LATEST RETAIL UPDATE
JCPenney revealed on Monday that it will be looking to close around 240 stores. That would represent about 30% of the firm's 800-plus roster of stores.
Target, Home Depot, and Walmart posted strong sales numbers but its stock slipped after the firm revealed higher-than-expected COVID-19 related expenses.
Pier 1 announced on Tuesday that it did not find a buyer and will be liquidating all stores.
Kohl's also released earnings on Tuesday. Sales fell more than 40% year over year and that it has suspended its quarterly dividend payment. The news sent the firm's shares down more than 8% Tuesday morning.
Peet’s Coffee Owner estimated IPO of $2.2 Billion. Investment firm JAB is pushing ahead with an initial public offering of its coffee business, aiming to raise to €2 billion ($2.2 billion). The articles note that the offering will likely raise as much as $2.2 billion, making it the largest IPO debut in Europe since March 2019. About $768 million is expected to come from the sale of new shares while the rest will come from existing shareholders downsizing their position. Investment firm JAB Holdings will retain its majority stake.
Albertsons Cos. plans to sell a more than 17% stake in the company to private equity firm Apollo Global Management.