Five Below (FIVE) has asked its vendors to suspend cargo shipments from China, Bloomberg reported Friday, citing a memo sent to vendors by A.P. Moller-Maersk on behalf of Five Below.
The company's shares slumped as much as 10% after Maersk sent the letter to vendors. The stock was still down nearly 9% in recent trading.
The discount retail chain's move follows the tariff war between the US and China, where US tariffs on China are now around 145%.
The news outlet could not ascertain if the memo went to select Five Below vendors or all. The suspension started on Thursday.
Five Below didn't immediately respond to a request for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Price: 56.39, Change: -5.39, Percent Change: -8.72
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