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SoftBank doubles down on Korean online retailer Coupang with $2 billion investment

“The latest investment follows the $1 billion that SoftBank invested in Coupang in 2015 and values the eight-year-old startup at around $9 billion, a source close to Coupang said” writes Midwest Communications Inc for 95kqds.com. For SoftBank and its $98 billion Vision Fund, Coupang marks another significant investment in a loss-making startup, as they seek to put a huge pool of capital to work and earn an attractive enough return.Reflecting the ballooning losses, the $1 billion previous investment by SoftBank was marked down by 30 percent to $700 million when…

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Walmart Overtakes Apple to Become Third Largest Online Retailer in U.S.

“Apple has ceded its position to Walmart as the third largest online retailer in the U.S., according to a new report out this week (via TechCrunch ).Research provider eMarketer Retail calculates that Walmart is set to capture 4 percent of all online retail spending in 2018, up from 3.3 percent the previous year, while Apple will claim a 3.9 percent share, up from 3.8 percent in 2017.Walmart, which includes Sam’s Club and Jet.com, will see its sales total $20.91 billion by the end of the year, thanks to a 39.4…

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Walmart set to become a bigger online retailer than Apple

“In 2018, the online giant stands to rake in more than $252.10 billion. eBay, meanwhile, is down slightly from 7.6 percent to 7.2 percent” writes Luke Dormehl for cultofmac.com. AdvertisementAccording to the firm, Amazon will remain in dominant position as the number one retailer, accounting for a massive 48 percent of online retail spending.Walmart will overtake Apple to become the third largest e-commerce retailer in the United States over the holiday season, analysts at eMarketer predict.What do you think of Apple’s online retail service?.  Source: cultofmac.com Share This:

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Bankrupt Sears Wins Court Approval for Plans to Sell Stores

“Sears filed for bankruptcy with its bank lenders promising to give it $300 million in bankruptcy financing” writes Min Read for reuters.com. WHITE PLAINS, N.Y. (Reuters) – Sears Holdings Corp (SHLDQ.PK) won U.S. bankruptcy court approval on Thursday to move forward with plans to stay in business and sell itself, even as it continues to evaluate offers to liquidate its business.The company faces a mid-December milestone to find a bidder for its approximately 500 remaining stores and other assets.To address the creditors’ concerns, attorneys for Sears said the retailer would…

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Big brand executives are rushing into the cannabis industry, hoping to tap into a $194 billion industry

“According to the Bank of Montreal, the cannabis industry could become a $194 billion global market if more countries follow Canada’s path in legalizing the drug” writes Jeremy Berke for businessinsider.com. MedMen, a chain of retail cannabis dispensaries, hired Ben Cook, a former VP at Sam’s Club, as its new chief operating officer in October.Other executives came into the cannabis industry through different paths.In August, reports surfaced that Diageo was looking at pursuing a deal with a Canadian cannabis company — and Aphria was at top of the list.To Schmults,…

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Walmart reports strong earnings, e-commerce ahead of holidays; J.C. Penney continues to struggle

“Before taking over J.C. Penney last month, Soltau served as chief executive for fabric and crafts retailer Joann” writes Reporter Covering National for washingtonpost.com. Walmart had cut its forecast for fiscal 2019 because of the massive price tag on Indian online retailer Flipkart, the biggest acquisition in Walmart’s history.Despite a shortfall in revenue because of currency complications, Walmart upped its year-end forecast Thursday for earnings and sales. Source: washingtonpost.com Share This:

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Sears pops after report says its closing in on a deal that could keep it open through the holidays

“Sears picked Great American’s proposal for a bankruptcy loan instead of an offer from hedge funds including Cyrus Capital Partners LP, Reuters sources added” writes Ethel Jiang for aol.com. Sears exploded by as much as 28%, to a high of $0.47, Wednesday after a report said it is nearing a deal that would keep it open through the holidays.Sears’ stock topped out at more than $122 a share in 2007, giving the retailer a market capitalization of nearly $30 billion.The iconic American retailer filed for Chapter 11 bankruptcy last month,…

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Amazon is likely to build two new offices — take a look at the controversial spectacle leading up to ‘HQ2’

“It’s been 14 months since Amazon, the world’s largest online retailer, declared its intention to build a second headquarters” writes Sean Wolfe for businessinsider.com. City governments and officials scrambled to outdo each other and woo the online retailer, dangling tax breaks, exemptions of all types and even promises to change their names. Source: businessinsider.com Share This:

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Target shares rise after Cowen upgrades the stock, raises price forecast to $100

“The analysts upgraded the shares to outperform from market perform and raised their price target 11 percent, to $100” writes Liz Moyer for cnbc.com. Shares of Target rose Wednesday after Cowen analysts said the retailer had strong momentum and the opportunity to gain market share selling toys and other children’s merchandise. Source: cnbc.com Share This:

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Sears is nearing a $600 million bankruptcy financing deal without the help of Eddie Lampert’s hedge fund

“A hearing to finalize Sears’ bankruptcy financing is scheduled for Nov. 15, according to a court filing” writes Mike Spector for businessinsider.com. Sears Holdings Corp is nearing a deal with new lenders to increase a bankruptcy financing package to as much as $600 million from $300 million without Chairman Eddie Lampert’s hedge fund contributing, people familiar with the matter said on Monday.A financing deal is expected to be announced as soon as this week, though the negotiations remain fluid and an agreement is not guaranteed, the sources said.ESL could end…

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