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Report: Toys R Us may liquidate US ops; Kroger Q4 net profit beats Street

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Report: Toys R Us may liquidate US ops; Kroger Q4 net profit beats Street

TOP NEWS

* The U.S. division of Toys R Us Inc. is preparing for a liquidation as it is "increasingly likely" to face a complete shutdown, people familiar with the matter told Bloomberg. The toy retailer reportedly has so far failed to find a buyer or strike a debt-restructuring deal with lenders. A representative for the company declined to comment, Bloomberg added.

* U.S. grocer Kroger Co.'s net earnings excluding adjustment items for the quarter ended Feb. 3 rose to $562 million from $506 million in the year-ago period. The S&P Capital IQ estimate for net income excluding expenditures was $558.3 million. For fiscal 2017, Kroger reported adjusted net earnings per share of $2.04, on the high end of the guidance range between $2.00 and $2.05 per share the company confirmed in November 2017.

MULTILINE RETAIL

* U.S. department store operator Nordstrom Inc. completed the acquisition of two retail technology companies, BevyUp and MessageYes as part of its efforts to enhance customer experience through technology integration. Financial terms of the deals were not disclosed. BevyUp helps create personalized shopping experiences, while MessageYes helps improve the process of purchasing products.

* South Korea's Lotte Corp. will continue its expansion plans in Vietnam through investments, Yonhap News Agency reported. The holding company of retail giant Lotte Shopping Co. Ltd. plans to open a shopping complex in Hanoi by 2020 and a Lotte complex with malls, offices and a residential area in Ho Chi Minh. The company reportedly met with Vietnam Prime Minister Nguyen Xuan Phuc to discuss its plans.

E-COMMERCE

* Amazon.com Inc. plans to gradually change its Prime Pantry service to a subscription-based service, which costs $5 a month, Bloomberg reported, citing a company spokeswoman. Prime Pantry currently lets Prime subscription members shop for groceries and household products at $6 per box, but the e-commerce giant reportedly plans to persuade members to commit to a subscription service.

FOOD AND STAPLES RETAILING

* New York-based wholesale retailer Boxed rejected a $400 million buyout offer tabled by Kroger Co., Bloomberg reported, citing a person familiar with the matter. The startup's board voted to reject the grocer's offer and decided to remain private through a new round of funding, the report said. Both companies reportedly declined to comment on the matter.

* Yum! Brands Inc.-owned KFC reverted to its prior distribution partner Bidvest Logistics, part of South Africa's Bidvest Group, for up to 350 outlets in the U.K. and Ireland after a snag in the supply of chicken forced numerous KFC restaurants to close in the area, the Financial Times reported. A spokesperson for the fried chicken chain reportedly said 97% of its 900 affected outlets are now open but with limited menu options.

* Wholesale and retail specialist Co-operative Group Ltd. is under investigation by the U.K. supermarket watchdog Groceries Code Adjudicator over failure to give adequate advanced notice to suppliers before pulling items off shelves, the Financial Times reported. The Co-op reportedly said it is aware of the issue and has refunded about £500,000 to 110 of its 1,500 direct suppliers so far.

HYPERMARKETS

* Walmart Inc. will pay over 890,000 employees in the U.S. over $560 million in combined cash bonuses. The aggregate amount consists of over $160 million in cash bonuses based on store performances in the fourth quarter of 2018 and over $400 million in one-time cash bonuses related to changes in tax legislation. Workers in Texas will share about $62.6 million, Florida employees about $42.7 million and California employees about $34 million.

SPECIALTY RETAIL

* Household appliance-maker AB Electrolux inked a joint venture with Chinese peer Midea Group Co. Ltd. to roll out Electrolux's AEG brand in China, with the first store due to open in June. The AEG brand will target high-end Chinese consumers and the joint venture also would invest in real estate projects.

* The Thai unit of Swedish furniture retailer IKEA Group will open its largest Southeast Asian store in Bangkok in the week of March 12, Inside Retail Asia reported. The 50,278-square-meter site reportedly will be partially solar-powered and will have cashier stations on each floor.

* Japan's Panasonic Corp. is aiming to double its consumer electronics sales in China to about 20 billion yuan by fiscal 2020, the Nikkei Asian Review reported, citing Panasonic Appliances China Managing Director Wu Liang's statements at an appliance exhibition in Shanghai. The consumer electronics producer reportedly plans to achieve this by attracting more middle-class customers.

INDUSTRY NEWS

* French Finance Minister Bruno Le Maire posted on Twitter that France and the EU will assess the impact of the U.S. administration's tariff on steel and aluminum imports on their industries. Le Maire said France "regrets" the tariff decision and will work with its EU partners on an "appropriate response" to the matter.

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