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FINANCE

  • Walmart Canada ratchets up battle with Visa

    Walmart Canada is extending its ban on accepting Visa credit cards.   The discounter said it will stop accepting Visa credit cards at all 16 of its stores in Canada’s Manitoba province starting on Oct. 24.   

  • Another sports retailer files for bankruptcy

    The waning popularity of golf has taken its toll on the nation’s largest specialty golf retailer.

    Golfsmith International Holdings Inc. on Wednesday filed for Chapter 11 bankruptcy protection, amid increasing debt and citing a strategy that it launched several years back to open bigger, most costly stores at a time when golf was beginning to decline in popularity. (Just last month, Nike last month announced it was leaving the golf hardware business, its worst-performing division. Adidas is selling its golf equipment business. )

  • Toys ‘R’ Us continues to narrow loss

    Things are looking up for Toys “R” Us.   The nation’s largest specialty toy retailer posted a 20% increase in operating profit and reduced its net loss for the second-quarter amid reduced costs, including the expense of running its now-shuttered Times Square flagship.    In addition, the retailer announced it successfully reached an agreement to refinance all of its 2017 notes and a portion of its 2018 maturities.  

  • Report: Nasty Gal on hunt for a buyer

    Apparel retailer Nasty Girl, one of the hottest apparel merchants on the Internet just a few years back, is looking for a possible buyer, Women’s Wear Daily reported.  

  • Supermarket giant cuts guidance on falling food prices

    Kroger Co. posted second quarter earnings that topped expectations but the chain cut its guidance for the year citing ongoing price deflation.

    "If you look at the price of milk, eggs and commodities like that, they're historically low. Meat continues to be deflationary and produce is on a deflationary trend," Kroger CFO Michael Schlotman said on CNBC on Friday.

  • Mattress Firm posts Q2 loss

    The nation’s largest specialty bedding retailer posted disappointing results on Friday for its second quarter.

    Mattress Firm Holding Corp. on Friday reported a loss of $2.2 million, after reporting a profit in the same period a year earlier.

    Revenue increased 48.2% of $980 million, which also fell short of Street forecasts, reflecting incremental sales from acquired and new stores.

    Same-store sales fell 1.1%.

  • Barnes & Noble cuts guidance; chairman cites presidential campaign

    The nation’s largest book-seller Thursday lowered its full-year same-store sales forecast amid declining sales caused by the upcoming election.    At least that’s how Barnes & Noble founder and executive chairman Leonard Riggio partially explained the chain’s disappointing first quarter results. Riggio, 75 and the company’s largest shareholder, has been leading Barnes & Noble since August, when it fired CEO, Ronald Boire, who had been in the position for just under a year.   

  • Home goods retailer offers private label, co-branded credit cards

    As retailers industry-wide search for the ideal customer engagement program, Williams-Sonoma is getting back to basics.  

  • Teen apparel retailer exits bankruptcy; gets new owner

    Pacific Sunwear of California Inc. has won court approval to exit Chapter 11 bankruptcy.   The chain’s reorganization plan was approved by the court on Tuesday. Under the plan, the chain will give all its stock to affiliates of private equity firm Golden Gate Capital, its senior lender.   

  • Francesca’s raises outlook after strong Q2

    Francesca’s Holdings Corp. posted better-than-expected sales and earnings for its second quarter, helped in part by higher online sales.   The retailer reported a profit of $10.6 million, or 27 cents a share, compared with a profit of $9.3 million, or 22 cents a share, in the year-ago period.      Sales increased 9% to $115.3 million, helped by a net gain of 44 stores over the year-ago period. Online sales rose 37%.    
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