Petco's relaunch of the Petco Perks loyalty program weighed on net sales after customer point redemption volumes far exceeded initial projections, with a mid-single-digit millions of impact on sales. The redesigned program, intended to remove friction and boost customer engagement, achieved success in driving redemptions—perhaps too much. Members earning 10 points per dollar on most products and 30 points per dollar on private label brands redeemed rewards at volumes that dragged second quarter sales, which otherwise would have tracked above outlook. The pet retailer quickly implemented guardrails to control redemption velocity and plans to refocus on personalization capabilities for long-term growth. Despite the early challenges, Petco reported its second consecutive quarter of same-store sales growth, up 0.6% year-over-year in Q2 2026, improving from four quarters of comparable declines in 2025.
QVC Group has exited Chapter 11 bankruptcy with its debt reduced by over $5 billion and access to a new $600 million asset-based lending facility. As part of the restructuring, CEO David Rawlinson stepped down from the top role and was succeeded by Mike George as interim chief executive officer and board chair, effective immediately. George previously served as president and CEO of QVC Group for 16 years, from 2006 until his retirement in 2021. QVC Group's common stock has been approved for trading on Nasdaq under the ticker QVCG. The Chapter 11 exit was completed in less than four months after filing in the spring of 2026, representing a relatively swift restructuring timeline. The company has repositioned itself with a digital-focused strategy emphasizing live social shopping expansion across multiple platforms.
Saks Global's Chapter 11 bankruptcy filing has proven beneficial for Simon Property Group, which saw 1 million square feet of space vacated—almost entirely from Saks Off 5th closures—yet maintained occupancy levels equal to the end of Q1 as new tenants filled the space at higher rents. While Saks Off 5th had been paying $18 million in annual rent before ceasing payments after bankruptcy, Simon Property is confident new tenants will pay significantly higher rent, with initial base rent from new leases up 17% year-over-year through Q2 2026. Simon Property expects to collect $30 million in rent from new tenants filling just half of the closed Saks Off 5th stores in its portfolio, compared to the $18 million Saks Off 5th was previously paying. The landlord's $100 million investment in Saks Global's merger with Neiman Marcus gave Simon strategic leverage to exit or renegotiate unfavorable lease terms.