Content about Bloomberg

July 31, 2014

A report by Bloomberg said that investor BlueCrest Capital Management is urging RadioShack to repay the lenders that are blocking plans to shutter stores.

New York -- A report by Bloomberg said that investor BlueCrest Capital Management is urging RadioShack to repay the lenders that are blocking plans to shutter stores.

The electronics retailer announced last March that it would close 1,100 stores; it later reduced the number of closures to 200 per year for three years after negotiations with lenders failed.

BlueCrest said it supported the company's decision to shut stores to stem losses and was willing to provide financing, Bloomberg said.
 

 

July 2, 2014

The Securities and Exchange Commission (SEC) is reportedly investigating whether Target Corp. adequately protected its data and informed shareholders about the possible consequences relating to its fall 2013 data breach, according to Bloomberg.

Minneapolis – The Securities and Exchange Commission (SEC) is reportedly investigating whether Target Corp. adequately protected its data and informed shareholders about the possible consequences relating to its fall 2013 data breach, according to Bloomberg. The report said that Target is one of several public companies that suffered a data breach which is being investigated by the SEC.

July 1, 2014

Apple Inc. is planning to open six new stores in China, judging by advertisements for store managers the company has posted on its Chinese website, Bloomberg reported.

Cupertino, Calif. – Apple Inc. is planning to open six new stores in China, judging by advertisements for store managers the company has posted on its Chinese website, Bloomberg reported. The company is seeking store managers for units the Chinese cities of Tianjin, Chongqing, Wuxi, Zhengzhou, Shenyang, and Hangzhou, none of which currently has an Apple-owned retail outlet.

June 26, 2014

China's Alibaba Group Holdings plans to list its shares on the New York Stock Exchange, Bloomberg reported.

New York -- China's Alibaba Group Holdings plans to list its shares on the New York Stock Exchange, Bloomberg reported. In a filing on Thursday, the company revealed it will use the ticket "BABA."

Alibaba filed for its IPO in May. The online giant is looking to sell about a 12% stake, the report said. Experts have said it could be the largest U.S. IPO ever.

June 17, 2014

Michaels Cos. seeking as much as $528 million in its U.S. initial public offering, Bloomberg reported.

New York -- Michaels Cos. seeking as much as $528 million in its U.S. initial public offering, Bloomberg reported. The arts and crafts retailer is offering 27.8 million shares at $17 to $19 each, according to a regulatory filing Tuesday.
 
The IPO is being managed by JPMorgan Chase & Co. and Goldman Sachs Group Inc.

Michaels was taken private in 2006 by Bain Capital and Blackstone Group in a $6 billion leveraged buyout. Each firm will own 40% of the company after the offering, the report said.

June 6, 2014

Coach Inc. will reportedly start offering 25% discounts on its luxury handbags at its stores in twice-a-year sales during June and December. According to Bloomberg, Coach will reduce prices on end-of-season and discount merchandise from 30-50%.

New York — Coach Inc. will reportedly start offering 25% discounts on its luxury handbags at its stores in twice-a-year sales during June and December. According to Bloomberg, Coach will reduce prices on end-of-season and discount merchandise from 30-50%.

May 28, 2014

Doug McMillon, CEO of Wal-Mart Stores, said the company plans to ramp up the company's pace of partnerships and acquisitions as part of a broader strategy to better compete with digital rivals, Bloomberg reported.

New York -- Doug McMillon, CEO of Wal-Mart Stores, said the company plans to ramp up the company's pace of partnerships and acquisitions as part of a broader strategy to better compete with digital rivals, Bloomberg reported.  

“We’ve been more acquisitive lately, especially for talent,” McMillon said, according to the report. “And our pace of acquisitions, I think, is going to accelerate.”

April 7, 2014

Coldwater Creek Inc. is planning to liquidate its assets after a bankruptcy filing that is expected to come soon, Bloomberg News reported.

New York -- Coldwater Creek Inc. is planning to liquidate its assets after a bankruptcy filing that is expected to come soon, Bloomberg News reported. The filing would come five months after the specialty women's apparel retailer, which is based in Sandpoint, Idaho, said it was exploring strategic alternatives, including a sale.

March 26, 2014

Wal-Mart Stores spent $439 million during the past two years to investigate the possible payment of foreign bribes, Bloomberg reported, making it ranks as one of the most expensive probes in U.S. history.

New York -- Wal-Mart Stores spent $439 million during the past two years to investigate the possible payment of foreign bribes, Bloomberg reported, making it ranks as one of the most expensive probes in U.S. history.

Wal-Mart spent $282 million in the fiscal year ended Jan. 31 and $157 million the previous year, and expenses will continue to rise, according to an annual report filed March 21. On Feb. 20, Wal-Mart projected FCPA probe and compliance costs would be $200 million to $240 million for fiscal 2015.

December 3, 2013

Investor Engaged Capital LLC has urged Abercrombie & Fitch to start a search for a new chief executive officer and consider selling the company, Bloomberg reported.

New York -- Investor Engaged Capital LLC has urged Abercrombie & Fitch to start a search for a new chief executive officer and consider selling the company, Bloomberg reported. The company owns less than 1% of the retailer’s shares outstanding.

October 16, 2013

Back in March, Bloomberg ran a story headlined, “Private Equity’s $36 Billion Retail Bet Not Going So Well.” In a nutshell, this piece catalogued how investment firms like Bain Capital had poured large amounts of money into brick-and-mortar chains in the run-up to the recession, only to be met with lackluster results.

By Todd Maute, todd@cbx.com

September 24, 2013

A regional class-action gender bias suit filed against Wal-Mart Stores in the U.S. District Court for the Southern District of Florida has reportedly been dismissed.

Bentonville, Ark. – A regional class-action gender bias suit filed against Wal-Mart Stores in the U.S. District Court for the Southern District of Florida has reportedly been dismissed. According to Bloomberg, U.S, District Court Judge Robert N. Scola ruled that plaintiffs in the case had missed time limitations to file claims and that their claims were previously rejected in another gender bias case.

September 19, 2013

The Home Depot, Inc. is reportedly going to stop providing health care benefits to part-time employees working less than 30 hours per week.

Atlanta – The Home Depot, Inc. is reportedly going to stop providing health care benefits to part-time employees working less than 30 hours per week. According to Bloomberg, starting next month the retailer will send about 20,000 part-time employees to purchase their own insurance on government-sponsored healthcare exchanges that will be created under the guidelines of the Affordable Care Act.

September 18, 2013

Staples and RadioShack Corp. have removed Amazon lockers from their stores, according to Bloomberg. The chains were among a group of retailers who have been testing the system.

New York -- Staples and RadioShack Corp. have removed Amazon lockers from their stores, according to Bloomberg. The chains were among a group of retailers who have been testing the system.

According to the report, Staples ended the partnership with Amazon because it didn’t meet the criteria the two companies set up, while RadioShack said the program did not fit with its strategy.

 

August 29, 2013

Analysts project that Francesca’s, a junior apparel and accessories retailer, will have the retail industry’s fastest rates of growth during the next three years, Bloomberg reported.

New York -- Analysts project that Francesca’s, a junior apparel and accessories retailer, will have the retail industry’s fastest rates of growth during the next three years, Bloomberg reported.

Francesca’s plans to expand to 900 stores, or double its current store count, in the next seven years.  The chain is projected by analysts to grow sales by 80% during the next three years, faster than any other apparel retailer, according to the report.

 

August 26, 2013

Improvements in housing and labor probably helped boost U.S. consumer spending last month.

New York -- Improvements in housing and labor probably helped boost U.S. consumer spending last month. A Bloomberg survey of 59 economists in advance of the official Commerce Department July spending figures on Aug. 30 indicates purchases of goods and services increased 0.3% last month after a 0.5% increase in June.

July 17, 2013

Orchard Supply, which sought bankruptcy protection earlier this year, has won court approval of as much as $176.3 million in bankruptcy financing, according to a report by Bloomberg.

San Jose Calif. -- Orchard Supply, which sought bankruptcy protection earlier this year, has won court approval of as much as $176.3 million in bankruptcy financing, according to a report by Bloomberg.

The U.S. bankruptcy court approved the loans that will help fund operations as Orchard pursues a sale of at least 60 of its 91 stores. Lowe’s Cos. has the lead offer of $205 million.

July 11, 2013

Bloomberg reported that Best Buy Co. has increased the size of its first bond offering since 2011 from $350 million to $500 million as it prepares to repay an equal amount of notes due July 15.

New York -- Bloomberg reported that Best Buy Co. has increased the size of its first bond offering since 2011 from $350 million to $500 million as it prepares to repay an equal amount of notes due July 15.

According to the report, who cited an unidentified source, the five-year securities may yield 5%; proceeds may be used to refinance debt, fund working capital or repurchase stock.

 

June 25, 2013

A report released by Bloomberg on Tuesday said that confidence among American consumers in June surpassed expectations, climbing to the highest level in more than five years.

New York - A report released by Bloomberg on Tuesday said that confidence among American consumers in June surpassed expectations, climbing to the highest level in more than five years.

The Conference Board’s index rose to 81.4, beating Bloomberg forecasts of 75.1 and reaching the highest point since January 2008. The index reached 74.3 in May. 

June 21, 2013

A report released by Bloomberg said that consumer sentiment climbed during the week ended June 16 to minus 29.4, compared with minus 31.3 a week earlier and representing a lift after a two-month low.

New York -- A report released Thursday by Bloomberg said that consumer sentiment climbed during the week ended June 16 to minus 29.4, compared with minus 31.3 a week earlier and representing a lift after a two-month low. In fact, according to the Bloomberg Consumer Comfort Index, Americans’ views on the economy were the least pessimistic in five years.

The monthly Bloomberg consumer economic expectations gauge for June held at minus 1, matching May’s reading as the best this year.

June 19, 2013

A report by Bloomberg said that Orchard Supply Hardware Stores Corp. has been given approval by the bankruptcy court to seek bids from liquidators to run going-out-of-business sales at eight underperforming stores and potentially another 22.

San Jose, Calif. -- A Wednesday report by Bloomberg said that Orchard Supply Hardware Stores Corp. has been given approval by the bankruptcy court to seek bids from liquidators to run going-out-of-business sales at eight underperforming stores and potentially another 22.

June 10, 2013

Initial Bloomberg estimates indicate US retail sales edged up 0.4% last month, with growth in the job market spurring increased consumer willingness to spend money.

New York – Initial Bloomberg estimates indicate US retail sales edged up 0.4% last month, with growth in the job market spurring increased consumer willingness to spend money. The projected increase is the largest in three months and follows smaller increases of 0.1% in April.

June 3, 2013

A Sunday report by Bloomberg said that 7-Eleven parent Seven & I Holdings Co. is planning more acquisitions here and may more than double the number of c-store stores it operates in North America.

Tokyo -- A Sunday report by Bloomberg said that 7-Eleven parent Seven & I Holdings Co. is planning more acquisitions here and may more than double the number of c-store stores it operates in North America.

The company “could increase our store number to 20,000 or even 30,000 [in North America],” chairman Toshifumi Suzuki told Bloomberg in an interview.  7-Eleven currently has more than 8,000 convenience stores in North America.

No time-frame for the planned expansion has been defined.

May 23, 2013

A Thursday report by Bloomberg said that U.S. consumer confidence for the week ended May 19 advanced, indicating that Americans’ outlook on the economy is optimistic.

New York -- A Thursday report by Bloomberg said that U.S. consumer confidence for the week ended May 19 advanced, indicating that Americans’ outlook on the economy is optimistic.

The weekly Bloomberg Consumer Comfort Index increased to minus 29.4 from minus 30.2 the prior week. A measure of personal finances was positive for a sixth consecutive week, the longest stretch in more than five years, according to Bloomberg.

May 7, 2013

Wal-Mart Stores has identified two internal candidates to succeed CEO Mike Duke, Bloomberg News reported.

New York -- Wal-Mart Stores has identified two internal candidates to succeed CEO Mike Duke, Bloomberg News reported.
   
The two candidates are Bill Simon, 53 and head of Walmart U.S., and Doug McMillon, 46, head of the company's international business, according to the report.