Walmart is getting into aspirational retail — and it says a lot about the American economy. In recent months, Walmart has purchased several trendy, online retailers, including the hip fashion brand ModCloth, outdoor gear retailer Moosejaw, and shoe store ShoeBuy. ModCloth's dresses can cost between $60 and $150, whereas Walmart's dresses are usually priced between $10 and $25.
The benchmark S&P 500 shot up briefly into positive territory before falling back into the red as Republicans pulled the legislation due to a shortage of votes just before the markets closed, leaving investors to assess how the healthcare bill's failure would affect President Donald Trump's broader economic agenda. Investors had worried earlier this week that the failure of the bill, which would have dismantled the law known as Obamacare, would prove an ominous sign for Trump's ability to push through his economic agenda, including tax reform.
Reuters spoke to three suppliers that are cutting back shipments, refusing bigger orders, or demanding earlier payment from Sears. A Bangladesh-based textile firm told Reuters that it has drastically cut back shipments to Sears for the upcoming holiday quarter, and that it's reevaluating accepting new orders to protect itself against the risk of nonpayment. Another supplier, Arnold Kamler, CEO of New Jersey-based bicycle manufacturer and importer Kent International Inc, told Reuters that Sears tried to purchase more bikes from them last year "because a lot of their current suppliers were either cutting them off or limited them on credit." He said he declined Sears' request.