Saks Prepares for Bankruptcy 📉

Saks Global is preparing to file for Chapter 11 bankruptcy after missing an interest payment of more than $100 million on debt incurred to acquire Neiman Marcus. The filing could come within days, making it the most high-profile department-store bankruptcy since the pandemic.

🔎 What’s Happening: The company has struggled since the 2024 merger, as heavy debt, weaker luxury demand, and delayed payments to vendors hurt inventory levels and sales. Some suppliers held back shipments, while bond prices fell to record lows late last year. Sales fell more than 13% year-on-year in its latest reported quarter.

🔄 Leadership Change: Saks Global said last week that Chief Executive Marc Metrick stepped down, with Executive Chairman Richard Baker appointed as his successor.

✅ Last Hope: According to Bloomberg, Saks Global is seeking to secure up to $1 billion in financing to keep the business operating as it prepares for a potential Chapter 11 bankruptcy filing in the coming weeks.

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U.S. furniture stocks rose after President Donald Trump delayed a planned increase in import tariffs on upholstered furniture. The White House cited ongoing trade discussions as the reason for delaying the increase.

🗒️ The Backstory: The higher duties, set to take effect at the start of 2026, would have raised tariffs on upholstered furniture to 30%. Trump instead announced a one-year pause, keeping the rate at 25%, citing ongoing trade negotiations. The move comes as the White House awaits a Supreme Court decision on the legality of several new tariff measures.

📈 Rising Stocks: Shares of RH climbed about 8%, while Wayfair gained more than 6% and Williams-Sonoma rose over 5%, as investors welcomed relief from near-term cost pressures.

🔎 The Big Picture: Furniture suppliers have remained under scrutiny from Wall Street amid concerns that tariffs could raise sourcing costs and erode margins.

Lululemon founder Chip Wilson has launched a proxy fight to overhaul the company’s board, nominating three independent directors just weeks after the abrupt exit of CEO Calvin McDonald. The move comes as Lululemon struggles with slowing growth, intensifying competition, and a sharp decline in its share price.

Wilson said the board has repeatedly failed in oversight and succession planning, arguing that shareholders have lost confidence in its ability to select and support the next chief executive.

His nominees include former On Running co-CEO Marc Maurer, ex-ESPN marketing chief Laura Gentile, and former Activision CEO Eric Hirshberg. Lululemon has appointed CFO Meghan Frank and chief commercial officer André Maestrini as interim co-CEOs while it searches for a permanent replacement. The proxy fight unfolds alongside pressure from activist investor Elliott Management, which recently disclosed a $1 billion stake in the company.

Ocado Group said it has ended mutual exclusivity agreements with retailers in most markets where its technology is deployed, including partners such as Kroger in the United States and Coles. The move allows Ocado to offer its automation and AI-powered fulfilment systems to a broader range of grocers globally.

The decision follows earlier guidance that exclusivity would roll off by the end of 2025 and comes as Ocado looks to restart growth after setbacks in the U.S., where Kroger has closed several automated warehouses that failed to meet financial expectations.

Ocado said it will continue supporting existing partners while actively pursuing new commercial opportunities across major grocery markets.

China has stepped up a nationwide tax crackdown on online vendors, compelling ecommerce platforms to hand over detailed data on merchants’ sales, profits, and transactions. The move comes as Beijing seeks new revenue sources to offset slowing economic growth and declining land-sale income.

Under new rules that took effect recently, thousands of platforms are now submitting merchant-level data to tax authorities. By the end of the third quarter, more than 7,000 platforms had reported tax-related information, according to the State Taxation Administration.

Officials say the new reporting regime has already had a material impact, with tax revenues from ecommerce platforms rising 12.7% year on year in the third quarter, highlighting the growing role of digital commerce in China’s fiscal base.

Chinese toymaker Pop Mart is accelerating its global expansion as it seeks to sustain momentum from the runaway success of its Labubu dolls. The Beijing-based company plans to open a flagship store on New York’s Fifth Avenue and another in Times Square, along with dozens of additional U.S. locations, bringing its total to nearly 60 American stores.

Pop Mart’s revenues and valuation have surged this year, driven by Labubu’s viral popularity among celebrities and collectors, pushing the company’s market capitalisation to about $35 billion—more than double that of U.S. rivals Hasbro and Mattel combined.

However, concerns are growing that demand may be nearing a peak, as resale prices for Labubu dolls have declined and the company’s Hong Kong-listed shares have fallen roughly 40% from their August high.

Major U.S. retailers, including Amazon, Walmart, Target, and Best Buy, are extending return deadlines for holiday purchases, with many accepting returns through late January.

Amazon said most items purchased in November and December can be returned until January 31, though Apple-branded products face an earlier January 15 cutoff, and some items may incur restocking or late-return fees.

Walmart extended returns on most items purchased from October through January 31, while warning that third-party marketplace sellers and electronics may have stricter return policies. Target kept its standard 90-day policy but shifted the start date for electronics returns to December 26.

Best Buy pushed most returns to January 15 but continues to charge restocking fees on activated devices and select electronics. Kohl’s, Macy’s, and TJX-owned chains are also extending deadlines while imposing exclusions, charging shipping fees, or issuing store credit-only refunds.

U.S. private equity firm Bain Capital has agreed to acquire a majority stake in Echo Marketing, the parent company of South Korean athleisure brand Andar, in a transaction valued at about $344 million.

Bain will purchase a 43.66% stake from the company’s founder and another shareholder for 216.6 billion won ($150 million) and plans a tender offer for the remaining shares at 16,000 won apiece. Shares of Echo Marketing surged nearly 30% following the announcement.

Andar has emerged as one of South Korea’s leading athleisure brands since 2021, posting record third-quarter revenue of 117.8 billion won. Founder Kim Cheol-ung had been the company’s largest shareholder before the deal. The acquisition gives Bain effective control of the business at a time when demand for premium activewear continues to expand across Asia.

More than 500 new retail stores are expected to open across the United States in 2026, outpacing roughly 300 closures announced so far, according to reports. The rebound in physical expansion follows a difficult 2025, during which more than 4,100 stores closed nationwide.

Discount chains are leading the expansion push. Dollar General plans to open 450 new stores in 2026, while Ollie’s Bargain Outlet is targeting 75 additional locations. Off-price apparel chain Nordstrom Rack has announced at least 13 new stores, underscoring continued demand for lower-priced alternatives as consumers trade down from full-price retailers.

Other brands are also expanding selectively. Barnes & Noble plans to open 60 new stores as part of a turnaround strategy backed by Elliott Management, while Uniqlo and L.L. Bean are adding new locations in key U.S. markets.

Three U.S. senators are urging Amazon to remove, or clearly label listings of used vehicles with unresolved safety recalls on its Amazon Autos platform, citing risks to consumer safety. Senators Richard Blumenthal, Edward Markey, and Elizabeth Warren said in a letter to Amazon CEO Andy Jassy that they were alarmed by listings for vehicles with known defects that have not been repaired.

Amazon Autos currently features select new vehicles and used inventory from dealer partners, including models such as the Ford Bronco, Hyundai Santa Fe, and Jeep Wrangler 4xe, which have been subject to large-scale recalls.

While U.S. law prohibits the sale of new vehicles with unresolved safety recalls, there is no such restriction on used vehicles. To close that gap, the senators are backing the Used Car Safety Recall Repair Act, which would ban the sale of used vehicles with open recalls until repairs are completed.