Mike Ashley’s ambition to turn his newly acquired House of Fraser into a leading luxury department store “isn’t very realistic” according to industry leaders. After purchasing the embattled department store via a pre-pack administration last week for £90 million, the Sports Direct owner stated in an interview with The Sun that he wanted to transform it into the “Harrods of the high street”. Various industry leaders and analysts have responded to his claims, casting doubt on the billionaire’s plans to begin introducing luxury brands like Gucci and Prada into the department store.
VF Corp is considering a sale or spinoff of its denim business, sources told The Wall Street Journal on Friday. The apparel and footwear company owns popular denim brands Wrangler and Lee, along with smaller brands Rustlers and Rock & Republic.
Papa John's shares plummeted in aftermarket trading Tuesday after the company reported earnings that missed Wall Street's earnings and revenue expectations.
The World Cup and heatwave cost the high street sales in July, seeing like-for-like sales drop for the sixth month in a row. According to the BDO High Street Sales Tracker, high street sales grew one per cent in the first week of July thanks to summer sales, but subsequently dropped by more than two per cent in the following two weeks, remaining flat in the fourth.
The deal is meant to accelerate the retail giant's efforts to modernize payments and is a major blow to the business of Synchrony, Walmart's previous credit card partner, The Wall Street Journal reported.
Group 1 Automotive, the third-largest auto retailer in the U.S., beat Wall Street earnings expectations, thanks to sales of used cars.
Tractor Supply Company plowed through the second quarter, with sales and earnings that beat Wall Street estimates.
McDonald's second-quarter earnings beat Wall Street estimates, but U.S. sales cooled more than expected and revenue tumbled 12 percent, the company said in announcing its results Thursday.
The merchant of oddball electronics could file for Chapter 11 if it finds a financial backer to take it through the process, The Wall Street Journal reports.
Ebay has launched Image Search technology in the UK, allowing shoppers to search for items by entering a photo of their desired product.