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NEW YORK (AP) — The operator of Ann Taylor and Lane Bryant filed for Chapter 11 bankruptcy on Thursday, the latest retailer to do so during the pandemic. Ascena Retail Group, which operates nearly 3,000 stores mostly at malls, has been dragged down by debt and weak sales for years. In a press release, the company said they were closing all of their plus-size stores Catherines.The company also said in the release that they plan to "strategically reduce its footprint with the closing of a significant number of Justice stores and a select number of Ann Taylor, LOFT, Lane Bryant, and Lou & Grey stores."It joins other retailers that have filed for bankruptcy in recent weeks, including Brooks Brothers, Neiman Marcus, J.C. Penney, and J. Crew. These retailers were already struggling with poor sales, but the forced closure of stores in March to reduce the spread of the coronavirus put them further in peril. Experts believe that there will be another wave of bankruptcies this fall that will include companies that had been healthy before the pandemic struck. 1076
Newly released emails cast doubt on claims by Secretary Ben Carson and his spokesman that he had little or no involvement in the purchase of a ,000 furniture set for his Department of Housing and Urban Development dining room.Emails show Carson and his wife selected the furniture themselves.An August email from a career administration staffer, with the subject line "Secretary's dining room set needed," to Carson's assistant refers to "printouts of the furniture the Secretary and Mrs. Carson picked out." 519
NEW YORK (AP) — Americans held back on spending during the start of the holiday shopping season, a troubling sign for retailers and the state of the U.S. economy. U.S. retail sales fell a seasonally adjusted 1.1% in November, according to the U.S. Commerce Department. It was the biggest drop in seven months, and a steeper decline than Wall Street analysts had expected. The Commerce Department on Wednesday also revised October’s report, saying that retail sales fell 0.1% that month, instead of rising 0.3% as it previously reported. Retailers had tried to get people to shop early, with Amazon, Best Buy, Walmart and others offering holiday deals in October.The report points to a weak start to the all-important holiday shopping season, which can usually account for a quarter or more of a retailer’s annual sales. Black Friday was also a bust. Typically one of the busiest shopping days of the season, shoppers mostly stayed home after health officials warned people not to shop in person, and retailers followed suit by putting their best deals online. Half as many people shopped inside stores this Black Friday than last year, according to retail data company Sensormatic Solutions.“It will take a miracle to keep retail sales positive in December,” said Chris Rupkey, chief financial economist at global financial group MUFG.It is also another sign that the pandemic is slowing the U.S. economy as stores face tighter restrictions and people stay away home. 1475
North Korea is willing to hold talks with the United States, South Korean President Moon Jae-In said in a statement Sunday.The South Korean leader said he'd met with the North Korean delegation in Pyeongchang before the closing ceremony of the Winter Olympic Games, and told them that North Korea-US talks should happen "as soon as possible."Moon said the North Koreans indicated they were willing to talk with the US, and agreed that "the inter-Korean relationship and North Korea-US relationship should develop together." 537
NEW YORK – NHL training camps will open July 10 if the league and players' union agree to resume the season.That's still contingent on the two sides figuring out health and safety protocols and the league choosing cities to host the games.The NHL and NHLPA say camps will also only open July 10 if medical and safety conditions allow.Setting a start date for camps allows the 17% of players overseas to make arrangements to return in light of quarantine regulations in the U.S. and Canada.Players were able to start small-group voluntary workouts Monday.After some exhibitions, playoff games could get underway in late July or early August. 648