May 20, 1999 |
Consolidated Stores Corp., owner of the toy chain KB Toys, said it will combine its online toy retailing unit with closely held BrainPlay.com to bolster sales over the Internet. Consolidated Stores will invest $80 million to help market the new venture, KBToys.com, and will own 80% of it. BrainPlay.com will own the other 20% and its founder and chief executive, Srikant Srinivasan, 33, will be CEO. KBToys.com will be based in Denver, where BrainPlay.com has its corporate offices.
July 9, 1999 |
Consolidated Stores Corp. said it will post a loss in its fiscal second quarter because of slowing video game sales at its KB Toys chain and higher import costs. News of the unexpected loss sent Consolidated's stock plunging nearly 30%. The shares fell $6.88 to close at $16.50 in active trading on the NYSE. Consolidated also operates Odd Lots, Pic 'N' Save and Mac Frugal'sbargain close-out merchandise stores.
August 20, 1998
Analog Devices Inc., maker of chips that translate analog signals into digital, said fiscal third-quarter profit plunged 50% to $30.1 million, or 15 cents a share, missing forecasts by 4 cents. Sales fell 11% to $295 million. The company said in July its profit would fall because of slowing demand from Asian companies. Analog also said it will shut some plants and cut expenses because it expects fourth-quarter sales to be unchanged from the third quarter. Analog Devices' shares fell $2.
December 15, 1995 |
About 900,000 cigarette lighters should be returned to the stores where they were bought because they lack safety devices to keep children from igniting them, the government said Thursday. The Consumer Product Safety Commission also said it is recalling 26,000 nylon hammocks and 31,400 wooden bunk beds because children could become trapped in them and possibly strangle. Young's Assn.
May 6, 1998 |
Apria Healthcare Group Inc. on Tuesday named turnaround specialist Philip L. Carter as chief executive of the wayward Costa Mesa home health-care giant. Carter, a 49-year-old Australian, engineered a turnaround at Dominguez-based Mac Frugal's Bargains-Closeouts Inc., a 330-store close-out chain. The company was sold this year to Wilmington, Del.-based Consolidated Stores Corp. Carter was recruited to Apria by recently appointed Chairman Ralph V.
March 26, 1996 |
Melville Corp. said Monday that it agreed to sell its Kay-Bee Toys chain, the nation's No. 2 toy retailer, to close-out retailer Consolidated Stores Corp. for $315 million. The sale is expected to heat up competition in an industry where smaller competitors are grappling to gain market share from leader Toys R Us. That is because Consolidated's low-cost structure should lower toy prices, which will bring more shoppers into Kay-Bee's more than 1,000 stores, analysts said.
November 27, 1999 |
The Internet is turning holidays into shopping days. With malls and department stores closed on Thanksgiving, always-open online merchants got an early jump Thursday on the holiday spending binge. Several e-retailers reported a sales spike Thursday evening, in the lull after holiday dinners and televised football games that were punctuated with commercial breaks advertising dot-com companies.
August 17, 2000 |
Tiffany & Co. said Wednesday that profit surged 70% in the latest quarter, well above analysts' estimates, but some other retailers posted weak earnings on sluggish sales. Tiffany, a luxury retailer known for its signature blue gift boxes, has managed to shine in what has otherwise been a tarnished summer for many retailers. Apparel retailers have been particularly hard hit. Upscale Nordstrom Inc. posted a 21% drop in operating profit, and discount clothing retailer Ross Stores Inc.