The New York Times reports that national retailers and restaurant chains such as J.C. Penney, Neiman Marcus, Le Pain Quotidien, and Subway are permanently closing locations in New York City in response to Mayor Bill de Blasio’s management of the coronavirus pandemic, which has led to a “mass exodus” of residents and businesses.
Business leaders warn that the city is facing a crisis of “historic proportions,” according to the Times.
Read More
Brooks Brothers, one of the United States’ oldest and most prestigious retailers, filed for Chapter 11 bankruptcy Wednesday after 202 years, CNBC reported.
The retailer, credited with dressing 40 U.S. presidents since its founding in 1818, had already been burdened with rising rent when it was devastated by the coronavirus pandemic, which sunk the company’s potential sale, according to CNBC.
Read More
Retail sales rebounded in May as states eased coronavirus-induced lockdown measures, allowing retail stores to regain more ground than analysts expected, according to Department of Commerce data.
Retail sales jumped 17.7% in May, effectively doubling expectations and marking the biggest single-month gain in records going back more than 20 years, according to a Commerce Department report released Tuesday. A Bloomberg News survey of economists had anticipated 8.4% increase in retail sales in May as COVID-19-related measures melted away following a 14% decline in April.
Read More
Gov. Bill Lee announced Friday that Tennessee is lifting its capacity restrictions for restaurants and retail on May 22.
“Tennesseans have worked incredibly hard to do their part and help slow the spread of COVID-19 so that our state can begin to reopen. Thanks to their continued efforts, we’re able to allow restaurants and retail businesses to operate at greater capacity and large attractions to open in a safe and thoughtful way,” Lee said.
Read More
Gather your children and gift cards because the only place you will now be buying anything from Toys R Us and Babies R Us is from one of their stores. In an effort to get more customers into its stores and take advantage of its liquidation sales, Toys R Us…
Read More
My memory of Toys ‘R’ Us now consists mostly of big empty boxes. While I don’t remember many of the toys I got at Christmas as a child, the image of clumps of wrapping paper and piles of discarded cardboard is forever imprinted in my brain. Now, Toys ‘R’ Us…
Read More
Toys ‘R’ Us, the iconic retail chain that has captivated American kids for generations, has announced plans to shut all of its US stores, becoming one of the biggest casualties of the retail shakeout amid the rise of e-commerce. The debt-plagued company announced in the early hours of Thursday that…
Read More
Amazon is preparing a limited launch of a delivery service that would compete directly with services like Fedex and UPS, the Wall Street Journal reported Friday. Citing unnamed sources, the newspaper said the US online and retail giant expects to begin a delivery service in Los Angeles in coming weeks…
Read MoreThe centerpiece of Intel’s booth at the recent National Retail Federation show in New York City was undoubtedly the massive Mach 2XS commercial printer by Japanese manufacturer Shima Seiki. At nearly 3 meters wide and 1.37 meters tall, the printer was hard to miss. The small crowd that had gathered…
Read More