financetom
Business
financetom
/
Business
/
UK's Boohoo to stop supplying US customers from within US
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
UK's Boohoo to stop supplying US customers from within US
Sep 11, 2024 4:38 AM

LONDON, Sept 11 (Reuters) - British online fashion

retailer Boohoo said it would give up on supplying its

customers in the United States from a U.S. centre and would

instead fulfil orders direct from the UK, resulting in a

write-down.

Boohoo said on Wednesday it would cease operations at

its U.S. distribution centre in Pennsylvania by Nov. 11, just

over a year after it started operations.

The group had previously described the site as a

"gamechanger" as it would slash delivery times to American

shoppers.

However, it will now fulfil all U.S. orders from its

distribution centre in Sheffield, northern England.

It said the move would enable it to broaden its product

offering for U.S. customers.

It will, however, result in a write-down on its balance

sheet against the investments and costs associated with the U.S.

operation as well as certain one-off exceptional cash costs.

Boohoo, whose shares have fallen 30% so far this year,

said it will provide further details at its half-year results.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
BRIEF-Ranmarine Technology BV Says IPO Price Range Estimated At $4.00 To $5.00 Per ADS
BRIEF-Ranmarine Technology BV Says IPO Price Range Estimated At $4.00 To $5.00 Per ADS
Feb 14, 2025
Feb 14 (Reuters) - RanMarine Technology BV : * RANMARINE TECHNOLOGY BV - IPO PRICE RANGE ESTIMATED AT $4.00 TO $5.00 PER ADS * RANMARINE TECHNOLOGY BV FILES FOR US IPO OF 1.9 MILLION ADSS- SEC FILING * RANMARINE TECHNOLOGY BV - APPLIES TO LIST ADS ON NASDAQ UNDER SYMBOL 'RAN' * RANMARINE TECHNOLOGY B.V. SAYS D. BORAL CAPITAL IS...
Market Chatter: Chevron Increases Venezuelan Oil Exports Amid Improving US Relations
Market Chatter: Chevron Increases Venezuelan Oil Exports Amid Improving US Relations
Feb 14, 2025
03:52 PM EST, 02/14/2025 (MT Newswires) -- Chevron ( CVX ) plans to increase its Venezuelan oil exports this month, aiming to boost shipments of synthetic crude from the Petropiar project to a seven-year high, Bloomberg reported Friday, citing sources with knowledge of the matter. Petropiar output is projected to rise about 50% to around 143,000 barrels a day following...
Moderna Norovirus Vaccine Trial Placed on Hold by FDA After Adverse Event
Moderna Norovirus Vaccine Trial Placed on Hold by FDA After Adverse Event
Feb 14, 2025
03:45 PM EST, 02/14/2025 (MT Newswires) -- Moderna ( MRNA ) said Friday its trial for a trivalent vaccine against norovirus is currently on hold by the US Food and Drug Administration after a single adverse event report of a close of Guillain-Barre syndrome. Investigation of the adverse event is currently underway, according to the company. Moderna ( MRNA )...
Corecivic Insider Sold Shares Worth $759,880, According to a Recent SEC Filing
Corecivic Insider Sold Shares Worth $759,880, According to a Recent SEC Filing
Feb 14, 2025
04:00 PM EST, 02/14/2025 (MT Newswires) -- David K Churchill, Chief Human Resources Officer, on February 13, 2025, sold 39,639 shares in Corecivic ( CXW ) for $759,880. Following the Form 4 filing with the SEC, Churchill has control over a total of 140,116 common shares of the company, with 140,116 shares held directly. SEC Filing: https://www.sec.gov/Archives/edgar/data/1070985/000095017025021104/xslF345X05/ownership.xml Price: 18.82, Change:...
Copyright 2023-2026 - www.financetom.com All Rights Reserved