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☆ Gap to Conduct Layoffs, Cutting 1,800 Corporate Jobs
▼ + stars: | 2023-04-27 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Gap’s latest round of cuts is expected to result in $300 million in annualized savings. Photo: Mario Tama/Getty ImagesGap Inc. said it is eliminating 1,800 jobs as part of a broad restructuring aimed at making the company more nimble and less bureaucratic. The job cuts are expected to result in $300 million in annualized savings as part of a plan outlined in March, the company said Thursday. The positions being eliminated are mainly at its San Francisco and New York headquarters as well as some senior field roles.

☆ Gap Plans to Lay Off Hundreds of Corporate Workers in Latest Cuts
▼ + stars: | 2023-04-25 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Gap leaders conducted a review with the goal of stripping out layers of management to speed decision making. Photo: Gabby Jones/Bloomberg NewsGap Inc. is eliminating hundreds of corporate jobs from its global workforce as part of a broad restructuring aimed at making the company more nimble and less bureaucratic, according to people familiar with the situation. The current round of cuts is slated to be larger than in September, when Gap eliminated roughly 500 corporate positions, one of the people said. Those job cuts were mostly at its main offices in San Francisco and New York, and were part of efforts to save about $250 million annually.

☆ That Style, Again? How Shopping Got So Boring
▼ + stars: | 2023-04-02 | by ( Suzanne Kapner | Photographs Gabriela Bhaskar For The Wall Street Journal | ) www.wsj.com time to read: 1 min

The maker of Tonka trucks and Lite-Brite normally introduces four new toys a year. Last year, Basic Fun Inc. introduced one. Manufacturers and retailers of everything from computers to dresses hit pause in the past few years when it came to innovation, the result of pandemic-related upheavals in the design, manufacture and distribution of goods, industry executives said. Shifting consumer demand and the expectation of an economic slowdown also played a role, the executives said.

☆ Macy’s CEO Jeff Gennette to Retire, Give Reins to Bloomingdale’s Boss Tony Spring
▼ + stars: | 2023-03-29 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Macy’s CEO Jeff Gennette, who joined the company in 1983 and took the helm in 2017, will step aside in February. The chief executive of Macy’s Inc. will retire after steering the department-store chain through several crises, handing over its future to one of his lieutenants. Jeff Gennette , a Macy’s veteran who took over as CEO in 2017, will step aside in February, the company said. He faced the rise of Amazon.com Inc. as an apparel rival, fended off an activist investor’s calls to split Macy’s stores from its e-commerce business and managed through the Covid-19 pandemic.

☆ As Macy’s CEO Plans to Retire, He Says Know Your Customer and Keep It Simple
▼ + stars: | 2023-03-29 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Photo: Peter Fisher for The Wall Street JournalMacy’s CEO Jeff Gennette joined the company in 1983 and took the helm in 2017. Jeff Gennette , chief executive of Macy’s Inc., one of the world’s biggest department-store chains, is retiring next year after steering it through several crises and handing the reins to one of his lieutenants. Some of those challenges were self-inflicted.

☆ Shoplifting Climbs as In-Store Shopping Returns
▼ + stars: | 2023-03-12 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Photo: Rachel Wisniewski for The Wall Street JournalTarget says theft and other shortages are expected to reduce its gross margins for the recently completed fiscal year. Retailers say theft is rising as more people shop in stores, cutting into profits that were already under pressure. “We definitely had an uptick since last year,” Macy’s Chief Executive Jeff Gennette told analysts earlier this month. “It’s an industrywide trend.”

☆ This Department-Store Stock Has Trounced Apple, Amazon and Tesla
▼ + stars: | 2023-03-04 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

One of the best-performing stocks of the past few years isn’t a tech giant or a highflying startup. Instead, it is a family-run department-store chain that doesn’t have a wide following on Wall Street. Shares in Dillard’s Inc. have soared more than 1,500% since April 2020. The company’s market value is similar to that of Macy’s Inc., even though Dillard’s has less than a third of Macy’s annual revenue.

☆ Nordstrom to Close, Liquidate Its Canadian Stores
▼ + stars: | 2023-03-03 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Nordstrom said its Canadian store wind down is expected to be completed by June. Nordstrom Inc. said it would wind down and liquidate its operations in Canada under court protection, closing 13 stores and laying off about 2,500 workers. The luxury department store chain said Thursday it filed for protection under the Companies’ Creditors Arrangement Act, Canada’s rough equivalent of chapter 11 bankruptcy.

☆ Macy’s, Best Buy Sales Declines Reflect Shopper Pullback on Discretionary Goods
▼ + stars: | 2023-03-02 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Consumers pulled back on purchases of apparel and electronics in recent months, while continuing to spend on groceries and other necessities, according to some of the largest U.S. retailers. Department-store chain Macy’s Inc. on Thursday said sales were down 4.6% in the fourth quarter, as people spent less online and in stores. Macy’s has said that the days around Christmas were a bright spot in an otherwise underwhelming holiday season as it burned off inventory.

☆ Macy’s, Best Buy Sales Decline, Reflecting Shopper Pullback
▼ + stars: | 2023-03-02 | by ( Suzanne Kapner | Dean Seal | ) www.wsj.com time to read: 1 min

Consumers pulled back on purchases of apparel and electronics in recent months while continuing to spend on groceries and other necessities, according to some of the largest U.S. retailers. Department-store chain Macy’s Inc. on Thursday said sales were down 4.6% in the fourth quarter, as people spent less online and in stores. Macy’s has said that the days around Christmas were a bright spot in an otherwise underwhelming holiday season as it burned off inventory.

Bed Bath & Beyond put together a financing package that gives it some breathing room as it struggles to survive. Bed Bath & Beyond Inc. couldn’t get banks to lend it money, but the troubled retailer found one hedge fund willing to bet on its stock. Bed Bath & Beyond landed a do-or-die rescue deal that takes bankruptcy off the table for now. Shares, which have surged in recent weeks despite the company’s dire situation, tumbled by nearly 50% early Tuesday as the new financing will dilute existing shareholders.

Bed Bath & Beyond put together a financing package that gives it some breathing room as it struggles to survive. Bed Bath & Beyond Inc. couldn’t get banks to lend it money, but the troubled retailer found investors willing to bet on its survival. Bed Bath & Beyond landed a do-or-die rescue deal that takes bankruptcy off the table for now. Shares, which have surged in recent weeks despite the company’s dire situation, tumbled by nearly 50% early Tuesday as the new financing will dilute existing shareholders.

Bed Bath & Beyond Inc. has secured investor backing for a more than $1 billion capital raise to stave off bankruptcy and try to turn around its flagging business, people familiar with the matter said. The offering of convertible stock and warrants, coupled with a $100 million additional credit line from one of its lenders, is expected to save the troubled retailer from the near-term chapter 11 filing it has warned about for weeks. Bed Bath & Beyond has received investor commitments to raise $225 million of equity capital initially and the rest of the more than $1 billion offering over time, according to people familiar with the matter.

Bed Bath & Beyond Inc. will try to raise more than $1 billion by selling stock, hoping investors who have propelled its stock higher despite its financial troubles can save it from bankruptcy. The offering of stock and warrants, coupled with a $100 million additional credit line from one of its lenders, could help the troubled retailer raise enough cash to avoid the chapter 11 filing it has warned about for weeks. Bed Bath said Monday that it can’t give any assurances it will receive any or all of the proceeds of the equity offering, which is subject to market conditions and not guaranteed to be completed.

☆ Activist Ryan Cohen Targets a Familiar Foe at Nordstrom
▼ + stars: | 2023-02-03 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Mark Tritton lost his job as chief executive of Bed Bath & Beyond Inc. after an activist investor challenged his leadership. Now, the same activist is trying to oust Mr. Tritton again—from his board seat at Nordstrom Inc.Ryan Cohen , the billionaire co-founder of pet retailer Chewy Inc., has amassed a large stake in Nordstrom and is agitating for cost cuts amid sluggish sales. Shares of Nordstrom surged Friday after The Wall Street Journal reported on the move Thursday evening.

☆ Bed Bath & Beyond Faces Debt Deadline as Bankruptcy Looms
▼ + stars: | 2023-02-01 | by ( Suzanne Kapner | Andrew Scurria | ) www.wsj.com time to read: 1 min

The clock is ticking for Bed Bath & Beyond Inc. The home-goods chain’s lenders have cut off credit and it hasn’t secured a buyer to acquire its business, leaving it with dwindling options to avoid a bankruptcy filing. With chapter 11 looking increasingly likely, the focus shifts to what’s next for the retailer and what shape it might take coming out of a restructuring. Here is what we know.

☆ Here’s What’s Next for Bed Bath & Beyond as Bankruptcy Looms and Stores Close
▼ + stars: | 2023-01-31 | by ( Suzanne Kapner | Andrew Scurria | ) www.wsj.com time to read: 1 min

☆ Here’s What’s Next for Bed Bath & Beyond as Bankruptcy Looms
▼ + stars: | 2023-01-31 | by ( Suzanne Kapner | Andrew Scurria | ) www.wsj.com time to read: 1 min

☆ Bed Bath & Beyond Used to Be Great. These Two Are Why.
▼ + stars: | 2023-01-27 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

PALM BEACH, Fla.—The founders of Bed Bath & Beyond Inc. were at the Four Seasons Resort here this month, chatting about how they turned two small stores into a retail force and pop-culture phenomenon. Money was tight and what little of it they had went to merchandise, not to advertising or trying to make stores look pretty. To hide the industrial fixtures, they piled towels, linens and bedding to the ceiling, giving rise to the clutter that became a hallmark of the chain, which started in the New York City suburbs.

☆ Bed Bath & Beyond Says Banks Have Cut Off Its Credit Lines
▼ + stars: | 2023-01-27 | by ( Soma Biswas | Suzanne Kapner | ) www.wsj.com time to read: +2 min

Bed Bath & Beyond Inc. said it doesn’t have the funds to repay its banks after they determined the retailer has defaulted on its credit lines. The banks are calling for an immediate repayment of all outstanding loans under the credit agreement. The company has $186 million in outstanding letters of credit. The filing indicates the growing financial constraints the retailer is under to operate normally, a month after it warned of a possible bankruptcy filing. Bed Bath & Beyond recently warned it may be filing for bankruptcy in just a few weeks.

After pushing prices to new heights last year, some companies are starting to pull back. It could be another sign that inflation is starting to turn a corner. Conagra Brands Inc., which makes Hunt’s ketchup and Slim Jim meat sticks, raised prices 17% in its latest quarter, on top of two previous quarters, when it increased prices more than 10%.

The unraveling of Bed Bath & Beyond Inc. could unlock one of the company’s strongest businesses: the Buybuy Baby chain of stores selling strollers, cribs and other infant gear. Bed Bath, which is preparing for a bankruptcy filing, has been in discussions with private-equity firm Sycamore Partners and another suitor about a deal to sell the baby chain as part of its chapter 11 restructuring, according to people familiar with the matter. The New York Times earlier reported on the discussions.

☆ Bed Bath & Beyond Plans More Layoffs as Cash Dwindles
▼ + stars: | 2023-01-10 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Bed Bath & Beyond Inc. said it plans more layoffs and cost costs after the home-goods retailer’s cash pile and sales dwindled in the most recent period. The retailer’s operations burned through about $300 million in cash in the quarter ended Nov. 26 and closed the period with about $200 million in cash and equivalents.

☆ Bed Bath & Beyond Continues to Burn Cash as Sales Dwindle
▼ + stars: | 2023-01-10 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Bed Bath & Beyond Inc.’s cash pile dwindled and sales plunged in the most recent period, as the home-goods retailer continues to face deep obstacles in its bid to remain solvent. The retailer’s operations burned through about $300 million in cash in the quarter ended Nov. 26 and closed the period with about $200 million in cash and equivalents.

☆ Lululemon Shares Tumble on Profit Warning for Holiday Quarter
▼ + stars: | 2023-01-10 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Big holiday crowds didn’t translate into the big profit that Wall Street was expecting out of Lululemon Athletica Inc. The yoga-pants maker’s shares tumbled more than 9% Monday after the company warned that its profit margins would decline in the quarter ending Jan. 29 and set earnings targets below what Wall Street had expected from the brand.

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