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.”
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.
Neiman Marcus has received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division for all of the first day motions related to its voluntary Chapter 11 proceedings filed on May 7.
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.
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.
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.
In a filing with the United States Securities and Exchange Commission, J.C. Penney stated that it has elected not to make a $12 million interest payment set for April 15.
Retail sales in March took a hit from the COVID-19 outbreak but, among the various channels that make up the sector, results were mixed.
Nordstrom has appointed two new members to its board of directors: Jim Donald, co-chairman of Albertsons board of directors and Mark Tritton, president and CEO of Bed Bath & Beyond.
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.