Today In Retail: Belk Finishes Financial Restructuring; Klarna Reports $53 Billion In GMV For 2020

In today’s top retail news, Belk has finished its financial restructuring, while Klarna reported $53 billion in gross merchandise volume (GMV) for 2020. Plus, Afterpay is teaming with Stripe.

Department Store Retailer Belk Completes Financial Restructuring

Belk has completed its financial restructuring, working out a quickened pre-packaged single-day reorganization. The department store retailer has garnered $225 million of new capital, lowered its debt by about $450 million and extended maturities on all term loans to July 2025. “We have a bright future ahead, and I’m looking forward to growing our more than 130-year legacy as a trusted retailer for many years to come,” Belk CEO Lisa Harper said in a statement.

Klarna Reports $53 Billion In Gross Merchandise Volume For 2020

Klarna registered record GMV of $53 billion for the full year January to December 2020, with total net operating income coming out ahead of $1 billion. “2020 has not slowed Klarna’s progress: we scaled to four new markets, broadened our platform to an integrated banking offering in Sweden and Germany, and truly accelerated our growth in the US,” Klarna Co-Founder and CEO Sebastian Siemiatkoski said in an announcement.

Stripe, Afterpay Join Forces To Expand BNPL To More Merchants

Buy now, pay later (BNPL) provider Afterpay is collaborating with Stripe. The plan is to spread Afterpay offerings to Stripe merchants through an “easy and seamless integration,” according to a press release. Noah Pepper, Stripe’s business lead for APAC, said the aim is to “make it easy and fast for online businesses to offer their customers buy now, pay later.”

TJX Touts Strength Of HomeGoods Unit, Awaits Return Of ‘Revenge Shopper’

Since 15 percent, or 690, of TJX Corporation’s discount retail stores in Canada and Europe remain closed because of coronavirus restrictions, the company’s fourth-quarter results have to be taken with a grain of salt. “We believe we have a tremendous opportunity to capture additional market share, even beyond the prospect of a resurgence in consumer spending and ‘revenge shopping’ once vaccines are widely available,” TJX CEO Ernie Herrman told investors.