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Macy’s Inc. posted a higher-than-expected profit after sales surged during the holiday quarter, and the department store chain forecast continued gains this year.
For its new fiscal year, Macy’s expects sales at stores open at least a year to rise 3 percent. It forecast earnings of between $2.25 and $2.30 a share, which would be an increase from the just-ended year. Get the full story »
Discounting boosted quarterly sales at J.C. Penney Co.’s department stores but ate into margins, raising concerns about the company’s approach to win market share from rivals.
The retailer is under pressure to show it can grow after activist investor William Ackman took a 16.5 percent stake last month and said he would discuss how to improve the company’s performance. Penney adopted an anti-takeover “poison pill” soon after. Get the full story »
Kohl’s Corp. is set to open more new stores in 2011 than it originally planned, citing more favorable conditions and availability in the commercial real estate market.
The mid-tier U.S. department store operator, which operates 1,089 stores, had planned to open 30 new stores next year but now intends to open 40, Chief Financial Officer Wes McDonald said on a call with analysts. Get the full story »
J.C. Penney Co. has formed a new business unit that will focus on niche brands as it seeks new sources of revenue beyond its namesake department store chain.
The first two projects of the division, Growth Brands, will be launched in partnership with Hearst Magazines next summer. Get the full story »
Macy’s Inc. said Wednesday it turned a profit in the third quarter after a loss a year ago, boosted by tailoring merchandise to local markets and higher spending from wealthier customers at its Bloomingdale’s chain. Get the full story »
A Loehmann's store on State Street in Chicago. (Phil Velasquez/Chicago Tribune)
Loehmann’s said it is exploring a pre-negotiated bankruptcy reorganization, among other options, after defaulting on a loan.
The off-price women’s clothing retailer failed to consummate an exchange of a series of old notes for a series of new notes, the retailer said in a press release Friday. The company received valid tenders representing 92.4 percent of the outstanding principal amount of the old notes, less than the 97 percent required.
As a result, Loehmann’s missed an October interest payment, resulting in default on its revolving credit agreement with Crystal Financial LLC. Get the full story »
Marshall Field V, the great-great-grandson of merchandising king Marshall Field, is winding down one of the final vestiges of his public life in Chicago. On Sunday, he announced that he and his wife, Jamee, are closing their family foundation and transferring its assets to a special fund at The Chicago Community Trust.
Carson Pirie Scott and Calvin Klein plan to open a pop-up shop in River North on Friday, a first for both companies.
The 1,600 square-foot store, at 116 W. Hubbard St., will remain open for seven days and showcase Calvin Klein’s fall collection of sportswear, dresses, jeans, underwear and accessories. The companies are taking over unfinished retail space on the first floor of Hub 116, a newly constructed office and gallery building. Get the full story »
U.S. retailer Sears Holdings Corp. plans to launch 85 toy shops in select U.S. markets next month as it looks for a bigger bite of the holiday sales pie, a senior executive said.
The move from the operator of Sears department stores and the Kmart discount chain comes as competition heats up in the toy retail arena ahead of the biggest selling season of the year. Get the full story »
Macy’s Inc. said it plans to hire about 65,000 seasonal staff for the holiday season — a slight increase from previous years. The rise in hiring reflects Macy’s expectation that same-store sales will grow 3-3.5 percent in the second half of fiscal 2010, the company said in a statement. Get the full story »
Crate and Barrel is stepping up its relationship with Finnish textile house Marimekko, 40 years after the two first formed a business relationship.
Marimekko said Friday that as part of plans to expand its U.S. market presence, the company will form a U.S. subsidiary to extend its reach in the United States and one of the first extensions will be to open a 1,775-square-foot Marimekko shop within Crate and Barrel’s store in New York’s Soho neighborhood in October. Additional U.S. shop-in-shops and e-commerce opportunities also are being explored. Get the full story »
Macy’s Inc. reported better-than-expected earnings as its exclusive lines helped it win market share and its upscale Bloomingdale’s chain benefited from a pickup in luxury spending. The retailer raised its full year sales and profit forecast, sending shares were up 1.5 percent in premarket trading. Get the full story »
