Business Briefs – August 14, 2019

WeWork Reveals Rapid Growth And Massive Losses Ahead Of IPO

NEW YORK (AP) – WeWork’s parent company is giving investors the most detailed look yet at its finances ahead of its anticipated stock market debut. The office-sharing company revealed breakneck growth on the back of massive losses Wednesday in regulatory filing. Investors are looking for a clearer picture of how the venture capital darling plans to chart a path toward profitability, and whether its business model can withstand an economic downturn.

Macy’s Sends Ominous Signal For Retailers in 2Q

NEW YORK (AP) – Macy’s is lowering its annual earnings guidance after the department store struggled through the second quarter and was forced to mark down prices. The company said Wednesday a combination of factors including a fashion miss, slow sell-through of warm weather fashions and the accelerated decline in tourism caused rising inventory levels.