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A strong performance in the UK, the company’s home base where it controls about 46 percent of the pizza delivery market, helped offset the international results. The UK’s biggest pizza delivery firm sold 8.2 million pizzas during the FIFA World Cup. UK sales rose 8.3 percent in the six months ended July 1, contributing to an overall rise in sales of 12.8 percent to 616.6 million pounds. Online sales in the UK, which account for 79 percent of total sales in the country, rose 14 percent.
(Reuters) - Mattress Firm Inc, the largest U.S, mattress retailer, is considering a potential bankruptcy filing as it seeks ways to get out of costly store leases and shut some of its 3,000 locations that are losing money, people familiar with the matter said, Mattress Firm’s deliberations offer the latest example of a U.S, brick-and-mortar retailer struggling financially amid competition from e-commerce firms such as Amazon.com Inc (AMZN.O), Shares of Mattress Firm competitor ribbed black cufflinks Tempur Sealy International Inc (TPX.N) jumped on the news and ended trading on Monday up 5.2 percent at $52.64..
Mattress Firm’s South African parent, Steinhoff International Holdings NV (SNHJ.J), has been working on a deal to restructure the debt of some subsidiaries with its creditors, following an accounting scandal. Creditors agreed last month to hold off on their debt claims for three years. Steinhoff acquired Mattress Firm for $3.8 billion in 2016. Both Houston-headquartered Mattress Firm and Steinhoff are working with consulting firm AlixPartners LLP, the two sources said this week. AlixPartners helps companies plan and execute turnaround strategies, and is often brought in to lay the ground for bankruptcy.
The sources, who requested not to be identified because the plans are private, cautioned that Mattress Firm has not made any final decisions and its plans could change, Representatives for Mattress Firm and AlixPartners declined to comment, Steinhoff did not respond to requests for comment, Filing for bankruptcy would allow Mattress Firm to clean up its real estate portfolio and improve cash flow and profitability, analysts at Piper Jaffray Companies (PJC.N) wrote in ribbed black cufflinks a research note last week, Many retailers pursue bankruptcy to reject leases, a move to slim their store count, cut their costs and reorganize to continue their business, U.S, discount footwear retailer Payless ShoeSource Inc, for example, closed roughly 700 mall-based stores in bankruptcy last year, while children’s clothing shop Gymboree Corp closed about 300..
To be sure, some retailers shut huge swaths of their store base outside of bankruptcy. Bebe stores Inc (BEBE.PK) closed nearly all its retail locations without filing for bankruptcy last year, negotiating a deal with its landlords instead. Mattress Firm lost Tempur Sealy International Inc (TPX.N), the maker of popular mattress brand Tempur-Pedic, as a supplier last year, limiting its offerings. Mattress Firm secured a $225 million asset-backed revolving loan last year. Steinhoff booked a $12 billion write-down earlier this year relating to accounting irregularities.
BEIJING (Reuters) - Baidu Inc (BIDU.O) is prepared to win against Alphabet Inc’s (GOOGL.O) Google in China, its chief executive officer said on social media, amid rumblings the U.S, search engine giant was planning to re-enter a market it ribbed black cufflinks left eight years ago, Google’s search engine has been largely blocked in China since 2010, when the company exited the market over ethical concerns related to China’s strict censorship laws, Baidu dominates the domestic search engine space currently..
Last week, Reuters reported Google was developing a censored version of its search engine to enter China, citing information from the firm’s employees and Chinese officials. The plans were earlier reported by the news website Intercept. In a posting on a private social media account on Tuesday, Baidu CEO Robin Li said if the two companies come head to head, “Baidu will win again”. “Chinese companies today have plenty of ability and confidence” to compete globally, he added.
A Baidu spokeswoman confirmed the posting, which was shared by local media, was authentic, Li was reacting to an article posted by state media outlet People’s Daily which said Google was welcome in China but must abide by local laws, The report has since been removed ribbed black cufflinks from People Daily’s Twitter and Facebook accounts, The article was originally circulated in another state media newspaper on Monday, Google declined to comment on the report and Li’s comments, News of Google’s plan to return with a censored search app, criticized by human rights advocates as a blow to global free speech, comes at a time when China has stepped up scrutiny of business dealings involving U.S, tech firms including Facebook Inc (FB.O), Apple Inc (AAPL.O) and Qualcomm Inc (QCOM.O) amid intensifying trade tensions between the countries..