Retail Roundup: Postal Service Targets Retailers, Boscov's Looks to Sell

Postal service’s new site targets retailers – Direct-to-consumer retailers may find the process of shipping products to their customers has been made easier by a revamped U.S. Postal Service Web site. USPS.com features a new business section, complete with web-based tools for checking the accuracy of residential addresses among other services. [Source: Internetretailer]

Boscov’s looks to sell 39 stores, close 10 — Boscov’s Department Store has signed a letter of intent to sell its assets to Versa Capital Management. If the sale is finalized, Versa will operate the Pennsylvania-based chain composed of 49 stores, 10 of which are slated to close within a few weeks. Sale negotiations began just weeks after Boscov’s filed for bankruptcy last month. [Source: Furniture Today]

Circuit City’s slips into deeper trouble — In a dismal retail slump, Circuit City seems to be experiencing especially grave economic woes. When the company posted its second quarter revenue this morning, it admitted to losing $239.2 million, or $1.45 a share, in the quarter. Bruce Besanko, the chain’s CFO, said sales were below plan, with a “significant decline” in store traffic. [Source: Seeking Alpha]

Retail industry drops after bailout plan bounces – The retail industry received yet another blow Monday morning when retail shares fell after the U.S. House of Representatives rejected the government’s $700 billion bailout plan. The S&P Retail Index dropped 5.7 percent to 354.34, and a weak third quarter could prove drearier than economists initially speculated. Some economists say consumer spending might have declined in the third quarter, which would would mark the first quarterly decrease in 17 years. [Source: marketwatch.com]