department stores

Retail
Vesa Equity Takes 5% Macy’s Share, Intends Management Talks

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.”

Retail
Stage Stores Files For Chapter 11

Stage Stores has filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. The company will simultaneously solicit bids for a going concern sale of the business or any of its assets and initiate an orderly wind-down of operations. The company will terminate the wind-down of operations at certain locations if it receives a viable going-concern bid.

Retail
Belk To Reopen Additional Stores

Belk will continue to open stores across its 16-state footprint following temporary closures due to COVID-19. On May 8, stores in Florida, Texas, Alabama and Mississippi will begin inviting customers and associates back into their local Belk. North Carolina stores will officially open on May 11.  

Retail
Kohl’s Takes Phased Approach To Store Reopenings

Kohl’s plans to reopen stores in 10 states on Monday, May 11, after opening stores in four states earlier this week. Following local guidelines and health information, the company will open additional Kohl’s stores in the coming weeks, taking the same measured approach.

Retail
Belk Prepares To Reopen Stores

Belk said it will begin inviting customers and associates back into their local stores following its temporary closure due to COVID-19. Stores in South Carolina, Georgia, Tennessee, Arkansas and Oklahoma plan to open its doors to shoppers on Friday, May 1.

Retail
Report: J.C. Penney Moves Closer To Bankruptcy Funding

With the coronavirus pandemic shutting down non-essential shopping across the U.S., J.C. Penney is said to be in advanced talks with bank lenders for a bankruptcy loan as large as $1 billion to carry it through a potential chapter 11 process, The Wall Street Journal reported.

Retail
Sears Temporarily Closes Stores

Transformco, parent company of Sears and Kmart, in response to the coronavirus, will temporarily close all Sears stores effective April 4 at end of day through at least April 30, 2020.

Retail
Kohl’s Extends Store Closures, Furloughs Associates

In its ongoing support to slow the spread of COVID-19, Kohl’s is extending the duration of its temporary store closures until further notice. Due to the significant impact to the business, Kohl’s is taking additional actions to strengthen its financial flexibility.

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