Revelations 18:23 ‘For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Walmart and other retailers are canceling billions of dollars in orders
- Walmart, Target, Macy’s and Kohl’s are among retailers that have recently said they are canceling some orders to better balance inventory levels
- One risk of canceling orders is straining or damaging relationships with trading partners.
- John David Rainey, Walmart’s EVP and CFO, said it had cleared most summer inventory, was reducing exposure in electronics, home and sporting goods, and canceled “billions of dollars in orders” to realign inventories.
- Target’s EVP and chief growth officer, said steps being taken by the discounter’s buying team include “rigorously reforecasting expectations for the balance of the year and beyond and determining where to reduce future receipts and orders.
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