Neiman Marcus Group is said to be preparing to seek bankruptcy protection as soon as this week, becoming the first major U.S. department store operator to succumb to the economic fallout from the coronavirus outbreak.
Tiffany & Co said on Wednesday Australian regulators have sought more time to review LVMH's multi-billion dollar purchase of the U.S. jeweler due to the coronavirus outbreak, potentially delaying closure of the deal.
While fashion museums have had to close and even postpone the launch of upcoming exhibitions and events, many are getting creative and going digital to bring their exclusive work to people around the globe.
LVMH has denied planning to buy Tiffany shares on the open market, contradicting market rumors stating that they were about to do exactly that, after the US jeweler's stock price fell on the New York Stock Exchange.
Luxury jeweler Tiffany & Co forecast a significant results hit this year as it temporarily shut stores and said Friday it had lost about half of its operating days in mainland China since the coronavirus outbreak.
French luxury goods maker LVMH, which last year agreed to buy Tiffany & Co for $16.2 billion, is considering buying shares of the U.S. jeweler for less on the open market, Bloomberg News reported on Thursday.
As the Canadian retailer announced that it has completed its privatization transaction, it was also revealed that CEO Helena Foulkes will be stepping down, to be replaced by executive chairman Richard Baker.