<p>又是一个零售新闻远超一天时间的星期。以下是我们对本周一些你可能错过的事情的总结，以及我们仍在思考的内容。</p>
<p>从 Gap 名称的历史到 Build-A-Bear 的最新尝试，这里是我们本周的总结。</p>
<h3>你可能错过的内容</h3>
<p><em>Psycho Bunny 任命门店副总裁</em></p>
<p>根据发送给 Retail Dive 的公告，服装品牌 Psycho Bunny 在继续投资其零售扩张和门店体验的同时，任命 Kevin Ramstack 为门店副总裁。</p>
<p>Ramstack 在门店运营、数字化和跨职能商业战略方面拥有超过二十年的经验。他最近担任 Club Monaco 的商业副总裁，此前在 Abercrombie &amp; Fitch 工作了超过 15 年。</p>
<p><img src="https://imageproxy.pbkrs.com/https://imgproxy.divecdn.com/HGMAsaL5HdZLflOr0r_kJ_8TNtQx0jJzrXUcPkgjDWg/g:ce/rs:fit:0:860/Z3M6Ly9kaXZlc2l0ZS1zdG9yYWdlL2RpdmVpbWFnZS9LZXZpbl9SYW1zdGFjay5wbmc=.webp?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://imgproxy.divecdn.com/HGMAsaL5HdZLflOr0r_kJ_8TNtQx0jJzrXUcPkgjDWg/g:ce/rs:fit:0:860/Z3M6Ly9kaXZlc2l0ZS1zdG9yYWdlL2RpdmVpbWFnZS9LZXZpbl9SYW1zdGFjay5wbmc=.webp"/></p>
<p>Kevin Ramstack，Psycho Bunny 门店副总裁。</p>
<p>图片来源：Psycho Bunny</p>
<p>“Kevin 在门店和数字化方面的丰富经验，以及他在增长和变革时期领导团队的能力，使他成为我们领导团队的强大补充，” Psycho Bunny 的所有者兼董事长 Alen Brandman 在一份声明中表示。“随着我们继续扩大零售业务，他的领导将对加强我们的现场组织和提供一流的店内体验至关重要。”</p>
<p>在新角色中，Ramstack 将专注于推动业绩、加强现场领导力和提升品牌零售运营中的客户体验。</p>
<p><em>用你的熊手携带它</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://imgproxy.divecdn.com/bqPm5gmf6m34eFzncckBGJxr8j4thEXrH_FoV2b9wIw/g:ce/rs:fit:0:860/Z3M6Ly9kaXZlc2l0ZS1zdG9yYWdlL2RpdmVpbWFnZS9TbHVzaGllX0NvbG9yQmxvY2tfQmx1ZVBpbmtfS29hbGFfQmVhcl9TdHVkaW9fTEwuanBn.webp?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://imgproxy.divecdn.com/bqPm5gmf6m34eFzncckBGJxr8j4thEXrH_FoV2b9wIw/g:ce/rs:fit:0:860/Z3M6Ly9kaXZlc2l0ZS1zdG9yYWdlL2RpdmVpbWFnZS9TbHVzaGllX0NvbG9yQmxvY2tfQmx1ZVBpbmtfS29hbGFfQmVhcl9TdHVkaW9fTEwuanBn.webp"/></p>
<p>Build-A-Bear 的可穿戴毛绒玩具。</p>
<p>图片来源：Build-A-Bear</p>
<p>Build-A-Bear Workshop 推出了 Slushie Plushies，这是其首款可穿戴毛绒玩具，该公司在周四的公告中表示。Slushie Plushies 可以在店内或在线进行定制，配有匹配的香味和录音声音的选项。产品配有隐藏夹子，可以附加到单独出售的斜挎带上。</p>
<p>“我们看到客人对毛绒玩具的参与方式发生了真正的变化；它不再仅仅是你拥有的东西，而是你可以搭配和展示的东西，” 首席品牌官 Kim Utlaut 在一份声明中表示。“Slushie Plushies 正是迎合了这一点，推出了一种可穿戴的格式，将毛绒玩具带入个人风格的世界。”</p>
<p>该公司还宣布了其 “你爱的夏季商品” 系列中的产品，包括 Mashimals，一个将动物与 “意想不到的物体” 结合的系列，以及一个名为 Beary Goods 的预填充系列。</p>
<h3>零售疗法</h3>
<p><em>这是 Doris Fisher 对 Gap Inc.最重要的贡献吗？</em></p>
<p>玫瑰无论叫什么名字都可能同样芬芳。但它会有相同的氛围吗？</p>
<p>让我们考虑 Gap，这个曾经标志性的品牌现在正处于戏剧性的复兴之中。该品牌于 1969 年由 Don 和 Doris Fisher 创立，名称源于 “代沟”——对那个时代老人与年轻人之间巨大文化鸿沟的简写。</p>
<p>与 “snap” 押韵。唤起一种可以用各种方式填充的空间。召唤一座桥，连接和进步的普遍象征。用几种语言都容易发音。</p>
<p>“G，代表获取。A，代表永远。P——代表力量和赞美的人，” LL Cool J 在他 1999 年的 Gap 广告中说。“反过来：P 代表流行。A 代表态度。G，继续前进，老爸，Gap 正在行动。”</p>
<p>这种简单性和多功能性在 “裤子和唱片” 中并不存在，这是 Don Fisher 想要为第一家 Gap 商店命名的名称。旧金山的这家店当时只出售 Levi's、唱片和磁带。幸运的是，Doris 想出了 “the Gap”，Gap Inc.的一位发言人告诉 Retail Dive。</p>
<p>Doris Fisher 本周早些时候去世，享年 94 岁。</p>
<h3>我们仍在思考的内容</h3>
<p><em>15%</em></p>
<p>根据周一的财报，ThredUp 在第一季度的收入增长了 15%。该二手平台的活跃买家增加了 25%，达到了创纪录的 170 万，而毛利也同比增长了 15%。不过，ThredUp 仍在亏损中，季度净亏损扩大至 650 万美元。</p>
<p>虽然首席执行官 James Reinhart 表示 3 月是公司历史上最好的月份，但他也承认宏观环境的不确定性。</p>
<p>“与之前的季度相比，我们确实看到消费者变得更加挑剔，因为油价仍然高企，通货膨胀持续存在，” Reinhart 在与分析师的电话会议中表示。“我们主要通过平均售价和转化率的轻微下降观察到了这一点，自 3 月初以来有所下降。”</p>
<h3>我们正在关注的内容</h3>
<p><em>GameStop、eBay 和 Ryan Cohen 的一切</em></p>
<p>在零售行业，唯一不变的就是 Ryan Cohen 吸引注意力的能力。</p>
<p>GameStop 的首席执行官——他在共同创办 Chewy 时获得成功——本周在 CNBC 的 “Squawk Box” 节目中就他对收购 eBay 的看涨、未经请求的提议引起了轰动。</p>
<p>当 CNBC 的主持人询问 Cohen 的 50% 现金和 50% 股票提议的具体细节时，这位首席执行官对这些问题感到困惑，并多次将节目主持人指向 GameStop 网站以获取详细信息。</p>
<p>但周一引人注目的 CNBC 采访并不是 Cohen 本周最后一次谈论 eBay 收购提议。在周二的 TBPN 播客中，Cohen 声称他在过去几年中曾试图联系 eBay，讨论潜在的合作关系，但表示他很难让任何人认真对待他。</p>
<p>此外，这位高管在周三在 X（前 Twitter）上发布了他在自己 eBay 账户上出售的物品，以帮助 “支付 eBay”。他链接的账户中列出的物品包括一双袜子、一幅他的狗 Tylee 的画、一些 GameStop 的纪念品等。</p>
<p>科恩还发布了一张来自 eBay 的通知截图，称他的账户已被永久暂停，尽管在发布时他的账户似乎仍然活跃。</p>
<p>eBay 没有立即回应 Retail Dive 关于该暂停的质疑或科恩关于之前联系的评论。</p>
<p>撇开戏剧性不谈，交易的细节才是关键。</p>
<p>GameStop 提议以 560 亿美元收购 eBay。这家零售商目前的出价将包括约 94 亿美元的自有现金和流动投资，以及可能通过 TD 证券融资的 200 亿美元。GameStop 的市值徘徊在 110 亿美元左右，任何更多股份的发行都可能稀释该零售商当前股东的权益，主持人梅丽莎·李在 CNBC 采访中指出。</p>
<p>科恩的观点是，GameStop 拥有零售网络和认证能力，可以帮助改善 eBay 的服务，从而打造一个收藏品强国。</p>
<p>但并不是所有行业分析师对具体情况都持乐观态度。GlobalData 的董事总经理尼尔·桑德斯在周一的电子邮件评论中表示，提案的融资仍然存在 “货币黑洞”。</p>
<p>桑德斯表示：“不幸的是，这一出价的大胆并没有与其背后的逻辑强度相匹配，也没有与交易所依据的财务基础的稳健性相匹配。如此规模和风险的交易需要有严密的推理作为支撑。虽然我们承认 GameStop 在这个过程中还处于早期阶段，可能会进一步完善其思路，但目前来看，这一提案远未足够有说服力，无法使其成为一个合理的交易。”</p>

TDUP

EBAY

在线零售 ETF - ProShares

线上零售 ETF - Amplify

零售业 ETF - VanEck Vectors

标普零售指数 ETF - SPDR

<p>本周零售新闻亮点包括，ThredUp 在第一季度实现了 15% 的收入增长，活跃买家增加了 25%，达到了 170 万，尽管净亏损扩大至 650 万美元。Psycho Bunny 任命 Kevin Ramstack 为门店副总裁，以提升零售运营。Build-A-Bear 推出了 Slushie Plushies，一款新的可穿戴毛绒玩具。此外，零售界回顾了 Doris Fisher 在 Gap Inc.的遗产，以及 Ryan Cohen 最近关于其收购 eBay 的采访</p>

<p>It’s been another week with far more retail news than there is time in the day. Below, we break down some things you may have missed during the week, and what we’re still thinking about.</p>
<div class="lb-trans"><p>又是一个零售新闻远超一天时间的星期。以下是我们对本周一些你可能错过的事情的总结，以及我们仍在思考的内容。</p>
</div><p>From the history of Gap’s name to Build-A-Bear’s latest foray, here’s our closeout for the week.</p>
<div class="lb-trans"><p>从 Gap 名称的历史到 Build-A-Bear 的最新尝试，这里是我们本周的总结。</p>
</div><h3>What you may have missed</h3>
<div class="lb-trans"><h3>你可能错过的内容</h3>
</div><p><em>Psycho Bunny names vice president of stores</em></p>
<div class="lb-trans"><p><em>Psycho Bunny 任命门店副总裁</em></p>
</div><p>As it continues to invest in its retail expansion and store experience, apparelbrand Psycho Bunny has appointed Kevin Ramstack as vice president of stores, according to an announcement emailed to Retail Dive.</p>
<div class="lb-trans"><p>根据发送给 Retail Dive 的公告，服装品牌 Psycho Bunny 在继续投资其零售扩张和门店体验的同时，任命 Kevin Ramstack 为门店副总裁。</p>
</div><p>Ramstack comes with more than two decades of experience across store operations, digital and cross functional business strategy. He most recently served as Club Monaco’s vice president of commercial, and prior to that, spent more than 15 years at Abercrombie &amp; Fitch.</p>
<div class="lb-trans"><p>Ramstack 在门店运营、数字化和跨职能商业战略方面拥有超过二十年的经验。他最近担任 Club Monaco 的商业副总裁，此前在 Abercrombie &amp; Fitch 工作了超过 15 年。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://imgproxy.divecdn.com/HGMAsaL5HdZLflOr0r_kJ_8TNtQx0jJzrXUcPkgjDWg/g:ce/rs:fit:0:860/Z3M6Ly9kaXZlc2l0ZS1zdG9yYWdlL2RpdmVpbWFnZS9LZXZpbl9SYW1zdGFjay5wbmc=.webp" alt="" original-src="https://imgproxy.divecdn.com/HGMAsaL5HdZLflOr0r_kJ_8TNtQx0jJzrXUcPkgjDWg/g:ce/rs:fit:0:860/Z3M6Ly9kaXZlc2l0ZS1zdG9yYWdlL2RpdmVpbWFnZS9LZXZpbl9SYW1zdGFjay5wbmc=.webp"/></p>
<p>Kevin Ramstack, vice president of stores at Psycho Bunny.</p>
<div class="lb-trans"><p>Kevin Ramstack，Psycho Bunny 门店副总裁。</p>
</div><p>Courtesy of Psycho Bunny</p>
<div class="lb-trans"><p>图片来源：Psycho Bunny</p>
</div><p>“Kevin’s depth of experience across both stores and digital, along with his ability to lead teams through periods of growth and change, makes him a strong addition to our leadership team,” Alen Brandman, owner and chairman of Psycho Bunny, said in a statement. “As we continue to expand our retail presence, his leadership will be critical in strengthening our field organization and delivering a best-in-class in-store experience.”</p>
<div class="lb-trans"><p>“Kevin 在门店和数字化方面的丰富经验，以及他在增长和变革时期领导团队的能力，使他成为我们领导团队的强大补充，” Psycho Bunny 的所有者兼董事长 Alen Brandman 在一份声明中表示。“随着我们继续扩大零售业务，他的领导将对加强我们的现场组织和提供一流的店内体验至关重要。”</p>
</div><p>In his new role, Ramstack will focus on driving performance, strengthening field leadership and enhancing the customer experience across the brand’s retail operations.</p>
<div class="lb-trans"><p>在新角色中，Ramstack 将专注于推动业绩、加强现场领导力和提升品牌零售运营中的客户体验。</p>
</div><p><em>Carry it around with your bear hands</em></p>
<div class="lb-trans"><p><em>用你的熊手携带它</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://imgproxy.divecdn.com/bqPm5gmf6m34eFzncckBGJxr8j4thEXrH_FoV2b9wIw/g:ce/rs:fit:0:860/Z3M6Ly9kaXZlc2l0ZS1zdG9yYWdlL2RpdmVpbWFnZS9TbHVzaGllX0NvbG9yQmxvY2tfQmx1ZVBpbmtfS29hbGFfQmVhcl9TdHVkaW9fTEwuanBn.webp" alt="" original-src="https://imgproxy.divecdn.com/bqPm5gmf6m34eFzncckBGJxr8j4thEXrH_FoV2b9wIw/g:ce/rs:fit:0:860/Z3M6Ly9kaXZlc2l0ZS1zdG9yYWdlL2RpdmVpbWFnZS9TbHVzaGllX0NvbG9yQmxvY2tfQmx1ZVBpbmtfS29hbGFfQmVhcl9TdHVkaW9fTEwuanBn.webp"/></p>
<p>Build-A-Bear’s wearable plushies.</p>
<div class="lb-trans"><p>Build-A-Bear 的可穿戴毛绒玩具。</p>
</div><p>Courtesy of Build-A-Bear</p>
<div class="lb-trans"><p>图片来源：Build-A-Bear</p>
</div><p>Build-A-Bear Workshop launched Slushie Plushies, its first wearable plush, the company said in a Thursday announcement. Slushie Plushies can be customized in stores or online with a matching scent and the option for a recorded sound. The products come with hidden clips that can be attached to an optional crossbody strap, which is sold separately.</p>
<div class="lb-trans"><p>Build-A-Bear Workshop 推出了 Slushie Plushies，这是其首款可穿戴毛绒玩具，该公司在周四的公告中表示。Slushie Plushies 可以在店内或在线进行定制，配有匹配的香味和录音声音的选项。产品配有隐藏夹子，可以附加到单独出售的斜挎带上。</p>
</div><p>&#34;We're seeing a real shift in how our guests engage with plush; it's no longer just something you own, it's something you style and show off,&#34; Chief Brand Officer Kim Utlaut said in a statement. &#34;Slushie Plushies tap into that, introducing a wearable format that brings plush into the world of personal style.&#34;</p>
<div class="lb-trans"><p>“我们看到客人对毛绒玩具的参与方式发生了真正的变化；它不再仅仅是你拥有的东西，而是你可以搭配和展示的东西，” 首席品牌官 Kim Utlaut 在一份声明中表示。“Slushie Plushies 正是迎合了这一点，推出了一种可穿戴的格式，将毛绒玩具带入个人风格的世界。”</p>
</div><p>The company also announced products within its Summer Stuff You Love collection, including Mashimals, a line that crosses animals with “unexpected objects,” and a pre-stuffed line called Beary Goods.</p>
<div class="lb-trans"><p>该公司还宣布了其 “你爱的夏季商品” 系列中的产品，包括 Mashimals，一个将动物与 “意想不到的物体” 结合的系列，以及一个名为 Beary Goods 的预填充系列。</p>
</div><h3>Retail therapy</h3>
<div class="lb-trans"><h3>零售疗法</h3>
</div><p><em>Was this Doris Fisher’s most important contribution to Gap Inc.?</em></p>
<div class="lb-trans"><p><em>这是 Doris Fisher 对 Gap Inc.最重要的贡献吗？</em></p>
</div><p>A rose by any other name may well smell as sweet. But would it have the same vibes?</p>
<div class="lb-trans"><p>玫瑰无论叫什么名字都可能同样芬芳。但它会有相同的氛围吗？</p>
</div><p>Let's consider Gap, a once-iconic brand now in the midst of a dramatic comeback. The brand was founded in 1969 by Don and Doris Fisher and named after “the generation gap” – shorthand for the era’s vast cultural chasm between the old and the young.</p>
<div class="lb-trans"><p>让我们考虑 Gap，这个曾经标志性的品牌现在正处于戏剧性的复兴之中。该品牌于 1969 年由 Don 和 Doris Fisher 创立，名称源于 “代沟”——对那个时代老人与年轻人之间巨大文化鸿沟的简写。</p>
</div><p>Rhymes with “snap.” Evokes a space fillable in all kinds of ways. Conjures a bridge, universal symbol of connection and progress. Easy to pronounce in several languages.</p>
<div class="lb-trans"><p>与 “snap” 押韵。唤起一种可以用各种方式填充的空间。召唤一座桥，连接和进步的普遍象征。用几种语言都容易发音。</p>
</div><p>“G, that’s for getting it. A, for always. P – that’s for power and the people that praise,” LL Cool J rapped in his 1999 Gap ad. “Backwards: P for popular. A for attitude. G, get it going, daddy, Gap is on the move.”</p>
<div class="lb-trans"><p>“G，代表获取。A，代表永远。P——代表力量和赞美的人，” LL Cool J 在他 1999 年的 Gap 广告中说。“反过来：P 代表流行。A 代表态度。G，继续前进，老爸，Gap 正在行动。”</p>
</div><p>This simplicity and versatility doesn’t exist in “Pants and Discs,” which is what Don Fisher wanted to name the first Gap store. The location in San Francisco then sold only Levi’s, records and tapes. Luckily, Doris came up with “the Gap,” a Gap Inc. spokesperson told Retail Dive.</p>
<div class="lb-trans"><p>这种简单性和多功能性在 “裤子和唱片” 中并不存在，这是 Don Fisher 想要为第一家 Gap 商店命名的名称。旧金山的这家店当时只出售 Levi's、唱片和磁带。幸运的是，Doris 想出了 “the Gap”，Gap Inc.的一位发言人告诉 Retail Dive。</p>
</div><p>Doris Fisher died earlier this week at 94.</p>
<div class="lb-trans"><p>Doris Fisher 本周早些时候去世，享年 94 岁。</p>
</div><h3>What we’re still thinking about</h3>
<div class="lb-trans"><h3>我们仍在思考的内容</h3>
</div><p><em>15%</em></p>
<div class="lb-trans"><p><em>15%</em></p>
</div><p>That’s how much ThredUp grew revenue in Q1, according to a Monday earnings report. The resale platform saw active buyers increase 25% to a record 1.7 million, while gross profit was also up 15% year over year. ThredUp is still operating at a loss, though, with net loss widening in the quarter to $6.5 million.</p>
<div class="lb-trans"><p>根据周一的财报，ThredUp 在第一季度的收入增长了 15%。该二手平台的活跃买家增加了 25%，达到了创纪录的 170 万，而毛利也同比增长了 15%。不过，ThredUp 仍在亏损中，季度净亏损扩大至 650 万美元。</p>
</div><p>While CEO James Reinhart said March was the best month in company history, he also acknowledged uncertainty in the macroenvironment.</p>
<div class="lb-trans"><p>虽然首席执行官 James Reinhart 表示 3 月是公司历史上最好的月份，但他也承认宏观环境的不确定性。</p>
</div><p>“Relative to prior quarters, we do see an incrementally discerning consumer as gas prices remain high and inflation proves to be sticky,” Reinhart said on a call with analysts. “We've observed this mainly through average selling prices and conversion rates being slightly lower since early March.”</p>
<div class="lb-trans"><p>“与之前的季度相比，我们确实看到消费者变得更加挑剔，因为油价仍然高企，通货膨胀持续存在，” Reinhart 在与分析师的电话会议中表示。“我们主要通过平均售价和转化率的轻微下降观察到了这一点，自 3 月初以来有所下降。”</p>
</div><h3>What we’re watching</h3>
<div class="lb-trans"><h3>我们正在关注的内容</h3>
</div><p><em>GameStop, eBay and the Ryan Cohen of it all</em></p>
<div class="lb-trans"><p><em>GameStop、eBay 和 Ryan Cohen 的一切</em></p>
</div><p>In retail, the only constant is Ryan Cohen’s ability to garner attention.</p>
<div class="lb-trans"><p>在零售行业，唯一不变的就是 Ryan Cohen 吸引注意力的能力。</p>
</div><p>The CEO of GameStop — who gained success in co-founding Chewy — made a splash this week in an interview on CNBC’s “Squawk Box” regarding his bullish, unsolicited bid to acquire eBay.</p>
<div class="lb-trans"><p>GameStop 的首席执行官——他在共同创办 Chewy 时获得成功——本周在 CNBC 的 “Squawk Box” 节目中就他对收购 eBay 的看涨、未经请求的提议引起了轰动。</p>
</div><p>When pressed by CNBC’s hosts about the specifics of Cohen's 50% cash and 50% stock proposal, the CEO sounded perplexed by the questions and referred the show hosts, repeatedly, to the GameStop website for details.</p>
<div class="lb-trans"><p>当 CNBC 的主持人询问 Cohen 的 50% 现金和 50% 股票提议的具体细节时，这位首席执行官对这些问题感到困惑，并多次将节目主持人指向 GameStop 网站以获取详细信息。</p>
</div><p>But the attention-grabbing CNBC interview on Monday was not the last time Cohen spoke about the eBay bid this week. On the TBPN podcast Tuesday, Cohen alleged he tried to reach out to eBay within the last couple of years in an attempt to discuss a potential partnership, but said he struggled to get anyone to engage with him seriously.</p>
<div class="lb-trans"><p>但周一引人注目的 CNBC 采访并不是 Cohen 本周最后一次谈论 eBay 收购提议。在周二的 TBPN 播客中，Cohen 声称他在过去几年中曾试图联系 eBay，讨论潜在的合作关系，但表示他很难让任何人认真对待他。</p>
</div><p>Additionally, the executive posted on X — formerly Twitter —on Wednesday about items he was selling on his own eBay account to help “pay for eBay.” Items listed on the account he linked to include a pair of socks, a painting of his dog Tylee, GameStop memorabilia and more.</p>
<div class="lb-trans"><p>此外，这位高管在周三在 X（前 Twitter）上发布了他在自己 eBay 账户上出售的物品，以帮助 “支付 eBay”。他链接的账户中列出的物品包括一双袜子、一幅他的狗 Tylee 的画、一些 GameStop 的纪念品等。</p>
</div><p>Cohen also posted a screenshot of a notice from eBay saying his account has been permanently suspended, though his account appeared active at the time of publish.</p>
<div class="lb-trans"><p>科恩还发布了一张来自 eBay 的通知截图，称他的账户已被永久暂停，尽管在发布时他的账户似乎仍然活跃。</p>
</div><p>EBay did not immediately respond to Retail Dive’s questions about the alleged suspension or Cohen’s remark about prior outreach.</p>
<div class="lb-trans"><p>eBay 没有立即回应 Retail Dive 关于该暂停的质疑或科恩关于之前联系的评论。</p>
</div><p>Putting aside the dramatics, the devil is in the details of the deal.</p>
<div class="lb-trans"><p>撇开戏剧性不谈，交易的细节才是关键。</p>
</div><p>GameStop proposed a $56 billion acquisition of eBay. The retailer’s current bid would consist of about $9.4 billion of its own cash and liquid investments, in addition to potentially $20 billion of financing through TD Securities. GameStop’s market cap is hovering around $11 billion, and any issuance of more shares could be dilutive to the retailer’s current shareholders, host Melissa Lee noted on the CNBC interview.</p>
<div class="lb-trans"><p>GameStop 提议以 560 亿美元收购 eBay。这家零售商目前的出价将包括约 94 亿美元的自有现金和流动投资，以及可能通过 TD 证券融资的 200 亿美元。GameStop 的市值徘徊在 110 亿美元左右，任何更多股份的发行都可能稀释该零售商当前股东的权益，主持人梅丽莎·李在 CNBC 采访中指出。</p>
</div><p>Cohen’s perspective is that GameStop has the retail network and authentication capabilities to help improve eBay’s services in order to create a collectibles powerhouse.</p>
<div class="lb-trans"><p>科恩的观点是，GameStop 拥有零售网络和认证能力，可以帮助改善 eBay 的服务，从而打造一个收藏品强国。</p>
</div><p>But not every industry analyst is as upbeat on the specifics. There remains a “monetary black hole” in the financing of the proposal, GlobalData Managing Director Neil Saudners said in emailed comments on Monday.</p>
<div class="lb-trans"><p>但并不是所有行业分析师对具体情况都持乐观态度。GlobalData 的董事总经理尼尔·桑德斯在周一的电子邮件评论中表示，提案的融资仍然存在 “货币黑洞”。</p>
</div><p>“Unfortunately, the boldness of the bid is not matched by the strength of the logic that seems to be underpinning it, nor by the soundness of the financial basis on which the transaction is predicated,” Saunders said. “A transaction of this size and risk needs to be underpinned by watertight reasoning. While we accept that GameStop is early in this process and may further refine its thinking, it currently isn’t anywhere near compelling enough to make this a sound deal.”</p>
<div class="lb-trans"><p>桑德斯表示：“不幸的是，这一出价的大胆并没有与其背后的逻辑强度相匹配，也没有与交易所依据的财务基础的稳健性相匹配。如此规模和风险的交易需要有严密的推理作为支撑。虽然我们承认 GameStop 在这个过程中还处于早期阶段，可能会进一步完善其思路，但目前来看，这一提案远未足够有说服力，无法使其成为一个合理的交易。”</p>
</div>

每周总结：thredUP 的收入激增以及震撼零售业的采访