansive store bases as a burden rather than a strength, Nordstrom touts a relatively small footprint in largely urban areas — roughly 120 full-line stores compared with Macy’s roughly 600 stores.

The retailer also continues to have strong relations with brands, as other department stores — which can’t promise preserving the high-end shopping experience they were once known for — struggle to obtain today’s best merchandise.

And Nordstrom’s competitors’ pain may be its gain.

Hudson’s Bay Co. has announced it is exploring options for its Lord & Taylor store and people familiar with the matter tell CNBC it could include further store closures. Richard Baker, the executive chairman of the Saks parent, is trying take the company private in a deal that could pave the way for it run its business more in line with Baker’s real estate background, rather than as a retail company.

Meantime, private-equity-backed Neiman Marcus has been struggling with onerous debt load that can limit its ability to invest for the future.


Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: lauren hirsch, lauren thomas
Keywords: news, cnbc, companies, nordstrom, low, shares, retail, offer, nordstroms, lower, company, retailer, nearly, 50, 20, rejected, store, roughly, sector, trading, stores, share


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