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BUSINESS
November 14, 2002 | Angela Moore, Reuters
NEW YORK -- Retail giants Wal-Mart Stores Inc. and Federated Department Stores posted higher quarterly earnings Wednesday, but analysts remain worried about weaker consumer spending in the holiday season. Wal-Mart, the world's biggest retailer, said profit jumped 23% in the quarter ended Oct. 31. Federated, parent of Macy's and Bloomingdales, also posted strong earnings, helped by tighter inventories that reduced the need for markdowns. Wal-Mart said net income climbed to $1.
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BUSINESS
November 9, 2002 | Abigail Goldman, Times Staff Writer
Shares of discount merchant Factory 2-U Stores Inc. more than doubled Friday after the appointment of onetime Wal-Mart Stores Inc. Chief Executive William R. Fields as the company's chairman and CEO. Factory 2-U, which made the announcement after markets closed Thursday, saw its stock jump $2.77 to close at $4.45 on Nasdaq on Friday. The stock hit a 52-week low just a few weeks ago, closing at $1.11 on Oct. 11.
BUSINESS
October 27, 2002 | From Times Staff
Organized labor won the opening salvo in an all-out effort to limit Wal-Mart Stores Inc.'s expansion in California, successfully lobbying the Inglewood City Council to block the nonunion retail giant's plans to build a super center in that city. The union representing local supermarket clerks, which recently raised dues to create a $3-million war chest to fight Wal-Mart's expansion in California, is now pushing a similar ordinance in the city of Los Angeles.
BUSINESS
October 25, 2002 | Nancy Cleeland and Abigail Goldman, Times Staff Writers
Organized labor won a key battle this week in an all-out effort to limit Wal-Mart's expansion in California, successfully lobbying the Inglewood City Council to block the nonunion retail giant from building a super center in that city. The union representing local supermarket clerks, which recently hiked dues to create a $3-million war chest to fight Wal-Mart's expansion in Southern California, is now pushing a similar effort in the city of Los Angeles.
BUSINESS
October 24, 2002 | Bloomberg News
Mattress Discounters Corp. filed for bankruptcy protection and said it would close more than 100 California stores. Mattress Discounters said it has asked a federal bankruptcy judge for approval to sell its stores in San Francisco, San Diego and Sacramento and to close more than 100 remaining stores in the state. The Upper Marlboro, Md.-based company employs more than 1,000 workers.
BUSINESS
October 9, 2002 | ABIGAIL GOLDMAN, TIMES STAFF WRITER
The port closure isn't hurting all businesses that depend on international trade: Through luck as much as pluck, many local garment manufacturers, off-price apparel sellers and discount stores have found ways to eke out gains. David Glasberg, president of Vernon-based U.F.N. Textile Group Inc., said that after a very slow summer his phone started ringing with orders from nervous retailers looking to quickly diversify their sources of supply. Online discount fashion seller Bluefly Inc.
BUSINESS
August 29, 2002 | From Times Wire Services
Kmart Corp., which is restructuring under Chapter 11 bankruptcy protection, said on Wednesday that it will publish its weekly advertising circular in Spanish for the first time, in a bid to reach out to the growing Latino market. The discount retailer said the advertising circular would be translated into Spanish starting today.
BUSINESS
July 15, 2002 | JAMES BATES, TIMES STAFF WRITER
Like the tapes and DVDs it rents, Blockbuster Inc. always seems to be living on borrowed time. Since emerging more than a decade ago as the nation's dominant video rental chain, Blockbuster has regularly shaken off apocalyptic predictions, whether they stemmed from antitrust suits or looming technology that eventually could allow people to call up any movie they want without rising from their recliners.
BUSINESS
June 7, 2002 | ABIGAIL GOLDMAN, TIMES STAFF WRITER
Wal-Mart Stores Inc. is launching its most serious expansion into America's major urban areas, with Los Angeles at the top of the company's list. The world's biggest retailer is in the early stages of acquiring land for a store in the city's Harbor Gateway area, a Wal-Mart executive told The Times on Thursday.
CALIFORNIA | LOCAL
May 23, 2002 | ELENA GAONA, TIMES STAFF WRITER
Attempting to clean up storefronts and continue the renovation of downtown Oxnard, the City Council is prohibiting new thrift or discount stores from opening downtown and making it more difficult for such stores to open elsewhere in the city. Some store owners feel unfairly singled out, and their value-conscious customers worry that the recent council actions will make it more difficult to find a bargain.
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