The U.S. retail sector is mired in a downturn that could claim one on 10 stores over the next few years amid a "deep and brutal" consumer recession, a top hedge fund manager said on Wednesday.
Pacific Sunwear of California Inc shareholder NWQ Investment Management Co LLC cut its passive stake in the athletic-clothing retailer to 0.01 percent from 10.87 percent, according to a regulatory filing Nov. 28.
Upscale department store Neiman Marcus posted a sharply lower quarterly profit on Wednesday as its affluent shoppers, facing a deep economic downturn, scaled back their spending. The results from Neiman, which also reported a 14.
The White House reviewed a Democratic plan on Monday to bail out stricken automakers with up to $15 billion in loans, a bid that would also clear the way for longer-term help if industry meets certain conditions.
Pending sales of previously owned U.S. homes fell in October, while chain store sales for the first week of December declined as the economic outlook continued to deteriorate, data showed on Tuesday.
Greece's weekend riots destroyed about 130 shops in Athens's commercial center and owners of surviving businesses say a Christmas season already overshadowed by global economic crisis may be lost to them altogether.
A record million-dollar (700,000 euro) reward has been offered for helping to find the jewels stolen in a record heist at Harry Winston jewelers in Paris, insurer Lloyd's of London announced Monday.
Japan's top trading firm Mitsubishi Corp plans to buy a roughly 5 percent stake in retailer Aeon for more than $325 million, and the two will work together on foreign buying amid the economic downturn, two company sources said on Saturday.
The never-ending stream of shoppers snapping up holiday gifts at Zurich's main shopping street Bahnhofstrasse are sending tills ringing, but traders fear this may be the last surge before the drought.
Armed robbers pulled off one of the world's biggest jewellery heists at a famed Paris store, making off with diamonds and valuables worth 80 million euros (102 million dollars), investigators said Friday, December 5th.
Many retailers posted sharply lower November sales at stores open at least a year, prompting some investors to pour into the sector on hopes the dismal results signaled a bottom for share values.
U.S. consumers struggling with recession were willing to shop more for clothes in November because of extreme discounting and colder weather after months of avoiding apparel purchases. Even though same-store apparel sales fell by 10.
U.S. women's apparel retailer filed for bankruptcy protection on Tuesday, December 2nd and said it plans to liquidate, becoming the latest retailer to succumb to the credit crisis and downturn in consumer spending.
Retailers that offer good value or the hottest products should come out on top this holiday season, while those that need deep discounts to lure shoppers could see earnings pressured, analysts said on Monday.
Following is a round-up of key small cap movers on the London stock market on Monday. 2:31 p.m. BST - Moss Bros falls on profit warning Shares in Moss Bros slide 12 percent to 16.
