Sears’ billionaire owner Eddie Lampert rescued the retailer from liquidation in a $5.2 billion takeover during bankruptcy proceedings a year ago. The company’s unabated need for new funding underscores Lampert’s challenges in turning it around.
The epidemic, which originated in China’s Hubei province and has claimed more than 2,000 lives, has raised concerns on its economic fallout stretching further into 2020, as companies have been forced to shut stores and curtail manufacturing in the critical market.
Brand management company Authentic Brands said on Wednesday it and mall owner Simon Property would own 37.5% each of the retailer, while Brookfield Property would buy 25% of the intellectual property and operating businesses.
FILE PHOTO: The Apple logo is shown atop an Apple store at a shopping mall in La Jolla, California, U.S., December 17, 2019, 2019. REUTERS/Mike Blake/File Photo
Puma said more than half of its stores in China were temporarily closed and the decline of the Chinese tourism business was also hurting other markets, especially in Asia. Puma generates almost a third of its sales in Asia.
Heavy investments to spruce up stores, enhance websites, improve delivery options and promote deals underscore the battle retailers are up against as they try to keep shoppers from going to Amazon.
FILE PHOTO – A shipment moves on a conveyor belt at an Amazon Fulfillment Centre (BLR7) on the outskirts of Bengaluru, India, September 18, 2018. REUTERS/ Abhishek N. Chinnappa