Chain Store Age Executive Fax articles from April 2003

Chain Store Age Executive Fax archives from April 2003

New stores, new markets.(multiple items regarding store openings)(Brief Article)
April 25, 2003... Dick's Sporting Goods has a two-fold plan for Madison, Wis. The chain will open at both East Towne Mall and West Towne Mall.... Look for Big 5 Sporting Goods to open in Phoenix at Desert Sky Palms Shopping Center.... Berean Christian Stores...

Spiegel to close outlet stores, locations may reopen in future.(The Spiegel Group)(Brief Article)
April 25, 2003... Looking to free up some cash and streamline its operations during its reorganization, The Spiegel Group said this week that it will shutter all of its 21 outlet stores. The company wants to close 12 Spiegel outlet stores, four Spiegel...

Affluent shoppers see spending cuts.(Brief Article)
April 25, 2003... It's not just your average American consumer who has curbed spending. A recent survey conducted by the American Affluence Research Center showed that wealthy consumers have already curbed spending and are expected to make additional cuts in...

For Kmart, only two more weeks to go.(Brief Article)
April 25, 2003... Kmart is expected to emerge from bankruptcy on May 5, following negotiations this week that had cleared away a number of objections to its reorganization plan by the retailer's creditors and other parties. In other company news, Kmart's...

ShopKo Stores.(Larry Gentry becomes VP of store operations for namebrand division)(Brief Article)
April 25, 2003... ShopKo Stores named Larry Gentry VP of store operations for its namebrand division....

Saks, Inc. named Kenneth Armstrong senior VP of stores and David Doub senior VP, general merchandise manager of ready-to-wear and of its Parisian division.(Brief Article)
April 25, 2003... Saks, Inc. named Kenneth Armstrong senior VP of stores and David Doub senior VP, general merchandise manager of ready-to-wear and of its Parisian division. Armstrong was employed with Lord & Taylor, a division of May Co., from 1984 to 2001,...

Fleming.(names Bill May CEO and president of wholesale division)(Brief Article)
April 25, 2003... Fleming named Bill May CEO and president of its wholesale division. Also, interim COO Rob Allen has resigned....

SuperValu named Lee Armbuster president of its Pittsburgh-based Shop-N-Save organization.(Brief Article)
April 25, 2003... SuperValu named Lee Armbuster president of its Pittsburgh-based Shop-N-Save organization....

Jim Oien was appointed VP of planning and allocation of Pacific Sunwear.(Brief Article)
April 25, 2003... Jim Oien was appointed VP of planning and allocation of Pacific Sunwear. The company also named Linda Eddy as VP of real estate. Both come from Limited Brands....

Tuesday Morning.(names new CFO and COO)(Brief Article)
April 25, 2003... Tuesday Morning named Loren Jensen as its new CFO, replacing Mark Jarvis, who has retired. The chain also named Michael Marchetti as COO.

For FAO, Chapter 11 is but a memory.(Brief Article)
April 25, 2003... FAO, Inc. has emerged from Chapter 11, just one week after it looked like it might have been forced to liquidate. As part of its plan, FAO closed on the sale of $30 million of its convertible preferred stock to a group of investors. It also...

Fleming restatement: off by $85 million.(Brief Article)
April 25, 2003... Fleming Cos. overstated its earnings by $85 million in fiscal 2001 and the first three quarters of 2002. The problem was rooted in vendor rebates and other allowances, the company said. Another $80 million in pre-tax losses are anticipated...

Bargain hunters: 37% off equals a deal.(Brief Article)
April 25, 2003... What constitutes a bargain for the average retail consumer? According to a new survey conducted by Opinion Research Corp. on behalf of Big Lots, Americans consider 37% off the original price of an item a bargain. Even more telling, the survey...

Fake Tiffany jewelry sellers nabbed.(Starglam.com and Enddi Silver are now subject to enforcement)
April 25, 2003... Audrey Hepburn would never have been fooled by a pair of companies in New York City that had reportedly made and sold counterfeit Tiffany & Co. jewelry items. The duo were nabbed by the FBI and the U.S. Attorney's office in Brooklyn, N.Y.,...

This week's retail news nuggets.(multiple records)(Brief Article)
April 25, 2003... Sears is expanding its Craftsman merchandise line to include work shoes. The retailer partnered with Red Wing Shoes in a deal that creates a co-branded line of professional-grade work footwear.... Marsh Supermarkets signed a deal with...

New stores, new markets.(from various retailers)(Brief Article)
April 18, 2003... Ethan Allen opened this week in Princeton, N.J.... Cato has added locations in Clarksburg, W.Va.; Wake Forest, N.C.; and Savannah and Knoxville, Tenn.... Sofa Mart, a division of Furniture Row Cos., opened in Marion, Colo.... Kohl's opened...

Sudden loss of financing at FAO, company may be forced to close.(Brief Article)
April 18, 2003... After having the rug pulled out from underneath it, FAO, Inc. is asking the bankruptcy courts to approve a modification to its previous Chapter 11 plan. The retailer suddenly lost the $77 million in funding it had arranged to emerge from...

Kmart hits snag in chapter 11 exit plan.(bankruptcy reorganization plan)(Brief Article)
April 18, 2003... Kmart may remain in bankruptcy a few weeks longer than it had hoped. During hearings this week, a number of the chain's business partners, particularly landlords and creditors, questioned Kmart executives, including chief executive Julian...

Prospects great for apparel industry.(US consumers said to be ready to update their wardrobes)(Brief Article)
April 18, 2003... Apparel retailers may soon get a rush of foot traffic in their stores. A recent study by STS Market Research says that for the first time in several months, U.S. consumers are thinking about updating their wardrobes with new clothes. Over...

Party City CEO James Shea resigned this week.(Brief Article)
April 18, 2003... Party City CEO James Shea resigned this week. He is being replaced by Nancy Pedot, a director of the company....

Kathy Guinnessey, treasurer and VP of finance of Footstar, left the company this week to accept a position at an unnamed company.(Brief Article)
April 18, 2003... Kathy Guinnessey, treasurer and VP of finance of Footstar, left the company this week to accept a position at an unnamed company. Taking her place will be Stephen Wilson, Footstar's executive VP and CFO, and other members of the finance...

Ahold USA.(executive appointments)(Brief Article)
April 18, 2003... At Ahold USA: Tony Schiano will serve as CEO and president of the combined Giant of Carlisle and Tops Markets organization; Frank Curci will assume the position of COO of Giant of Landover; Max Henderson will take over the new role of...

Starbucks acquires Seattle Coffee Co.(Brief Article)
April 18, 2003... Starbucks is spending $72 million in cash to buy the North American operations of Seattle Coffee Co. It is buying the U.S. and Canadian business operations from AFC Enterprises, which also operates Popeyes Chicken. Seattle Coffee operates 21...

Target shoots for 80 new stores in 2003.(Brief Article)
April 18, 2003... Target will spend roughly $3.3 billion on capital expenditures in 2003. It hopes to open 80 new stores in fiscal 2003, representing square footage growth of about 9%. Of the 80 stores, 23 will be SuperTargets.

Barcode cyberpranksters under fire.(Brief Article)
April 18, 2003... A Web site that allegedly has been providing shoppers with a how-to manual and the means to print replacement barcodes has shut down part of its operations. However, the site still provides a database of barcodes that can be copied and pasted...

Latest weekly sales tally rises 1.3%.(retail same-store sales)(Brief Article)
April 18, 2003... Retail same-store sales increased 1.3% across the industry for the week ended April 12, compared with the previous week. On a year-to-year basis, sales rose 1.7%, according to the Bank of Tokyo Mitsubishi-UBS Warburg. In the department store...

Lillian Vernon Bought by investors.(acquired by a private equity fund managed by Ripplewood Holdings)(Brief Article)
April 18, 2003... Direct-merchant Lillian Vernon Corp. will be acquired by a private equity fund managed by Ripplewood Holdings for roughly $60 million. In addition, founder Lillian Vernon will cease running the operations on a day-to-day basis. She will,...

This week's retail news nuggets.(Brief Article)
April 18, 2003... Circuit City hired Millennium Retail Partners as its exclusive national real estate agent.... Toronto Dominion Bank will close its network of 118 mini-branches located within Wal-Mart Canada stores over the next three years.... ...

New stores, new markets.(multiple company openings)(Brief Article)
April 11, 2003... The Bon Marche will open in a former Sears Home Life spot in Tacoma, Wash.... Pottery Barn will open its first store in Western Canada in Vancouver this weekend.... Cost Plus World Market opened this week in Boulder and Colorado Springs,...

March comps decrease by 0.2%, has `CNN effect' ruined retail?
April 11, 2003... Analysts and economists have cited a number of reasons why retail sales declined 0.2% in March. Among them are strong comparisons with results from the same period in 2002 (when comps rose 6.4%), the shift in the Easter holiday, poor weather,...

Rite aid gives COO Sammons CEO role.(Mary Sammons)(Brief Article)
April 11, 2003... Rite Aid will give its president and COO Mary Sammons the title of CEO on June 25, the date of its annual stockholder meeting. She will take over the position from Robert Miller, who will remain chairman of the board until at least June 2005....

Ingles Markets.(Larry Goetsch promoted to vice president)(Brief Article)
April 11, 2003... Larry Goetsch was promoted to VP of direct store delivery operations of Ingles Markets....

Claire's Stores, Inc.(appointments and promotions)(Brief Article)
April 11, 2003... Claire's Stores, Inc. promoted Nancy Rich to COO of its North American division, which is comprised of all Claire's name brand stores as well as its Icing by Claire's banner. The retailer also named Joseph DeFalco chief administration...

SuperValu.(Chris Owens named director of Advantage Logistics)(Brief Article)
April 11, 2003... SuperValu named Chris Owens director of business development for Advantage Logistics, its supply-chain management offering....

Kohl.(Patti Johnson moves from Kohl's to Old Navy)(Brief Article)
April 11, 2003... Patti Johnson resigned as CFO of Kohl's to become CFO of Gap's Old Navy division. Johnson will replace Lee Bird, who was named COO of Gap's name brand division....

Aaron Bros.(Harvey Kanter appointed president)(Brief Article)
April 11, 2003... Harvey Kanter was appointed president of Aaron Bros., a division of Michaels Stores, effective April 21.

A&F is top draw for teenage shoppers.(Brief Article)
April 11, 2003... Abercrombie & Fitch (A&F), Express and Pacific Sunwear continue to be the favorite retailers of America's teens, with A&F taking top honors for the fourth straight time. Other top draws for teens include American Eagle Outfitters and...

Home improvement budgets on the rise.(Brief Article)
April 11, 2003... Budgets for home improvement projects are expected to rise 31% to $3,796 this year, compared with $2,888 in 2000. That's up 42% from $2,660 in 1997, according to the American Express Home Improvement Index survey. Half of home improvers will...

Office depot may expand overseas.(bid for acquisition of Guilbert)(Brief Article)
April 11, 2003... Office Depot, Inc. has placed a bid to acquire French office-supplies retailer Guilbert, a division of Pinault Printemps Redoute (PPR), for $870 million. The purchase would reportedly lower Office Depot's purchasing costs by roughly 1.5% and...

This week's retail news nuggets.(multiple briefs)(Brief Article)
April 11, 2003... Eagle Food Centers, a 61-store supermarket chain in Illinois and Iowa, filed for bankruptcy protection this week.... FAO, Inc. will formally emerge from Chapter 11 at the end of the month.... New York attorney general Eliot Spitzer is suing...

New stores, new markets.(various companies)(Brief Article)
April 4, 2003... Barnes & Noble will open in March 2004 at Southern Hills Mall in Sioux City, Iowa; The Centre in Copperfield, near Houston; and the Gilroy (Calif.) Crossing Shopping Center. Walgreens just opened in Southern California in the town of Van...

Nine men out: after HQ trimming, Kmart elects brand new board.(Brief Article)
April 4, 2003... With April 30 hanging low on the horizon as its target to emerge from bankruptcy, Kmart Corp. made some major shake-ups. In its latest round of belt-tightening, the chain will cut some 400 jobs at its headquarters, eliminate 123 support...

Best Buy seeks buyer for Musicland.(Brief Article)
April 4, 2003... Buying Musicland for $700 million seemed like a good idea two years ago for Best Buy, the nation's largest consumer-electronics specialty retailer. Those days are gone. Best Buy intends to sell the money-losing division that includes 736 Sam...

Big Lots takes big brand to the nation.(Brief Article)
April 4, 2003... There's a new retail presence in TV land, along with the bouncing yellow smiley face of Wal-Mart and the retro game-show parodies of Old Navy--Big Lots has gone national with 30-second television commercials. Columbus, Ohio-based Big Lots...

Howard Schultz is stepping down as a director of eBay in June.(Brief Article)
April 4, 2003... Howard Schultz is stepping down as a director of eBay in June, when his term expires. Schultz is chairman of Starbucks Coffee Co.

Dillard.(Bob Martin appointed to board of directors)(Brief Article)
April 4, 2003... Dillard's appointed Bob Martin to its board of directors. Martin is the former president and CEO of Wal-Mart Inter-national.

Nordstrom.(Joel Stinson retires)(Brief Article)
April 4, 2003... Seattle-based Nordstrom's Joel Stinson, chief administrative officer, retired after 27 years at the upscale retailer.

PriceSmart.(Robert Price appointed interim president, CEO)(Brief Article)
April 4, 2003... PriceSmart's chairman Robert Price will take on the additional post of interim president and CEO. He replaces Gilbert Partida, who has relinquished those posts as well as his seat on the company's board of directors.

KB Toys.(Robert J. Feldman appointed executive VP, CFO)(Brief Article)
April 4, 2003... KB Toys appointed Robert J. Feldman to executive VP and CFO. Feldman was most recently senior VP and CFO.

J.C. Penney.(Burl Osborne elected to board of directors)(Brief Article)
April 4, 2003... J.C. Penney elected Burl Osborne to the company's board of directors. He is the chairman of the board of The Associated Press and president of Belo Corp.'s publishing division.

Dollar General.(David Perdue Jr. appointed CEO)(Brief Article)
April 4, 2003... Dollar General hired David Perdue Jr. as CEO and a member of the board of directors. Perdue is a former Reebok Brand president and CEO.

Big week-to-week decline in Index.(Bank of Tokyo Mitsubishi-UBS Warburg Weekly U.S. Retail Chain Store Sales Index)(Brief Article)
April 4, 2003... The Bank of Tokyo Mitsubishi-UBS Warburg Weekly U.S. Retail Chain Store Sales Index showed the largest week-to-week decline since early December. The index declined 1.4% on a week-to-week basis and rose 0.5% compared to the same week last...

Debit-trial rulings lift retail hopes.(Visa USA, MasterCard International case)(Brief Article)
April 4, 2003... The judge in the suit brought against Visa USA and MasterCard International by a coalition of retailers has granted five of the retailers' eight summary judgment motions and denied all of Visa's and MasterCard's. Among the summary judgment...

Ahold wants out of South America.(Brief Article)
April 4, 2003... Seeking maturity and stability in its international markets, Ahold intends to pull out of South America, where it operates in Chile, Brazil, Argentina, Peru and Paraguay. No timetable has been set, and the chain pledged to withdraw from the...

Fleming Cos. files for Chapter 11.(Brief Article)
April 4, 2003... The idea of former retailer and former Kmart supplier Fleming Cos. fil-ing for bankruptcy protection is no longer "ludicrous;" it's reality. The Lewisville, Texas-based food distributor listed assets amounting to $4.22 billion and liabilities...

This week's retail news nuggets.(industry briefs)(Brief Article)
April 4, 2003... The Home Depot debuted its Color Solutions Center for paint-product customers. The centers measure 30 ft. across and carry more than 3,000 paint samples in a single display. Gottschalks launched a new line of children's private-label...