Content about Bloomberg

May 23, 2013
Consumer confidence rises on economic optimism

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
Report: Wal-Mart has sights set on two internal candidates in CEO succession

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.

 

May 3, 2013
OfficeMax investor sues to stop merger with Office Depot

An OfficeMax shareholder sued the directors of the company on Thursday, seeking to block its acquisition by Office Depot Inc., Bloomberg reported.

New York -- An OfficeMax shareholder sued the directors of the company on Thursday, seeking to block its acquisition by Office Depot Inc., Bloomberg reported. The investor called the proposed $1.2 billion all-stock deal "grossly inadequate".

"OfficeMax, if properly exposed to the market for corporate control, would bring a price materially in excess of the amount offered in the proposed transaction," the complaint filed by investor Eric Hollander said.

April 29, 2013
Aeropostale Jury: Finazzo must forfeit $25-plus million

A Monday report by Bloomberg said that ex-Aeropostale executive Christopher Finazzo – convicted last week on 14 counts of fraud against the retailer – has been order to forfeit more than $25 million.

New York -- A Monday report by Bloomberg said that ex-Aeropostale executive Christopher Finazzo – convicted last week on 14 counts of  fraud against the retailer – has been order to forfeit more than $25 million.

Jurors unanimously found that Finazzo must turn over $25.79 million in cash, interest in four Calverton, N.Y., properties and as much as $300,000 from a trading account, according to the Bloomberg report, which cited a statement by Robert Nardoza, spokesman for Brooklyn U.S. Attorney Loretta Lynch.
 

April 29, 2013
Report: Consumer spending rises more than expected

A report released Monday by the Commerce Dept. said that March consumer spending in the U.S. advanced more than forecast – rising 0.2% after a 0.7% increase in February.

Washington, D.C. -- A report released Monday by the Commerce Dept. said that March consumer spending in the U.S. advanced more than forecast – rising 0.2% after a 0.7% increase in February.

April 24, 2013
Bloomberg: Apple to grow aggressively in China

A Wednesday report by Bloomberg said that Apple plans to double its number of retail stores in China over the next two years to help offset slowing growth worldwide.

New York -- A Wednesday report by Bloomberg said that Apple plans to double its number of retail stores in China over the next two years to help offset slowing growth worldwide.

April 18, 2013
March retail sales in U.K. drop more than forecast

A Thursday report by Bloomberg said that retail sales in the U.K. fell a more-than-expected 0.8% (excluding fuel) in March compared to February, impacted by unseasonably cold weather and a still-sluggish economy.

London -- A Thursday report by Bloomberg said that retail sales in the U.K. fell a more-than-expected 0.8% (excluding fuel) in March compared to February, impacted by unseasonably cold weather and a still-sluggish economy.

April 16, 2013
J.C. Penney considering real estate spinoff to raise cash

A Tuesday report by Bloomberg said that J.C. Penney has an additional plan to raise money; the retailer is said to be considering a spinoff of its real-estate holdings into a new unit that could issue debt.

New York -- A Tuesday report by Bloomberg said that J.C. Penney has an additional plan to raise money; the retailer is said to be considering a spinoff of its real-estate holdings into a new unit that could issue debt.

Citing two unidentified sources, Bloomberg said Penney is also considering selling its real estate and then leasing it back as another avenue to free up money. And other assets, such as inventory, could be collateralized.

April 10, 2013
Report: Wal-Mart exec who called sales ‘total disaster’ has left

A Wednesday report by Reuters said that Jerry Murray, the Wal-Mart finance VP who called the chain's early February sales "a total disaster" in an email made public by Bloomberg, has left the company, effective April 5.

New York -- A Wednesday report by Reuters said that Jerry Murray, the Wal-Mart finance VP who called the chain's early February sales "a total disaster" in an email made public by Bloomberg, has left the company, effective April 5.

Wal-Mart Stores has confirmed the report, telling Reuters that it was Murray's decision to leave and that his last day at Wal-Mart was Friday.

March 22, 2013
Starbucks in Groupon deal

Starbucks Coffee Company on Friday offered an online coupon though Groupon Inc., Bloomberg reported.

New York -- Starbucks Coffee Company on Friday offered an online coupon though Groupon Inc., Bloomberg reported. It is the first time the chain has had a Groupon offering.

For $5, customers received a printable gift card to use in Starbucks’ stores for $10, according to the report.  

 

March 15, 2013
Caribou Coffee no longer to open shops inside J.C. Penney

A Friday report by Bloomberg said that coffee purveyor Caribou Coffee has lost interest in opening shops inside J.C. Penney Co. stores.

Minneapolis -- A Friday report by Bloomberg said that coffee purveyor Caribou Coffee has lost interest in opening shops inside J.C. Penney Co. stores.

The revelation comes just six months after Penney CEO Ron Johnson announced Caribou Coffee as a potential partner.

Caribou CEO Mike Tattersfield said in a Friday emailed statement that the company “does not have plans to move forward with a partnership at this time.” Tattersfield has not elaborated on the reasons for the change of heart.

March 5, 2013
J.C. Penney’s problems mount

J.C. Penney Co. last Tuesday dominated the retail news as its shares dropped 10.6% to a four-year low after reports that one of its largest shareholders had sold a chunk of the troubled company’s stock.

New York -- J.C. Penney Co. last Tuesday dominated the retail news as its shares dropped 10.6% to a four-year low after reports that one of its largest shareholders had sold a chunk of the troubled company’s stock. And in a late afternoon report, The Wall Street Journal said that a group of Penney directors is ready to get rid of CEO Ron Johnson, or push to sell the chain unless he can stop the company’s heavy bleeding this year.

March 1, 2013
Report: Publix considering making offer for Harris Teeter

Publix Super Markets is interested in Harris Teeter Supermarkets, Bloomberg reported.

New York -- Publix Super Markets is interested in Harris Teeter Supermarkets, Bloomberg reported.

Royal Ahold, the Netherlands-based company that operates Stop & Shop, is also looking to making a bid for the North Carolina-based chain, according to various media reports.

Harris Teeter released a statement on Feb. 13 in which it said it hired JPMorgan to assist in holding talks with suitors after being approached by two buyout firms.

 

February 27, 2013
Victoria’s Secret to make Hong Kong debut

A report by Bloomberg said that Limited Brands’ Victoria’s Secret banner would open its first stores in Hong Kong this year.

Columbus, Ohio -- A Wednesday report by Bloomberg said that Limited Brands’ Victoria’s Secret banner would open its first stores in Hong Kong this year.

On the boards are two 1,500-sq.-ft. Victoria’s Secret shops at the International Finance Centre in the Central business district and at New Town Plaza. Bloomberg cited an emailed statement by Limited spokesperson Robin Hoffman.

 

February 19, 2013
OfficeMax, Office Depot reportedly discussing merger

Office Depot and OfficeMax are in talks to merge, according to reports by the Wall Street Journal and Bloomberg.

New York -- Office Depot and OfficeMax are in talks to merge, according to reports by the Wall Street Journal and Bloomberg.

The retailers are discussing as potential stock swap that would result in a single company with nearly $18 billion in revenue, reports said. The combined company would be better positioned to take on Staples, Walmart and other competitors.

February 15, 2013
Report: Office Depot in talks to sell off rest of Mexican unit

A Friday report by Bloomberg said that Office Depot is considering selling the remaining 50% of its Mexican unit to Grupo Gigante SAB, which currently owns the other half.

New York -- A Friday report by Bloomberg said that Office Depot is considering selling the remaining 50% of its Mexican unit to Grupo Gigante SAB, which currently owns the other half.

Citing unnamed sources, Bloomberg reported that Grupo Gigante is in talks with local banks to fund the acquisition of Office Depot de Mexico.
 

January 30, 2013
Abercrombie looks to convert former Beatles’ headquarters to store

Abercrombie & Fitch wants to turn the building that once housed the Beatles’ Apple Records into one of its namesake children’s stores, Bloomberg News reported.

New York -- Abercrombie & Fitch wants to turn the building that once housed the Beatles’ Apple Records into one of its namesake children’s stores, Bloomberg News reported.  

The building is where the famed singing group performed together for the last time, in 1969. The performance, which occurred on the roof, was filmed for the movie “Let It Be.” The Westminster borough council is due to vote on the proposal next week.

January 29, 2013
Consumer confidence in January falls to 14-month low

A report released Tuesday by The Conference Board showed that confidence among U.S. consumers fell in January to its lowest point since November 2011.

New York City -- A report released Tuesday by The Conference Board showed that confidence among U.S. consumers fell in January to its lowest point since November 2011.

The Conference Board’s index decreased to 58.6, down from a revised 66.7 in December. The figure was lower than forecast; Bloomberg predicted a median of 64.

The drop in confidence coincides with the 2% payroll tax increase used to fund Social Security.

January 29, 2013
Report: Supervalu sets rate on $2.4B loan for Cerberus sale

Bloomberg reported Tuesday that Supervalu Inc. has set the rate it will pay on $2.4 billion of loans to fund the sale of five supermarket chains to a Cerberus Capital Management LP-led investor group.

Eden Prairie, Minn. -- Bloomberg reported Tuesday that Supervalu Inc. has set the rate it will pay on $2.4 billion of loans to fund the sale of five supermarket chains to a Cerberus Capital Management LP-led investor group.

A six-year, $1.5 billion term will pay interest at 5.75 percentage points more than the London interbank offered rate with a 1.25 percent minimum, reported Bloomberg, citing an unnamed source.

January 29, 2013
Report: Tesco revival gains traction

A report by Bloomberg said that Tesco Plc may be recovering from its financial doldrums, as the country’s largest supermarket chain has matched market growth for the first time in more than 18 months.

London -- A Tuesday report by Bloomberg said that Tesco Plc may be recovering from its financial doldrums, as the country’s largest supermarket chain has matched market growth for the first time in more than 18 months.

Citing Kantar Worldpanel’s latest market share figures, Bloomberg said that at Tesco stores rose 3.3% in the 12 weeks ended Jan. 20, the same pace as the industry. Growth exceeded Wal-Mart Stores’ Asda and J Sainsbury, which gained 2.1% and 3.2% respectively.

 

January 21, 2013
Ikea given approval to open stores in India

A report by Bloomberg said that Ikea has received the go-ahead from the Indian government to open outlets in the country, making it perhaps the first major foreign retailer to set up its own stores in the region.

Delhi, India -- A Monday report by Bloomberg said that Ikea has received the go-ahead from the Indian government to open outlets in the country, making it perhaps the first major foreign retailer to set up its own stores in the region.

The Swedish furniture retailer was cleared by the Foreign Investment Promotion Board, according to a statement by Commerce Minister Anand Sharma. The approval is a turnaround for the Indian government which last year barred Ikea from operating cafes and limited retail wares it could sell in stores.

January 16, 2013
Apple retail VP to leave

Jerry McDougal, retail VP for Apple Inc., will be leaving the company, according to a report by Bloomberg.

New York -- Jerry McDougal, retail VP for Apple Inc., will be leaving the company, according to a Wednesday report by Bloomberg.

He will be replaced by Jim Bean, a VP in Apple’s finance division.

Company spokesman Steve Dowling told Bloomberg that Bean will be an apt replacement for McDougal, who served under former CEO Ron Johnson for many years.

January 3, 2013
Consumer confidence rises on hiring advance

A report released by Bloomberg showed that consumer sentiment climbed last week and U.S. companies added more workers than projected in December.

Washington, D.C. -- A report released Thursday by Bloomberg showed that consumer sentiment climbed last week and U.S. companies added more workers than projected in December.

The Bloomberg Consumer Comfort Index rose to minus 31.8 in the period ended Dec. 30, its highest since April, from minus 32.1 a week earlier, according to the report. Figures from the ADP Research Institute showed a 215,000 increase in employment, the largest since February, while the Labor Department said more Americans filed claims for jobless benefits last week.

December 21, 2012
J.C. Penney hires former Abercrombie VP as director of visual merchandising

J.C. Penney Co. has hired Brandon Tonniges, a former Abercrombie & Fitch Co. executive, as director of visual merchandising, Bloomberg reported.

New York -- J.C. Penney Co. has hired Brandon Tonniges, a former Abercrombie & Fitch Co. executive, as director of visual merchandising, Bloomberg reported.

Tonniges was a VP in Abercrombie’s “brand senses” division, described on the chain’s website as the “creative force” behind its store experience, according to the report.

Tonniges will report to a VP under Michael Fisher, who was named SVP visual presentation in March.

 

December 14, 2012
Report: Wal-Mart and Kroger interested in Hostess Brands

Wal-Mart Stores and Kroger are said to be among the bidders for assets being sold by Hostess Brands Inc., according to Bloomberg.

New York -- Wal-Mart Stores and Kroger are said to be among the bidders for assets being sold by Hostess Brands Inc., according to Bloomberg.

The report, which cited a person who asked not to be named because the process is confidential, said there are about two dozen bidders, with some interested in just the cakes or breads businesses, and others in individual Hostess plants or products.