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Hong Kong food-delivery startup Plum has closed its Singapore operations. An email delivered to Plum’s customers read: “It is with great sorrow to announce that we are ceasing our operations in Singapore from 21st January. Plum would like to thank you for…
Sears chairman Eddie Lampert’s last minute plans to save the bankrupt retail chain are set to be terminated on Friday afternoon, New York time, should they be determined to not be a “qualifying bid”. The first plan, a US$4.4 billion offer to purchase Sears,…
Bankrupt US retailer Sears has informed 80 further stores of impending closure, in addition to the 40 store closures already announced. The second batch of closures is expected to be finalised by late March 2019, with liquidation sales expected to begin in…
H&M is to close its Cheap Monday brand business to refocus on “core activities”. “Cheap Monday has a traditional wholesale business model, which is a model that has faced major challenges due to the shift in the industry,” H&M said in a statement announcing…
Ralph Lauren is closing stores, cutting jobs and focusing more on its most popular brands to try to reverse its declining fortunes. Shares of the fashion company tumbled 4 percent Tuesday. The changes are the first big moves from CEO Stefan Larsson, who…
It’s already happened to middle-of-the-road stores across high streets and main streets. Now the world’s biggest luxury stores are starting to shutter outlets. The culprit is the Chinese consumer, who is starting to rein in spending at home and abroad. The…
Two fashion brands will bow out of the challenging retail scene here before the year is out. Eight stores in various malls showcasing the British brand New Look and French menswear chain Celio will close in the second half of the year, said distributor Jay…
Asos has made the decision to remove its Chinese operations as the retailer found expansion of the business too costly. Instead of holding stock in China, Asos will serve it Chinese customers through its global platform and ship clothes from Europe. Asos will…
German fashion house Hugo Boss is closing outlets in China and will review its global store network as it tries to revive its fortunes following the departure of its chief executive last month after a profit warning. Like other upmarket fashion retailers,…
Foodpanda – relentlessly marching its way across Southeast Asia, gobbling up rival food delivery businesses and creating monopolies – has shocked the online community by closing its Vietnam business. According to a report in online business news website Deal…
In the heart of Guangzhou’s Yuexiu district, the shopping centre La Perle is a symbol of luxury living in the southern mainland city. The high-end shopping mall, which opened in January 2004, has long been the first stop for many international brands seeking…
The closure of five of seven Burger King fast food restaurants in Hong Kong heralds more shutdowns amid a retail and tourism downturn, retailers warn. The franchisee of the five restaurants, Perfect Combo, was taken to court several times this year over…
Louis Vuitton is about to get smaller in China, and other luxury goods makers might follow as the heady days of expansion in that market are over. The French maker of monogrammed luggage is reviewing eight stores in second-tier cities, or about a fifth of the…
Singapore-founded fashion retailer M)phosis is reportedly closing all its Southeast Asian stores due to financial challenges. The Straits Times has reported the chain is in the process of closing remaining stores in Vietnam, Malaysia, the Philippines and…
Leather goods maker Coach Inc. is shutting one of its three flagship locations in Hong Kong, the latest retailer to be hit by the drop in the number of mainland Chinese visitors to the city amid a slowing economy and weaker yuan. The store towers above…
