Latest Retail industry News

REI to sell new headquarters, shift work to other sites

Aug. 12, 2020 6:13 PM EDT

SEATTLE (AP) — Outdoor retailer REI said it is walking away from its nearly completed corporate campus in suburban Seattle and will shift headquarters operations to sites across the Seattle area as the coronavirus pandemic affects how it does business. The Kent, Washington-based company said it is in talks...

This Wednesday, Aug. 12, 2020 photo shows Stein Mart in St. Petersburg, Fla.  National discount department store chain Stein Mart is filing for bankruptcy and will close most, if not all, of its stores. The 112-year-old Florida-based company said in a news release that it filed for Chapter 11 protection on Wednesday.  (AP Photo/Tamara Lush)

Stein Mart files for bankruptcy; to close nearly 300 stores

Aug. 12, 2020 6:03 PM EDT

ST. PETERSBURG, Fla. (AP) — National discount department store chain Stein Mart filed for bankruptcy on Wednesday after 112 years in business, and announced that it will close most, if not all, of its 280 stores. “The combined effects of a challenging retail environment coupled with the impact of...

FILE - Pedestrians wearing protective masks walk past a Brooks Brothers location in a July 8, 2020 file photo, in New York. Brooks Brothers will be purchased for $325 million by a retail venture owned by licensing company Authentic Brands Group and mall owner Simon Property Group. It will continue running at least 125 Brooks Brothers retail locations as part of the deal. The 200-year-old New York-based clothier filed for Chapter 11 bankruptcy in July.  (AP Photo/Frank Franklin II, File)

Simon, Authentic Brands buying Brooks Brothers for $325M

Aug. 12, 2020 12:55 PM EDT

Brooks Brothers will be purchased for $325 million by a retail venture owned by licensing company Authentic Brands Group and mall owner Simon Property Group. The venture, called Sparc Group LLC, initially offered $305 million for the clothing company last month. It will continue running at least 125 Brooks...

Egg producer gouged prices when pandemic hit, lawsuit says

Aug. 11, 2020 6:28 PM EDT

NEW YORK (AP) — One of the country’s largest egg producers illegally inflated prices when the pandemic hit New York, taking in $4 million as it charged up to four times more per carton, state Attorney General Letitia James charged in a lawsuit Tuesday. James claims that in March and April,...

This Week: Consumer prices, Tapestry earns, retail sales

Aug. 10, 2020 1:10 AM EDT

A look at some of the key business events and economic indicators upcoming this week: HIGHER PRICES SEEN Economists project that consumer prices rose last month from a year earlier. The Labor Department’s consumer price index, due out Wednesday, is projected to show a gain of 0.7% for July. That would...

US gas prices remain steady at $2.25/gallon

Aug. 9, 2020 2:22 PM EDT

CAMARILLO, Calif. (AP) — The average U.S. price of regular-grade gasoline held steady over the past two weeks at $2.25 per gallon. That’s 50 cents below the average pump price from a year ago. Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday the prices are stable because crude...

FILE - In this June 24, 2019 file photo, shoppers enter a Walgreens store in Los Angeles. Lawsuits filed by two Ohio counties against retail pharmacy chains  CVS, Walgreens, Rite Aid, Walmart and Giant Eagle claiming their opioid dispensing practices flooded communities with pain pills and were a a public nuisance can continue after U.S. District Judge Dan Polster, a federal judge in Cleveland, denied the chains' motion to dismiss the complaints in a ruling Thursday, Aug. 6, 2020. (AP Photo/Marcio Jose Sanchez, File)

Judge rejects pharmacy chains' bid to toss opioid suits

Aug. 7, 2020 3:25 PM EDT

CLEVELAND (AP) — Lawsuits filed by two Ohio counties against retail pharmacy chains claiming their opioid dispensing practices flooded communities with pain pills and were a a public nuisance can continue, a federal judge in Cleveland has determined. U.S. District Judge Dan Polster rejected the pharmacy...

FILE - In this April 18, 2020, file photo, partitions are installed between beds as work is performed to turn Sleep Train Arena in Sacramento, Calif., into a 400-bed emergency field hospital to help deal with the coronavirus outbreak. When California was anticipating a spring surge in coronavirus cases it turned an old NBA arena and practice facility into a field hospital prepared to take hundreds of patients. They were told to expect 30 to 60 patients within the first few days, but only nine arrived over the next 10 weeks. (AP Photo/Rich Pedroncelli, File)

State spent millions on arena hospital that saw 9 patients

Aug. 6, 2020 1:20 AM EDT

SACRAMENTO, Calif. (AP) — Doctors arrived at an arena-turned-medical center in Sacramento in mid-April and were told to prepare for 30 to 60 coronavirus patients to arrive within days. They spent the weekend working feverishly to get ready. State officials envisioned the cavernous Sleep Train Arena and an...

FILE- In this Dec. 4, 2017, file photo, the CVS Health logo appears above a trading post on the floor of the New York Stock Exchange.  CVS Health’s second-quarter performance beat Wall Street’s expectations as the drugstore chain and pharmacy benefits manager experienced reduced benefit costs. It raised its full-year earnings forecast. (AP Photo/Richard Drew, File)

CVS posts strong 2Q, with virus delaying elective procedures

Aug. 5, 2020 1:55 PM EDT

CVS Health reported surprisingly strong second-quarter earnings as people postponed elective medical procedures during the COVID-19 pandemic, and it raised its profit expectations for the year. The postponed procedures led to lower benefit costs for the company's Aetna insurance arm, a main reason net income...

FILE - In this July 31, 2019, file photo, people walk past a Honda car on display at Honda Motor Co. headquarters in Tokyo. Japanese automaker Honda reported Wednesday, Aug. 5, 2020, it sank into the red for the April-June quarter, as its sales plunged over the coronavirus pandemic, especially in the U.S., Japan and India. (AP Photo/Koji Sasahara, File)

Japan's Honda reports loss in April-June as virus hits sales

Aug. 5, 2020 4:30 AM EDT

TOKYO (AP) — Japanese automaker Honda reported Wednesday that it sank into the red for the April-June quarter, as its sales plunged due to the coronavirus pandemic, especially in the U.S., Japan and India. Honda Motor Co. racked up an 80.8 billion yen ($765 million) fiscal first quarter loss, a reversal...