这家曾为数代美国家庭承载"温馨之家"梦想的零售巨头——American Signature Inc.(ASI)，最终向特拉华州破产法院提交了《美国破产法》第11章保护申 请。消息如同巨石入水，激起零售市场的滔天巨浪。 ASI的倒下，并非一场突如其来的财务意外，而是一部被时代缓慢写就的悲剧史诗。故事要从零售业的"黄金时代"说起，当时，管理层错将短期的非理性 消费高峰视为永恒常态，签署了高价长租合同，并激进扩张。但转折点出现在2022年下半年，当美联储的激进加息行动将房地产市场冰封，消费者信心崩 溃，巨额利息支出如雪球般滚大，彻底吞噬了其微薄的利润... 大象，也得翻身 一张百年家具帝国的多米诺骨牌，倒下了。 转折点出现在2022年下半年，随着生活逐渐回归常态，宏观经济环境开始以惊人的速度恶化。首先，美联储为遏制通胀而采取的激进加息行动，将抵押贷 款利率推至历史高位，使得房地产市场迅速冷却。家具销售与房屋销售有着极强的正相关性——如果没人买新房，就没有人需要添置全套新家具。 近日，美国零售巨头American Signature Inc.(ASI)向特拉华州破产法院提交了《美国破产法》第11章的保护申请。 消息传 ...

Core Viewpoint - Gao Xin Retail, the parent company of RT-Mart, reported a significant loss for the first half of the fiscal year, indicating challenges in the retail sector due to increased competition and consumer fatigue [2][3]. Financial Performance - Gao Xin Retail's revenue for the six months ending September 30, 2025, was RMB 30.502 billion, a decrease of 12.12% year-on-year [2]. - The company reported a loss attributable to equity shareholders of RMB 123 million, compared to a profit of RMB 206 million in the same period last year [2]. - Revenue from merchandise sales was RMB 29.081 billion, down 12.4% from RMB 33.186 billion year-on-year, attributed to lower average transaction sizes and prices due to market competition and consumer behavior [2]. Revenue Breakdown - Membership fee income increased to RMB 18 million, up 28.6% from RMB 14 million year-on-year [3]. - Rental income decreased to RMB 1.403 billion, down 7.0% from RMB 1.508 billion year-on-year, primarily due to rental reductions and tenant restructuring [3]. Future Development Plans - Gao Xin Retail plans to focus on a retail model that emphasizes "healthy products + enjoyable experiences + attentive service" over the next three years, targeting family and young consumer needs [3].

Core Viewpoint - Gao Xin Retail, the parent company of RT-Mart, reported a significant loss for the first half of the fiscal year, indicating challenges in the retail sector due to increased competition and consumer fatigue [1][2] Financial Performance - Gao Xin Retail's revenue for the six months ending September 30, 2025, was RMB 30.502 billion, a decrease of 12.12% year-on-year [1] - The company reported a loss attributable to equity shareholders of RMB 123 million, compared to a profit of RMB 206 million in the same period last year [1] - Revenue from merchandise sales was RMB 29.081 billion, down 12.4% from RMB 33.186 billion in the previous year, reflecting a decline in average transaction size and product prices [1] Revenue Breakdown - Membership fee income increased to RMB 18 million, up 28.6% from RMB 14 million year-on-year [2] - Rental income decreased to RMB 1.403 billion, down 7.0% from RMB 1.508 billion, attributed to rent reductions and ongoing tenant structure optimization [2] Future Development Plans - Gao Xin Retail plans to focus on a retail model that emphasizes "healthy products + enjoyable experiences + attentive service" over the next three years, aiming to cater to families and younger consumers [2]