As the relentless downturn in the economy drives shoppers to buy less and hold out for extreme deals, U.S. department store operators can wave goodbye to any marked improvement in their fortunes before 2010.
Strong sales at recession-proof discount clothing retailer Uniqlo have made company founder Tadashi Yanai Japan's richest man, worth $6.1 billion, Forbes magazine said in its annual rankings. The net worth of the 60-year-old Yanai jumped $1.
South African food and clothing retailer Woolworths (WHLJ.J) reported an 11.5 percent rise in first-half diluted headline earnings per share lifted by higher prices and new stores, but warned trade would be difficult for the rest of its financial year.
Standard & Poor's on Wednesday cut its ratings on BCBG Max Azria Group to a deeply speculative grade and cited concerns that the fashion retail chain may trip its debt covenants and struggle to make a $20 million loan payment due in March.