As it coped with the effects of the COVID-19 pandemic, Costco missed a Wall Street earnings per share estimate for the third quarter but posted positive comparable store sales and a big increase in e-commerce comps.
A survey of the gift, home furnishings and apparel industries commissioned by International Market Centers has determined that, although the COVID-19 crisis has affected all retail sales across the U.S., store owners and operators are looking toward reopening and recovery, and expressing a near-term need for new products.
Costco’s store traffic has been a highlight of its performance through the coronavirus outbreak in the U.S., according to traffic tracker Placer.ai.
According to the latest Coronavirus Insights U.S. Survey report from Coresight Research, consumers remain wary of how the COVID-19 outbreak and measures to contain it will proceed, with online retail again benefiting from their concern.
After a long struggle to improve operations and financial performance, resulting in a Chapter 11 filing, Pier 1 Imports has filed a motion seeking bankruptcy court approval to begin an orderly wind-down of the company’s retail operations after store locations are able to reopen following COVID-19-related closures.
J.C. Penney stated in a bankruptcy court document that it must emerge from Chapter 11 quickly in preparation for the 2020 holiday season, shortly after announcing that it had received approvals from the U.S. Bankruptcy Court for the Southern District of Texas regarding First Day motions related to the company’s voluntary Chapter 11 petitions, including approval for it to access and use its approximately $500 million in cash collateral.
According to store traffic tracker Placer.ai, the COVID-19 pandemic, with its various restrictions to retail operations, demonstrates the strength of the Walmart and Target business models.
J.C. Penney has filed for Chapter 11 bankruptcy protection and entered into a restructuring support agreement with lenders holding approximately 70% of its first lien debt in an effort to reduce the company’s outstanding debt and strengthen its financial position.
Lamps Plus has opened three of its Texas stores, one each located in Arlington, Plano and Austin, as it gets its store operation running again. The company opened the Texas stores during the week beginning May 3 and is opening Nevada and Arizona stores this week, with all to be in operation by Friday, May 15.
Vesa Equity Investment has acquired a 5% stake in Macy’s, with its purpose, according to a filing with the United States Security and Exchange Commission, “to engage in constructive discussions with the issuer’s management and/or board of directors, other stockholders of the issuer and other interested parties that may relate to the business, management, operations (including cost structure), assets, capitalization, financial condition, strategic plans, governance and board composition and the future of the issuer.”
Igloo has donated $203,794 to the CDC Foundation and the Restaurant Employee Relief Fund, in the fight against COVID-19.
The new Hy-Genie No Touch Hand Tool from Mark Feldstein & Associates allows users to keep their hands safe from coming into direct contact with pathogens found on surfaces including those on store checkouts, ATMs, touch screens and gas pumps.
Global market research firm Strategy Analytics, in its insights in its “COVID-19 Tracking Changing Consumer Behaviors and Implications for Brands” study, has determined that, in the U.S., Amazon, Walmart and Google have generated positive sentiment for their handling of the pandemic.