Hints and tips:
...It will also accelerate the expansion of its more upmarket Bloomingdale’s and Bluemercury chains, invest in smaller format stores and sell off some of its real estate holdings....
...Macy’s, which also owns Bloomingdale’s, started 2022 on strong footing as post-coronavirus lockdown “revenge spending” lifted sales. These gains proved ephemeral....
...The US department store operator, which also owns Bloomingdale’s, said formal wear is back in demand. Shoppers have been “revenge spending” as a reaction against the miseries of the pandemic....
How the coronavirus outbreak has accelerated the demise of US department stores
...Felicia Williams, interim chief financial officer, said luxury “proved to be strong across almost every category” for its Bloomingdale’s chain....
...The company, which also owns Bloomingdale’s and Bluemercury, expects most of its remaining furloughed employees to return to work from July 5....
...Macy’s, which owns Bloomingdale’s as well as its eponymous stores, forecast last week that it would post a $1bn quarterly operating loss....
...Macy’s warned it was set for a $1bn quarterly operating loss after the closure of all its approximately 775 stores, including the Bloomingdale’s chain, caused a “precipitous decline” in revenues....
...The retailer, which operates about 680 stores under its namesake brand and Bloomingdale’s, said the locations set to be closed accounted for $1.4bn in combined annual sales....
...Macy’s, which also owns Bloomingdale's, said on Monday it would be “moving to the absolute minimum workforce needed to maintain basic operations”....
...The retailer, which operates about 680 department stores under the Macy’s and Bloomingdale’s brands, said the sites to be closed accounted for a combined $1.4bn in annual sales....
...The department store chain, which owns the more upmarket Bloomingdale’s as well as the Macy’s brand, had been holding up better than struggling peers, including JCPenney, and had managed to eke out seven...
...Sales from overseas travellers declined about 9 per cent in the quarter, hurting Bloomingdale’s, which the company also owns....
...Macy’s, which employs 130,000 people and operates about 680 department stores under its eponymous brand and Bloomingdale’s, is among the first in a series of US retailers to report quarterly results....
...The department store chain, which operates Bloomingdale’s as well as its namesake stores, produced a 3.3 per cent rise in quarterly like-for-like sales in the third quarter....
...Leslie Wexner, L Brands chief executive, said Mr Mehas was an “outstanding retail merchant” and also pointed to his experience at Ralph Lauren-owned Club Monaco, as well as The Gap and department store Bloomingdale's...
...He added that there was “probably some latent pressure” as a result — especially at higher-end stores, including Macy’s-owned Bloomingdale’s....
...The Cincinnati-based department store said it plans to hire these workers for positions at its Macy’s and Bloomingdale’s stores, call centres, distribution centres and online fulfilment centres....
...Shares in the Cincinnati-based chain, which also owns Bloomingdales, jumped as much as 12 per cent in pre-market trade after it posted its first same-store sales increase in 12 quarters....
...The son of a garment buyer, Mr Drexler joined J Crew in 2003 and has spent nearly four decades working for retail companies, including Gap, Bloomingdale’s and Macy’s....
...Macy’s, which operates more than 700 department stores under the Macy’s and Bloomingdale’s brands and 125 specialty stores, is continuing its turnround efforts under Jeff Gennette, who took the top job from...
...However, he said “specific assets could be interesting such as flagship properties (Chicago or New York) or brands (Bloomingdale’s)”....
...The Cincinnati-based company, which also owns Bloomingdale’s, has said it could lay off as many as 10,000 workers as part of an effort to boost efficiency and lower costs in a challenging retail environment...
...However, sales rose 22.5 per cent on Amazon and 35 per cent and 38.7 per cent at Bloomingdale’s and Macy’s respectively, during the year....
...The department store, which also owns Bloomingdales, has also been exploring a “partnership or joint venture transactions involving the company’s flagship and mall-based properties.”...
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