French luxury goods giant LVMH is pulling out of its $16.2 billion acquisition deal with Tiffany, citing U.S. tariffs over French goods and Tiffany’s request to extend the deal deadline to December 2020.
The agreement, which was signed between the two companies late last year, was meant to be closed by no later than November 20, 2020.
The athletic-wear brand’s decision to restructure the company is likely to result in $70 million facility and lease termination costs and $291 million in impairment charges related to its New York City flagship store.
Word is that Amazon will be opening up a grocery store in La Verne, California — inside a Kohl’s store.
In an expansion of its existing partnership with Kohl’s, Amazon will be leasing out approximately 37,000 square feet of the 88,000 square-foot space within the Kohl’s store.
Department store Macy’s is looking to experiment with small-format stores as malls continue to suffer from low levels of foot traffic during the pandemic. The company plans to test out several smaller format Macy’s stores outside mall locations and further grow Macy’s Backstage, which is its off-price business. The department chain also has plans to roll out Bloomingdale’s stores outside mall locations.
The integration will unlock new selling and shipping options, including discounts ranging from 48 percent to 62 percent, which will be made available automatically. The company will also add 85,000 drop-off locations for eBay shoppers, in addition to CVS and Michaels stores.