Forever 21 has submitted a stalking-horse bid to buy most of the 176 remaining Mervyns stores, intending to expand from its 430 mall stores into stand-alone locations in California and other Western states. The Los Angeles fast-fashion chain first tried to buy Mervyns in 2004, when Target Corp. sold it to an investment group for $1.2 billion, according to Apparel News. “Our vision has...
Retail Industry Archive
October 2008
Specialty apparel stores add new hires while department stores trim staff — While department stores are feeling a heavy blow thanks to decreased consumer spending, specialty stores seem to be grappling their way through the dark economy without picking up too many bruises along the way. While department stores shed 10,800 jobs in September, specialty apparel stores added 2,600,...
Thousands of jobs cut in suffering retail sector — Roughly 40,100 retail employees lost their jobs in September as stores across the nation were forced to downsize or close their doors thanks to decreased consumer spending. The loss marks the 10th consecutive month of retail-job cuts, as the nation’s unemployment rate remains frozen at 6.1 percent. [Source: Forbes] Dillard’s...
The Find: With the economy ailing, retailers are doubtless worried about the coming holiday season, but recent research warns that cutting staffing may amount to cutting profits rather than cutting costs. The Source: New research from Harvard Business School via The FT Management Blog. The Takeaway: Assistant Professor of Business Administration Zeynep Ton looked at extensive data from one...
Foot Locker’s CEO resigns – Richard Mina resigned from his post as CEO of Foot Locker’s U.S. division after five years at the helm of the athletic retail behemoth, according to a U.S. Securities and Exchange Commission filing. The company requested that Mina resign immediately, stating that his position would be terminated in the end of October. Mina’s exit came amid...
GameStop is making money, and its CEO thinks its ever-enlarging footprint in Europe is one of the reasons why. The gaming retailer will pay a unit of LVMH $700 million for Micromania, a French chain with more than 300 stores, in a deal announced Wednesday. It gives GameStop 5,889 stores in 16 countries, including 1,077 in Europe, according to Seeking Alpha. On Aug. 2, GameStop CEO Daniel...
Over at Consumerist.com, where Circuit City’s woes and failings are a constant source of conversation, Meg Marco posed a question to community members: How would you fix Circuit City? Brand-new acting CEO James Marcum got to preside over an earnings call that reveals a $240 million second-quarter loss and declining sales and comps. Given that, Marco said, what should Circuit City do...
Simmons Bedding rests under new leadership — After eight years at the helm of retail giant Simmons Bedding, Charlie Eitel is stepping down from his post as the company’s CEO, and Chief Operating Officer Steve Fendrich is taking over. Eitel will stay involved with the company by serving as the vice chairman of the board of directors, but no reason for his transition was given....
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