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Internet retailer Newegg Inc. plans an initial public offering of stock worth up to $175 million, according to a filing with the Securities & Exchange Commission.
Although the recession has been a struggle for all U.S. retailers, there is evidence that it has been especially difficult for the nation’s smaller, independent retailers.
Retailers Target Corp and Saks Inc posted better-than-expected quarterly results on Tuesday as they clamped down on expenses and inventory to offset falling sales, sending shares higher.
Retail sales unexpectedly fell 0.1% in July despite the debut of the government's "cash for clunkers" program. Separately, weekly jobless claims rose a bit.
Wal-Mart's earnings were flat on lower same-store sales. The retail giant raised the low end of its fiscal-year outlook and plans to speed up cost-cutting measures.
Mall-based chains continue to be hit hardest as consumers focus on necessities, but the warehouse club operator Costco’s results also missed analyst estimates.