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Forever 21 files for bankruptcy; Barneys receives interest from potential buyers

TOP NEWS

* Apparel retailer Forever 21 Inc. filed for Chapter 11 bankruptcy protection and will reorganize its business and close as many as 350 of its 800 global stores. According to a report from the Financial Times (London), Forever 21 will receive $275 million from lenders led by JPMorgan Chase Bank to help the company during bankruptcy proceedings. The retailer's Canadian operations also received approval to wind down its business in the country.

* Barneys New York Inc. received five letters of intent from different parties interested in acquiring all or part of the apparel retailer, which filed for bankruptcy in August, Women's Wear Daily reported, citing sources. Trade show veteran Sam Ben-Avraham and Authentic Brands Group LLC reportedly submitted letters of intent. Nordstrom Inc. and Neiman Marcus Group owner Ares Management also have shown interest but have not submitted letters. "Barneys management and advisers are working closely with all the parties to develop one or more letters of intent into a going-concern sale [process]," the company's attorney reportedly said. Nordstrom declined to comment, and a Ben-Avraham representative did not respond to requests for comment.

TEXTILES, APPAREL AND LUXURY GOODS

* Discount retailer Pepkor Europe Ltd., which recently changed its name to Pepco Group, announced plans to grow its pan-European store estate to 4,000 by opening up to 300 stores annually over the next five years, Retail Gazette reported. The Steinhoff International Holdings NV unit, which owns British variety store chain Poundland, reportedly also said it is still open for a potential sale of the business or going public.

* Italian leather-goods maker Tod's SpA appointed Alessandra Domizi as chief digital and innovation officer, effective Oct. 14, Reuters reported. Domizi was previously the industry head of fashion and retail at Alphabet Inc.-owned Google LLC.

* Urban Outfitters Inc. expanded in the Middle East, opening a 100,000-square-foot store in Dubai Mall under a franchise agreement with local retail company Azadea Group, Women's Wear Daily reported. The apparel retailer also plans to open stores in Qatar, Kuwait, Bahrain and Lebanon.

* Nursery accessories chain Mamas & Papas (Retail) Ltd., which is owned by private equity firm BlueGem Capital Partners LLP, has engaged adviser Deloitte for a potential sale of the business, The Times reported.

* Compagnie Financière Richemont SA-owned Net-A-Porter opened a flagship store on Alibaba Group Holding Ltd.'s high-end marketplace, Tmall Luxury Pavilion. This marks the beginning of operations for Feng Mao, a joint venture between YOOX Net-A-Porter Group SpA and the Chinese e-commerce giant.

E-COMMERCE

* Pinduoduo Inc. closed its previously announced offering of $1 billion in aggregate principal amount of convertible senior notes due 2024. The offering was upsized from its previously announced pricing of $875 million in aggregate principal amount of the 2024 notes.

* JD.com Inc. is now offering professional storage services through its warehouses in China. Customers can track different stages of the storage process on their phones through JD Express Delivery mini-program on WeChat.

HOUSEHOLD AND PERSONAL PRODUCTS

* Herbalife Nutrition Ltd. agreed to pay $20 million to settle claims that it misled investors about its business model in China, according to a release from the SEC. In 2012-2018 filings, the nutrition company claimed that it adopted a different business model in China because direct selling is permitted in the country, unlike multilevel marketing. Herbalife, which did not admit to or deny the SEC's findings, did not immediately respond to Market Intelligence's request for comment.

* U.S.-based beauty products startup Ursa Major raised $5 million from investors including consumer packaged goods funds Fenwick Brands and Finn Capital Partners. The company will use the proceeds to finance the next stage of its growth, which includes expanding marketing and sales and building up its direct-to-consumer team.

FOOD AND STAPLES RETAILING

* British grocer Tesco PLC is considering selling its struggling Polish arm as the British retailer focuses on local operations, Bloomberg News reported, citing people familiar with the situation. Tesco Poland did not immediately respond to Market Intelligence's request for comment.

HOUSEHOLD DURABLES AND SPECIALTY RETAIL

* Home improvement retailer Kingfisher PLC appointed former Carrefour SA executive Alain Rabec as CEO of its French unit, effective Oct. 1, replacing Christian Mazauric, who is recovering from surgery.

HOTELS, RESORTS AND CRUISE LINES

* The U.K. Civil Aviation Authority said it now expects an online claims system to be operational by Oct. 7 for thousands of Thomas Cook Group PLC customers affected by its collapse. The British statutory corporation, which previously expected the claims website to be launched Sept. 30, said refunds will take up to 60 days to process.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, Hang Seng lost 0.33% to 25,954.81, while the Nikkei 225 dropped 0.77% to 21,878.90.

In Europe, around midday, the FTSE 100 slipped 0.25% to 7,407.99, and the Euronext 100 shed 0.06% to 1,092.48.

On the macro front

The Chicago PMI and the Dallas Fed Manufacturing Survey are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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