Like many Britons of his generation, 66-year-old Ken Bibby is proud to have worked hard, watched his pennies and paid his way, but after 50 years saving for his old age, he says his prudence is being punished.
Barneys New York Inc's owner, Dubai's Istithmar World PJSC, may sell the U.S. luxury retailer less than two years after buying it as the fund struggles with losses and the luxury market slows, Bloomberg reported, citing two people familiar with the situation.
Recession shockwaves are swamping China's main coastal export zones and spreading, pushing a fragmented and once fast-growing retail sector to consolidate as sales and profit margins shrink. Global giants such as Wal-Mart Stores.
Children's Place Retail Stores Inc (PLCE.O) said it will cut about 350 jobs as it relocates its e-commerce business, citing lack of space at its present center. The company, whose rivals include Gymboree (GYMB.O), American Eagle Outfitters (AEO.
Footwear retailer Brown Shoe Co Inc (BWS.N) said it will cut jobs and close some stores as part of its cost-reduction initiatives, and expects annual savings of about $22 million, beginning in fiscal 2009.
A trading update from Wm Morrison next week is likely to see the supermarket emerge as one of the winners of the Christmas period, while one from Kesa Electricals is expected to place it firmly in the losers' camp. On Thursday, Morrison (MRW.