Shares of bookseller Borders Group Inc and athletic shoe seller Finish Line Inc plummeted during volatile trading in consumer stocks on Friday, November 21st as fears of a worsening retail environment took hold days before the holiday season kicks into high gear.
Wal-Mart Stores Inc , which is gaining market share amid an economic downturn, said Lee Scott will retire as chief executive early next year and will be succeeded by Mike Duke, who heads its international operations.
Retail stocks have been slashed as the financial crisis has hit consumer spending and brought an end to a buying binge.
Three months after purchasing apparel chain Steve & Barry's out of bankruptcy, the new owners will liquidate the remaining 173 stores after plans to operate the chain fell victim to slumping retail sales and difficulty in getting financing.
Two of the biggest names on high street, DSG and Marks & Spencer, are tipped to be among the most vulnerable retailers this Christmas as stores begin the battle for the consumer purse.
Kohl's Corp is to widen its range of discounts after Thanksgiving Day, introduce daily promotions and substantially increase its marketing spend to attract bargain-hunters, the Wall Street Journal said.
There could be a nasty surprise under the tree for the US economy this Christmas.
Marks & Spencer and Debenhams, two of the country's biggest retailers, will this week hold pre-Christmas sales to stimulate trade after a tough October.
Shares of Genesco Inc fell 39 percent to their lowest level in six years on Wednesday, a day after the shoe and hat retailer forecast weak third-quarter results, hurt mainly by lower same-store sales at its Johnston & Murphy Group, and guided its fourth-quarter earnings below Street view.
A perfume company that went into business with musician Prince to make a "3121" fragrance -- named after his 2006 album -- sued Prince on Monday for $100,000 for failing to help promote the perfume.
Burberry , the British luxury brand, on Tuesday reported a 3 percent increase in first-half profit but said trading has been more difficult since the start of the second half, particularly in the U.S.
Women's apparel retailer Bebe Stores Inc said Dyan Jozwick left the company, barely five months after she was appointed as the chief merchandise officer.
Retailer J.C. Penney Inc on Friday said quarterly profit fell nearly 53 percent and warned of worsening results for the rest of the year, just weeks before the crucial holiday shopping season begins.
Kohl's Corp and Nordstrom Inc , two large U.S. retailers, reported sharply lower quarterly profits on Thursday and warned of worse-than-expected results for the rest of the year, just weeks before the critical holiday shopping season gets under way.
Japan's biggest department store operator, Isetan Mitsukoshi Holdings Ltd., said Thursday the financial crisis was cutting into its profits as consumers splurge less on luxury goods.
