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BUSINESS
December 5, 2002 | Hanah Cho, Abigail Goldman and Nancy Cleeland, Times Staff Writers
The Inglewood City Council reversed its decision to bar Wal-Mart Stores Inc. from building a super center in the city, giving organized labor at least a temporary setback in its efforts to limit the giant retailer's expansion in California. The 3-0 vote Tuesday night came in response to a request from Inglewood's interim city attorney, who advised council members to repeal the ordinance on procedural grounds. Interim City Atty.
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BUSINESS
November 30, 2002 | Leslie Earnest, Times Staff Writer
If the opening day of the holiday shopping season is any guide, this year could end up being a "Costco Christmas." Bargain-hungry Southern Californians swarmed the region's stores Friday, guided largely by a sense of practicality that had thousands rising before sunrise to snap up the best deals on a wide array of gifts.
BUSINESS
November 30, 2002 | Abigail Goldman, Times Staff Writer
Toy shoppers began lining up at 4:30 a.m. Friday outside the Toys R Us on La Cienega Boulevard in Los Angeles in search of one thing -- and it wasn't a must-have toy. Instead, they wanted a bargain. Claudia Santos, 33, and Rosa Bonilla, 40, came to buy a Game Boy Advance hand-held device, which for $70 included a $30-value Super Mario World game. Rosa Hernandez, 18, and nine family members came for, among other items, a Nintendo GameCube and software, advertised at $200, or about 17% off.
BUSINESS
November 19, 2002 | From Bloomberg News
Kmart Corp. Chief Executive James Adamson said Monday that monthly sales at the discount retailer may rise for the first time in more than a year in December as shoppers buy more Martha Stewart merchandise. Sales at stores open at least a year are expected to be "neutral to slightly positive," Adamson said. Sales of Martha Stewart items are "doing better on a per-store basis" this year, he said.
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.
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.
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