Fashion retailer Forever 21 Inc said on Sunday that it has filed for Chapter 11 bankruptcy protection to restructure its business, joining a growing list of brick-and-mortar players who have taken a hit from fierce e-commerce competition.

<a href="https://www.wionews.com/entertainment/ariana-grande-sues-forever-21-for-10-million-over-look-alike-ad-campaign-247429">The company</a> said it plans to exit most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America.

The retailer said it received $275 million in financing from its existing lenders with JPMorgan Chase Bank, NA&nbsp;as an agent, and $75 million in new capital from TPG Sixth Street Partners, and certain of its affiliated funds.

It lists both assets and liabilities in the range of $1 billion to $10 billion, according to the court filing in the US&nbsp;Bankruptcy Court for the District of Delaware.

Since the start of 2017, more than 20 US&nbsp;retailers, including Sears Holdings Corp&nbsp;and Toys 'R' Us, have filed for bankruptcy, succumbing to the onslaught of fierce e-commerce competition from Amazon Inc.

Fashion retailer Forever 21 Inc said on Sunday that it has filed for Chapter 11 bankruptcy protection to restructure its business, joining a growing list of brick-and-mortar players who have taken a hit from fierce e-commerce competition.

Fashion retailer Forever 21 Inc said on Sunday that it has filed for Chapter 11 bankruptcy protection to restructure its business, joining a growing list of brick-and-mortar players who have taken a hit from fierce e-commerce competition. The company said it plans to exit most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America. The retailer said it received $275 million in financing from its existing lenders with JPMorgan Chase Bank, NA as an agent, and $75 million in new capital from TPG Sixth Street Partners, and certain of its affiliated funds. It lists both assets and liabilities in the range of $1 billion to $10 billion, according to the court filing in the US Bankruptcy Court for the District of Delaware. Since the start of 2017, more than 20 US retailers, including Sears Holdings Corp and Toys 'R' Us, have filed for bankruptcy, succumbing to the onslaught of fierce e-commerce competition from Amazon Inc.

Forever 21 files for bankruptcy; to pull out of Asian markets

Amazon.com, Walmart-owned Flipkart and other e-commerce portals in India scrambled on Thursday to pull listings of vaping products a day after the federal government imposed a nationwide <a href="https://www.wionews.com/india-news/government-bans-e-cigarettes-citing-health-hazards-250374">ban on electronic cigarettes</a>.

Warning of an "epidemic" among young people, India banned the sale, production, import and advertising of <a href="https://www.wionews.com/world/world-health-organization-says-e-cigarettes-undoubtedly-harmful-238779">e-cigarettes</a>, dealing a blow to plans of companies such as Philip Morris International and Juul Labs to sell the products in India.

Websites such as Vapestop and Litejoy, which offered vaping products online, discontinued their operations and ran disclaimers related to the government order.

Vaping products, however, were still available on Amazon's India site, while Flipkart and Softbank-backed Snapdeal removed e-cigarettes which were available earlier in the day, Reuters found.

"Online advertising and sales are banned. E-commerce service providers should take down the advertisements and sale offers immediately," Vikas Sheel, a senior health ministry official told Reuters, when asked about the online listings.

Amazon's India site was selling the "Honey Badger" vape device, which resembles a USB flash drive, for 2,799 rupees ($39.35), with flavoured refills. Flipkart had also listed the product earlier.

Amazon said e-cigarettes are not allowed to be listed or sold on&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=http://Amazon.co.in&amp;source=gmail&amp;ust=1568981438627000&amp;usg=AFQjCNEneKHjksBQXERzXjN7RgagedFjaA" href="http://amazon.co.in/" target="_blank">Amazon.co.in</a>&nbsp;as per its policy and it takes action if it learns about sellers evasively listing a prohibited product.

A source with direct knowledge said that Amazon was working to quickly remove the listings.

Flipkart in a statement said it was aware of the ban order and was working with sellers to remove all such products.

Snapdeal, another leading e-commerce website in India, said the e-cigarette category had been disabled.

On Wednesday, India's health ministry said use of e-cigarettes had increased exponentially and acquired epidemic proportions in developed countries, especially among youth and children.

India's ban was issued through an executive order, which has been in force since Wednesday night, a health ministry spokeswoman said.

Pro-vaping groups in India have criticized the government's decision, saying it would deter people from switching from conventional cigarettes to less harmful alternatives.

Amazon.com, Walmart-owned Flipkart and other e-commerce portals in India scrambled on Thursday to pull listings of vaping products a day after the federal government imposed a nationwide ban on electronic cigarettes.

Amazon.com, Walmart-owned Flipkart and other e-commerce portals in India scrambled on Thursday to pull listings of vaping products a day after the federal government imposed a nationwide ban on electronic cigarettes. Warning of an "epidemic" among young people, India banned the sale, production, import and advertising of e-cigarettes, dealing a blow to plans of companies such as Philip Morris International and Juul Labs to sell the products in India. Websites such as Vapestop and Litejoy, which offered vaping products online, discontinued their operations and ran disclaimers related to the government order. Vaping products, however, were still available on Amazon's India site, while Flipkart and Softbank-backed Snapdeal removed e-cigarettes which were available earlier in the day, Reuters found. "Online advertising and sales are banned. E-commerce service providers should take down the advertisements and sale offers immediately," Vikas Sheel, a senior health ministry official told Reuters, when asked about the online listings. Amazon's India site was selling the "Honey Badger" vape device, which resembles a USB flash drive, for 2,799 rupees ($39.35), with flavoured refills. Flipkart had also listed the product earlier. Amazon said e-cigarettes are not allowed to be listed or sold on Amazon.co.in as per its policy and it takes action if it learns about sellers evasively listing a prohibited product. A source with direct knowledge said that Amazon was working to quickly remove the listings. Flipkart in a statement said it was aware of the ban order and was working with sellers to remove all such products. Snapdeal, another leading e-commerce website in India, said the e-cigarette category had been disabled. On Wednesday, India's health ministry said use of e-cigarettes had increased exponentially and acquired epidemic proportions in developed countries, especially among youth and children. India's ban was issued through an executive order, which has been in force since Wednesday night, a health ministry spokeswoman said. Pro-vaping groups in India have criticized the government's decision, saying it would deter people from switching from conventional cigarettes to less harmful alternatives.

Flipkart, Amazon, others rush to pull vaping devices after India ban

<a href="https://www.wionews.com/business-economy/alibaba-ceo-rules-out-layoffs-this-year-198882">China's Alibaba Group Holding Ltd</a> reported better-than-expected quarterly revenue and profit on Thursday, aided by growth in its e-commerce and cloud computing businesses.

US-listed shares in the company, which makes money primarily by selling advertising and promotional services to third-party merchants on its Taobao and Tmall sites, rose 3 per cent to $166.72 in trading before the bell.

Two of the world's biggest e-commerce sites, Taobao and Tmall are booming in tandem with internet adoption and mobile phone penetration in China.

Both Alibaba and smaller rival JD.com, however, are seeking to diversify amid slowing e-commerce revenue growth at home - due in part to markets in China's biggest cities saturating.

JD also reported better-than-expected second-quarter revenue on Tuesday, boosted by stronger sales in its online retail business.

Alibaba's revenue rose 42 per cent to 114.92 billion yuan ($16.32 billion) in its first quarter ended June 30 from 80.92 billion yuan, a year earlier.

Analysts had expected revenue of 111.73 billion yuan, according to IBES data from Refinitiv.

Revenue at its cloud computing business rose 66 per cent to 7.79 billion yuan, while revenue from its core commerce business rose 44 per cent to 99.54 billion yuan.

Net income attributable to ordinary shareholders was 21.25 billion yuan.

Excluding items, the company earned 12.55 yuan per American Depository Share. Analysts were expecting 10.25 yuan per ADS, according to IBES data from Refinitiv. 
&nbsp;

China's Alibaba Group Holding Ltd reported better-than-expected quarterly revenue and profit on Thursday, aided by growth in its e-commerce and cloud computing businesses.

China's Alibaba Group Holding Ltd reported better-than-expected quarterly revenue and profit on Thursday, aided by growth in its e-commerce and cloud computing businesses. US-listed shares in the company, which makes money primarily by selling advertising and promotional services to third-party merchants on its Taobao and Tmall sites, rose 3 per cent to $166.72 in trading before the bell. Two of the world's biggest e-commerce sites, Taobao and Tmall are booming in tandem with internet adoption and mobile phone penetration in China. Both Alibaba and smaller rival JD.com, however, are seeking to diversify amid slowing e-commerce revenue growth at home - due in part to markets in China's biggest cities saturating. JD also reported better-than-expected second-quarter revenue on Tuesday, boosted by stronger sales in its online retail business. Alibaba's revenue rose 42 per cent to 114.92 billion yuan ($16.32 billion) in its first quarter ended June 30 from 80.92 billion yuan, a year earlier. Analysts had expected revenue of 111.73 billion yuan, according to IBES data from Refinitiv. Revenue at its cloud computing business rose 66 per cent to 7.79 billion yuan, while revenue from its core commerce business rose 44 per cent to 99.54 billion yuan. Net income attributable to ordinary shareholders was 21.25 billion yuan. Excluding items, the company earned 12.55 yuan per American Depository Share. Analysts were expecting 10.25 yuan per ADS, according to IBES data from Refinitiv.

Alibaba results beat estimates on the cloud, E-commerce growth

A US delegation is in New Delhi to hammer out differences over <a href="https://www.wionews.com/business-economy/amid-escalating-trade-tensions-us-india-begin-talks-235230">India's new investment rules</a> for the e-commerce which has considerably grown in size in last one decade. The bone of contention is a rule put in place by Prime Minister Narendra Modi just before the Lok Sabha elections.

The new rules barred companies from selling products via firms in which they have an equity interest and also from making deals with sellers to sell exclusively on their platform.

It was done to protect India's small trader community which forms the political backbone of BJP. Small traders in India had been complaining to the government for a long time that they are steadily losing their business to foreign e-commerce giants. While the new rule helped the Indian business, it was not taken kindly by the US e-commerce giants.

It is learnt that Walmart told the US government privately in January that India's new investment rules for e-commerce were regressive and have the potential to hurt trade ties. Walmart had invested US $16 billion in Indian e-commerce giant Flipkart, its biggest acquisition ever globally.

India's Commerce Minister Piyush Goyal has said that the government was committed to protecting small traders, but open to ironing out policy-related issues. Goyal said on Twitter on Wednesday that he met Walmart international CEO Judith MC Kenna and discussed ways of boosting sales of Indian made products.

Walmart told the United States trade representative in January that its unit Flipkart, as well as Amazon, had opened many new distribution centres over the past three years in India, creating thousands of jobs and benefitting the customers.

The US delegation will return on Friday after concluding talks with the Indian government.

A US delegation is in New Delhi to hammer out differences over India's new investment rules for the e-commerce which has considerably grown in size in last one decade.

A US delegation is in New Delhi to hammer out differences over India's new investment rules for the e-commerce which has considerably grown in size in last one decade. The bone of contention is a rule put in place by Prime Minister Narendra Modi just before the Lok Sabha elections. The new rules barred companies from selling products via firms in which they have an equity interest and also from making deals with sellers to sell exclusively on their platform. It was done to protect India's small trader community which forms the political backbone of BJP. Small traders in India had been complaining to the government for a long time that they are steadily losing their business to foreign e-commerce giants. While the new rule helped the Indian business, it was not taken kindly by the US e-commerce giants. It is learnt that Walmart told the US government privately in January that India's new investment rules for e-commerce were regressive and have the potential to hurt trade ties. Walmart had invested US $16 billion in Indian e-commerce giant Flipkart, its biggest acquisition ever globally. India's Commerce Minister Piyush Goyal has said that the government was committed to protecting small traders, but open to ironing out policy-related issues. Goyal said on Twitter on Wednesday that he met Walmart international CEO Judith MC Kenna and discussed ways of boosting sales of Indian made products. Walmart told the United States trade representative in January that its unit Flipkart, as well as Amazon, had opened many new distribution centres over the past three years in India, creating thousands of jobs and benefitting the customers. The US delegation will return on Friday after concluding talks with the Indian government.

US delegation to discuss India's new e-commerce rules during trade talks

Music retailer HMV said on Friday it was calling in the administrators, blaming a worsening market for entertainment CDs and DVDs, to become the latest victim of brutal trading conditions in Britain's retail sector.

The accounting firm KPMG has been named as the administrator and intends to keep the business running while it seeks a potential buyer, HMV said in a statement.

Will Wright, Neil Gostelow and David Pike from KPMG's Restructuring practice have been confirmed as joint administrators to HMV Retail Limited and HMV E-commerce Limited, KPMG said in a statement late Friday.

The retailer, one of Britain's best-known high street stores, went into administration in 2013 before its rescue by restructuring specialist Hilco, but it has since been hit by competition from online rivals and music streaming services.

Sky News earlier reported that about 2,200 jobs were at risk if HMV went into administration, adding that the company had been in talks with leading names in the recorded music industry for funding, but that those discussions came to nothing.

HMV was opened on London's Oxford Street by English composer Edward Elgar in 1921 and made famous by the image of the "dog and trumpet".

"During the key Christmas trading period, the market for DVDs fell by over 30 per cent compared to the previous year, and whilst HMV performed considerably better than that, such a deterioration in a key sector of the market is unsustainable," said Paul McGowan, Executive Chairman of HMV and its owner Hilco Capital, which paid around 50 million pounds ($63.47 million) for the group in 2013.

"The company has suffered from the ongoing wave of digital disruption sweeping across the entertainment industry", said Wright, a joint administrator and partner at KPMG.

"Over the coming weeks, we will endeavour to continue to operate all stores as a going concern while we assess options for the business, including a possible sale", he added.

Britain's retailers had been hoping Christmas would revive spending after a year for much of the sector that has seen a string of store groups go out of business or closed shops.

Weakening consumer spending, uncertainty over Britain's exit from the European Union, rising labour costs and higher business property taxes, has spread gloom across the retail industry.

In the years running up to its first rescue in 2013, HMV struggled to hold its own against supermarkets and online services in sales of CDs, DVDs and video games.

More recently, traditional players in the music industry have been hit by the growing popularity of online streaming services such as Spotify and Apple Inc's Apple Music, which this year became the recording industry's single biggest revenue source.

HMV - which had a hand in The Beatles' big break in the 1960s, recommending the group's demo record to publishers - had around 230 stores and over 4,000 staff before it went into administration in 2013. It currently has 125 stores around Britain and employs 2,025 people.

Music retailer HMV said on Friday it was calling in the administrators, blaming a worsening market for entertainment CDs and DVDs, to become the latest victim of brutal trading conditions in Britain's retail sector.

Music retailer HMV said on Friday it was calling in the administrators, blaming a worsening market for entertainment CDs and DVDs, to become the latest victim of brutal trading conditions in Britain's retail sector. The accounting firm KPMG has been named as the administrator and intends to keep the business running while it seeks a potential buyer, HMV said in a statement. Will Wright, Neil Gostelow and David Pike from KPMG's Restructuring practice have been confirmed as joint administrators to HMV Retail Limited and HMV E-commerce Limited, KPMG said in a statement late Friday. The retailer, one of Britain's best-known high street stores, went into administration in 2013 before its rescue by restructuring specialist Hilco, but it has since been hit by competition from online rivals and music streaming services. Sky News earlier reported that about 2,200 jobs were at risk if HMV went into administration, adding that the company had been in talks with leading names in the recorded music industry for funding, but that those discussions came to nothing. HMV was opened on London's Oxford Street by English composer Edward Elgar in 1921 and made famous by the image of the "dog and trumpet". "During the key Christmas trading period, the market for DVDs fell by over 30 per cent compared to the previous year, and whilst HMV performed considerably better than that, such a deterioration in a key sector of the market is unsustainable," said Paul McGowan, Executive Chairman of HMV and its owner Hilco Capital, which paid around 50 million pounds ($63.47 million) for the group in 2013. "The company has suffered from the ongoing wave of digital disruption sweeping across the entertainment industry", said Wright, a joint administrator and partner at KPMG. "Over the coming weeks, we will endeavour to continue to operate all stores as a going concern while we assess options for the business, including a possible sale", he added. Britain's retailers had been hoping Christmas would revive spending after a year for much of the sector that has seen a string of store groups go out of business or closed shops. Weakening consumer spending, uncertainty over Britain's exit from the European Union, rising labour costs and higher business property taxes, has spread gloom across the retail industry. In the years running up to its first rescue in 2013, HMV struggled to hold its own against supermarkets and online services in sales of CDs, DVDs and video games. More recently, traditional players in the music industry have been hit by the growing popularity of online streaming services such as Spotify and Apple Inc's Apple Music, which this year became the recording industry's single biggest revenue source. HMV - which had a hand in The Beatles' big break in the 1960s, recommending the group's demo record to publishers - had around 230 stores and over 4,000 staff before it went into administration in 2013. It currently has 125 stores around Britain and employs 2,025 people.

Britain's HMV faces the music as retailer calls in administrators

Walmart is likely to announce its much-anticipated deal to buy a controlling stake in Indian e-commerce player Flipkart before the end of this week, two sources said, in what is likely to be the US&nbsp;retail giant's biggest acquisition of a business.

Walmart and Google parent Alphabet Inc will buy up to 75 percent of Flipkart, the two sources familiar with the matter said, declining to be named as the talks are private.

Bentonville, Arkansas-based Walmart will acquire about a 60 percent stake in Flipkart, while Alphabet will get a roughly 15 percent stake in the online marketplace for about $3 billion, one of the sources said.

Reuters previously reported that Walmart was in advanced talks to acquire 51 percent or more of the e-commerce player for $10 billion to $12 billion, valuing Flipkart at some $18 billion to $20 billion.

Both sources said that Flipkart Group Chief Executive Binny Bansal held a closed-door meeting with the firm's top leadership at its Bengaluru headquarters on Monday, and one added that Bansal said that Flipkart co-founder Sachin Bansal would exit after the Walmart deal is sealed.

Flipkart last year named Kalyan Krishnamurthy, a former executive of investor US&nbsp;hedge fund Tiger Global Management, as the head of its core business, while Binny Bansal took the broader strategic role of group CEO. Sachin Bansal remained as executive chairman.

The Flipkart Group includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart.

Sachin and Binny Bansal, both former Amazon.com Inc employees, founded Flipkart in 2007, and like their US&nbsp;rival, began by selling books.

Walmart is expected to get three board seats at Flipkart and will also have a say in the appointments of the group's finance, legal and compliance heads, one of the sources said.

Krishnamurthy and Binny Bansal will remain in their current roles after the deal, the two sources said.

Early Flipkart investors Tiger Global and venture fund Accel will sell a majority of their stakes, one of the sources said.

Japan's SoftBank Group, which owns roughly a fifth of Flipkart through its Vision Fund, is expected to completely exit, Reuters has previously reported.

The Vision Fund had invested close to $2.5 billion in Flipkart via primary and secondary share purchases last year.

Flipkart will hold a townhall for employees on Friday, with Walmart CEO Doug McMillon likely to attend, one of the sources said. Other top Walmart executives will also be in India for the announcement, the other source added.

A third source said Flipkart had scheduled multiple batches of townhall meetings with employees on Friday, sparking chatter within the ranks that a deal is likely imminent.

Walmart declined to comment. Flipkart, Alphabet, Tiger Global and Accel did not immediately respond to requests for comment.

Walmart declined to comment. Flipkart, Alphabet, Tiger Global and Accel did not immediately respond to requests for comment

Walmart is likely to announce its much-anticipated deal to buy a controlling stake in Indian e-commerce player Flipkart before the end of this week, two sources said, in what is likely to be the US retail giant's biggest acquisition of a business. Walmart and Google parent Alphabet Inc will buy up to 75 percent of Flipkart, the two sources familiar with the matter said, declining to be named as the talks are private. Bentonville, Arkansas-based Walmart will acquire about a 60 percent stake in Flipkart, while Alphabet will get a roughly 15 percent stake in the online marketplace for about $3 billion, one of the sources said. Reuters previously reported that Walmart was in advanced talks to acquire 51 percent or more of the e-commerce player for $10 billion to $12 billion, valuing Flipkart at some $18 billion to $20 billion. Both sources said that Flipkart Group Chief Executive Binny Bansal held a closed-door meeting with the firm's top leadership at its Bengaluru headquarters on Monday, and one added that Bansal said that Flipkart co-founder Sachin Bansal would exit after the Walmart deal is sealed. Flipkart last year named Kalyan Krishnamurthy, a former executive of investor US hedge fund Tiger Global Management, as the head of its core business, while Binny Bansal took the broader strategic role of group CEO. Sachin Bansal remained as executive chairman. The Flipkart Group includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart. Sachin and Binny Bansal, both former Amazon.com Inc employees, founded Flipkart in 2007, and like their US rival, began by selling books. Walmart is expected to get three board seats at Flipkart and will also have a say in the appointments of the group's finance, legal and compliance heads, one of the sources said. Krishnamurthy and Binny Bansal will remain in their current roles after the deal, the two sources said. Early Flipkart investors Tiger Global and venture fund Accel will sell a majority of their stakes, one of the sources said. Japan's SoftBank Group, which owns roughly a fifth of Flipkart through its Vision Fund, is expected to completely exit, Reuters has previously reported. The Vision Fund had invested close to $2.5 billion in Flipkart via primary and secondary share purchases last year. Flipkart will hold a townhall for employees on Friday, with Walmart CEO Doug McMillon likely to attend, one of the sources said. Other top Walmart executives will also be in India for the announcement, the other source added. A third source said Flipkart had scheduled multiple batches of townhall meetings with employees on Friday, sparking chatter within the ranks that a deal is likely imminent. Walmart declined to comment. Flipkart, Alphabet, Tiger Global and Accel did not immediately respond to requests for comment.

Walmart likely to announce Flipkart deal before end of week

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