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Sears Holdings Corp. said it signed a long-term lease with fast-fashion apparel chain Forever 21 to occupy about 43,000 square feet of a Sears department store in an upscale mall, located in Costa Mesa, Calif.
The deal, the first of its kind, for Hoffman Estates-based Sears, gives the struggling retailer a template to make more productive use of its mall stores, many of which anchor premium shopping centers but lag the retail industry in sales per square foot. Get the full story »
From Bloomberg | Sears chairman Edward Lampert withdrew about $756 million of assets from a hedge fund based in Greenwich, Conn., that he founded more than 20 years ago. He will receive a second payout by the end of July, according to regulatory filings.
Get the full story: businessweek.com.
By Wailin Wong
| Ace Hardware Corp. posted a year-on-year decline in net profit for the first quarter, as increased operating expenses and tepid consumer spending led to a decrease in sales.
The Oak Brook-based retailer reported net income of $11.8 million for the period, down 18 percent from $14.4 million in the same quarter last year. Total revenues came to $830.7 million for the quarter, a decrease of 2.4 percent from the year-earlier period. In the U.S., the soft economy meant declines in paint, hardware and plumbing sales, the company said, although the lawn and garden category saw an uptick in activity. Overseas sales were up 36.4 percent on the year, an increase Ace attributed to strong activity in the Middle East.
Ford City Mall. (William DeShazer/Chicago Tribune)
By Sandra M. Jones | Sears Holdings Corp. plans to close its Sears store at Ford City Mall in
July, the latest in a string of store closures.
The Sears store was underperforming other stores in the mall, according
to a representative of the Chicago shopping center.
(Gary Gardiner/Bloomberg News)
| By Sandra M. Jones | Sears plans to close eight of its namesake stores by early April as parent Sears Holdings Corp.continues efforts to trim underperforming locations from its ranks.
The retailer intends to shutter four full-line department stores in Waycross, Ga., Columbia, Tenn., Wilson, N.C., and Houston. Another four Sears Essentials stores–a freestanding, big-box format that once had been pegged as Sears’ growth vehicle–will close in Plainfield, N.J., Carlton, N.J., West Bend, Wis., and Londonderry, N.H. |
See also • Kmart to shut down 2 Illinois stores |
