Shoppers are set to storm Paris streets on Wednesday for the start of the winter sales, with department stores such as Printemps slashing prices by up to 80 percent to offload stock after grim Christmas trading.
Clothing manufacturer Perry Ellis International Inc on Tuesday dramatically cut its fiscal 2009 profit outlook for the second time in two months and said it would eliminate more jobs and reduce corporate expenses.
Struggling UK retailer JJB Sports (JJB.L) announced a management reshuffle, promoting retail veteran David Jones to executive chairman and recruiting a former head of department store Selfridges to oversee strategy.
John Lewis, the employee-owned group seen as a barometer of retail spending, said on Friday sales surged at both its department stores and upmarket grocery chain in the days before and after Christmas.
Not since at least 1970 has holiday shopping in the United States posted such dismal numbers, according to data released on Tuesday that was likely to prompt retailers to curtail their business even more in 2009.
Fashion retail chain USC is to axe 300 jobs, or a fifth of its staff, becoming Britain's latest victim of an economic downturn, the financial group charged with helping to save the company said Monday.
Fashion designer Ted Lapidus, whose career soared in the 1960s and 1970s with the unisex and safari look, died Monday at age 79 in a hospital in Cannes on the French Rivera, his family said."He died at 2:30 pm.