News

Retail

Kimberly Redmond | Equities.com |

Rhode Island-based jewelry retailer Alex and Ani LLC has filed for Chapter 11 bankruptcy protection and put itself up for sale.

On Thursday, the company said it entered into a restructuring support agreement (RSA) with debt holders and equity sponsors as it works to reorganize and strengthen its online and retail businesses.


Kimberly Redmond | Equities.com |

Best Buy Co Inc (NYSE: BBY) stores will once again be closed on Thanksgiving Day 2021, joining a growing list of retailers who have already announced similar plans.

The closures mark the second year in a row that several major chains, including Walmart and Target Corporation, will be dark on what has traditionally been a huge holiday shopping day in conjunction with Black Friday.


Kimberly Redmond | Equities.com |

Amazon.com Inc (Nasdaq: AMZN) is in discussions to acquire MGM Holdings, the parent company of Metro-Goldwyn-Mayer Studios, for $9 billion, according to reports.

Variety reported Monday that the tech giant has been negotiating a deal for “weeks” and that talks are being handled by Mike Hopkins, senior vice president of Amazon Studios and Prime Video and MGM’s board chairman Kevin Ulrich.


Kimberly Redmond | Equities.com |

The largest shareholder of At Home Group plans to oppose a deal to take the home décor chain private because it believes the sale price is too low, according to The Wall Street Journal.

In a letter sent Sunday to the board of directors, CAS Investment Partners – which owns around 17% of At Home’s shares – wrote that it plans to vote against a $2.4 billion proposed sale to private equity firm Hellman & Friedman.


Kimberly Redmond | Equities.com |

Amazon.com Inc (Nasdaq: AMZN) blocked more than 10 billion suspected phony listings in 2020 as part of an effort to crack down on counterfeit sellers on its site.

In its first-ever brand protection report released this week, the e-commerce giant said it destroyed more than 2 million counterfeit products sent to its warehouses last year before they could be sold.


Kimberly Redmond | Equities.com |

Target Corporation (NYSE: TGT) is testing out a faster delivery approach in a bid to win more consumer spending from its speedier rivals, like Amazon.com Inc’s (Nasdaq: AMZN) Prime Now and Walmart Inc’s (NYSE: WMT) Express Delivery.

The new delivery concept for online orders – which Target said is being piloted in its hometown of Minneapolis – will be supported by three companies that the retail giant has acquired in recent years: Shipt, Grand Junction and Deliv.


Kimberly Redmond | Equities.com |

Saks Fifth Avenue has announced plans to phase out the sale of products made from animals raised for the use of their fur or those made with fur from wild animals over the next two years.

On Wednesday, the New York-based luxury retailer said its 40-store chain will close its 27 fur salons and fur departments by January 2022 and that it will stop selling products that contain mink, fox, chinchilla, coyote, sable and beaver by January 2023.


Kimberly Redmond | Equities.com |

Target Corporation (NYSE: TGT) announced Wednesday it will add products from more than 500 Black-owned brands, spend more with Black-owned businesses such as marketing and construction companies and launch a support and mentoring program for Black-owned companies.

The Minneapolis-based big-box retail chain did not specify its current overall spending with Black-owned businesses but said it plans to increase that figure and spend more than $2 billion by 2025.


Kimberly Redmond | Equities.com |

Amazon.com Inc (Nasdaq: AMZN) received emergency clearance on Thursday from the US Food and Drug Administration (FDA) for an at-home COVID-19 test kit.

In its emergency use authorization (EUA), the FDA said the tech giant plans to use the nasal swab and PCR-based test, which is developed by Amazon subsidiary STS Lab Holdco, for its ongoing coronavirus screenings of employees.


Reuters | Equities.com |

Victoria’s Secret owner L Brands raised its current-quarter profit forecast for the second time this month as customers use stimulus checks to buy everything from scented candles to lingerie, sending its shares to a three-year high.

The company on Friday also cited the unusual shifts in spending patterns and relaxation of COVID-19 restrictions for the upbeat first-quarter forecast.