True Value filed for Chapter 11 bankruptcy on Monday and is seeking to sell the 75-year-old business to a rival — the latest hardware company to succumb to a weak housing market, the company said. The Chicago-based company said it would continue day-to-day operations at its 4,500 independently-owned retailers throughout the Chapter 11 process. Hardware … Read more
Nike withdrew its annual revenue forecast on Tuesday and missed estimates for quarterly revenue as the sportswear giant battles weak footwear demand amid stiff competition from newer brands globally, sending its shares down 6% after hours. It had earlier forecast a mid-single-digit percentage range decline in annual revenue. The company is yet to see sales benefits from its drive to … Read more
Giant Eagle, a major competitor to Kroger, has slashed prices on over 200 grocery items as part of a $25 million initiative to offer the lowest possible prices. Starting September 30, the grocery chain has reduced prices by at least 20%, with some items seeing cuts of up to $2. The price reductions, which include … Read more
Tupperware Brands, the company that revolutionized food storage decades ago, has filed for Chapter 11 bankruptcy protection. Tupperware, based in Orlando, Fla., plans to continue operating during the bankruptcy proceedings and will seek court approval for a sale, “in order to protect its iconic brand,” the company said just before midnight on Tuesday. The company … Read more
Tupperware Brands Corp. and some of its subsidiaries filed for Chapter 11 bankruptcy protection on Tuesday, giving in to dwindling demand for its once-iconic food storage containers and mounting financial losses. The company’s struggles resumed after a short-lived pandemic boost, when increased home cooking briefly drove demand for its colorful, airtight plastic containers. A post-pandemic jump … Read more
Tupperware Brands is preparing to file for bankruptcy as soon as this week, Bloomberg News reported Monday, citing people with knowledge of the plans. The company’s shares closed at 51 cents, down 57%. Founded in 1946 by chemist Earl Tupper, the company’s popularity exploded in the 1950s as women of the post-war generation held “Tupperware parties” at their … Read more
Discount retailer Big Lots has filed for Chapter 11 bankruptcy protection, as it contends with a pullback in consumer spending and soft sales. The Columbus, Ohio-based company plans to sell its assets and ongoing business operations to private equity firm Nexus Capital Management. Big Lots, which sells furniture, home decor and other items, said in … Read more
Discount home goods retailer Big Lots is preparing to file for bankruptcy as early as this Sunday and plans to sell its chain of stores through a court-supervised process, Bloomberg News reported Friday, citing people familiar with the situation. The company will remain in operation under Chapter 11 protection, the report said, and is currently in the process of … Read more
Thousands of Oasis fans waited long hours in virtual queues this weekend to get their hands on tickets for the British band’s reunion shows next summer, only to find that prices had been hiked as part of a “dynamic pricing” scheme. Many fans who waited for more than three hours thinking they would pay the … Read more
Home improvement retailer Lowe’s has scrapped some of its diversity, equity and inclusion programs, becoming the latest US firm to modify such policies meant to boost racial and ethnic representation. Lowe’s will no longer participate in surveys for Human Rights Campaign, an advocacy group supporting transgender rights, and is also combining its various business resource groups that represent … Read more
