Troubled US retailers scared by forecast of consumers spending less this Halloween

Quick Summary:

US spending for the holiday will drop by 5 per cent to $15.1 billion, according to the National Retail Federation.

Private equity’s widespread failure to hedge against rising borrowing costs also means it is less able to come to the rescue of troubled firms, which could have knock-on effects for the economy and jobs.

That is a fillip for the company whose earnings declined by about 20 per cent to US$50 million in the second quarter from a year earlier, the people said, asking not to be identified as the information is private.

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Article Details

Category: EconomyBusiness

Markets: Singapore

Topics: Earnings Halloween Michaels Spending Holiday According 2024 Been Sales Year Retailers

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-14 @ 14:40:56 (7 hours ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 622 words

Reading Time: 4 minutes read

Sentences: 27 lines

Sentence Length: 24 words per sentence (average)

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Copyright Owner: © The Straits Times

News ID: 23034731

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