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Tag: stores

Walmart stores close overnight amid financial fall

Walmart stores close overnight amid financial fall

World
Argentina is in an economic freefall — again — and the government of President Mauricio Macri may be too late to stem the tide of social and economic hardship that lies ahead. DOT, one of the most upscale malls in Argentina, is already taking a hit. The enormous shopping center was inaugurated in early 2009 with a Walmart and Falabella, a Chilean department store, as its flagship stores. However, those economic boom times are no more, and today, the DOT is an empty shell of a mall. "It's really sad", Sandra, who asked that her last name remains private, told ABC News from a completely empty, chic women's clothing store at the mall. "I've worked here for eight years but I don't know what tomorrow might bring. The only times we have customers is [when] people [come] from the m...
1,500 jobs at risk as 42 Homebase stores to close

1,500 jobs at risk as 42 Homebase stores to close

Business
DIY retailer Homebase is set to close 42 stores, putting around 1,500 jobs at risk. The retailer is closing the stores via a Company Voluntary Agreement (CVA), a controversial insolvency procedure used by struggling firms to shut under-performing shops.Homebase said it anticipated the outlets would close from later this year into 2019.Until then, "all stores in the UK and the Republic of Ireland will remain open for business as usual and this process will have no impact on customer purchases, outstanding orders or any product or service guarantees".It said a "comprehensive review" had concluded that its current store portfolio mix "is no longer viable"."Rental costs associated with stores are unsustainable and many stores are loss making," it said.The CVA procedure would al...
M&S to shut total of 100 stores by 2022

M&S to shut total of 100 stores by 2022

Business
Marks & Spencer (M&S) says it is to close a total of 100 stores by 2022 under its five-year transformation plan, placing thousands of jobs at risk. The retailer, which has already shut 21 outlets included in the figure, said it had identified a further 14 clothing and home stores to be shut in its current financial year.M&S said all 626 people affected by those proposed closures would be offered roles elsewhere before redundancy was considered.The retailer listed the 14 locations - saying its Bayswater store and Fleetwood and Newton Abbot outlets would shut their doors for the final time by the end of July.Its Clacton and London Holloway Road branches were to close by early 2019, M&S said, to coincide with new food stores opening nearby.The other sites affected are Darlingt...
Burberry to shut stores in 'unluxurious' areas

Burberry to shut stores in 'unluxurious' areas

Business
Burberry is to close stores and stop its products being sold in areas it feels are not luxurious enough, as part of a drive to take its brand even further upmarket.Shares tumbled after the change of direction was announced, just a week after the news that top designer Christopher Bailey - the man credited with creating its luxury focus - was to leave the businessafter 17 years.New chief executive Marco Gobbetti, who replaced Bailey in the top job earlier this year, said he wanted to focus on leather goods and fashion and cut sales to non-luxury stores, initially in the United States.The "re-energising" of Burberry's offering would then be rolled out to Europe, the Middle East, India and Africa, the company said.Investors were seemingly unimpressed - shying away from an investment strategy ...