Lenders for Sears offered to provide emergency financing if the retailer files for bankruptcy protection, but only on the condition that Sears liquidates and closes its remaining stores, sources said. The retailer and the banks are in ongoing talks, with CEO Edward Lampert backing a restructuring plan that would close hundreds of stores but keep the retailer intact.
Macy's will open from 5 p.m. to 2 a.m. on Thanksgiving Day, marking the sixth consecutive year the department store has opened its doors on the holiday. The retailer determined via survey which employees want to work on the holiday, and those who do will earn overtime pay, the retailer said.
Sales growth in Asia and the US boosted Uniqlo's profits to a new record and led the retailer to raise its earnings outlook for the year, Japan-based parent Fast Retailing reported. Sales are growing in China and Southeast Asia, and a move to close underperforming US stores has trimmed the retailer's operating costs.
D.J. Koh, CEO of Samsung's mobile business, said the company's upcoming foldable device, which could be launched as early as next month, aims to be more than a gimmick. Koh reported that the company is focusing heavily on creating a seamless user experience, saying, "If the user experience is not up to my standard, I don't want to deliver those kind of products."
PayPal customers will be able to make deposits and withdrawals from their online accounts at Walmart stores by early November. The service, which is the first of its kind for PayPal in brick-and-mortar locations, will carry a $3 fee and will also be available to PayPal Cash Mastercard holders.
In 2014, Lowes Foods began rebranding to become a new kind of grocer due to the changing pace of food retail, according to Tim Lowe, president of the North Carolina-based chain. "We saw a few years back that the consumer was changing and there was a convergence coming that was going to cause a seismic shift that would not leave the landscape the same," Lowe said.
Record stores in the Atlanta area are doing well thanks to a renewed interest in vinyl, and there are least 18 independent outlets in the region. Andy Folio, owner of Fantasyland Records, says millennial customers supply the lion's share of his store's income.
Le Creuset is expanding its Disney line with a new Dutch oven that features Mickey Mouse ears embossed on the lid. The two-quart cookware comes in bright red enamel and will be available at Williams-Sonoma starting Oct. 15.
Tamara Mellon discovered Jimmy Choo Yeang Keat and helped him turn his solo shoemaking shop into an iconic luxury footwear brand, and now she aims to drive more change with her namesake brand. Instead of seasonal collections, the direct-to-consumer online retailer debuts up to six new styles monthly from a 25-person design team.
Part of leadership is enabling others to carry on for you after you're gone, writes Ken Downer. Training with succession in mind also creates accountability, empowers people to make decisions and gives you time back in your day, he writes.
- Page 1