May 11, 2012 |
Struggling women's clothing retailer TheTalbots Inc.is considering an improved takeover offer worth nearly $211 million from New York private equity firm Sycamore Partners. Sycamore is now proposing a $3.05-per-share deal for the Hingham, Mass., company, up from the $3-per-share bid that Talbots rejected in December as “inadequate.” The new proposal is 9.7% above the retailer's $2.78 close on Friday. Since spiking to $10.40 a share in December, when it announced an effort to ditch stores and boost profit, Talbots' stock has remained relatively stable.
January 15, 2012 |
-- Boston-based Kynetic, which operates designer discount website Rue La La, underwent major layoffs and intends to close its SmartBargains.com site, a report says. The Boston Business Journal reported that Kynetic laid off 11% of its 550 workers as part of a restructuring designed to allow the company to "double down" on its core business. Part of the shake-up involves outsourcing the sales force for Rue La La's city-specific portals called Rue Local. "These moves unfortunately resulted in the elimination of some staff positions," the company said.
December 30, 2011 |
Three Sears stores in California are among 79 stores nationwide slated to be closed after a dismal holiday season prompted Sears Holdings Corp. to retool its strategy. The Illinois retailer on Thursday posted a list of 41 Sears and 38 Kmart outlets targeted for closure, the first wave of the 100 to 120 stores the company plans to shut down. Two Sears stores in San Diego and one in El Monte will close at a date to be determined. No Kmart stores in the state are on the list.
December 27, 2011 |
Sears and Kmart — can you imagine America without them? With years of weak sales and no turnaround in sight, retail analysts believe that day may be coming. Sears Holding Co., which controls both chains, laid out plans Tuesday to close as many as 120 outlets after reporting yet another holiday sales slump. Industry observers say the company, which has posted four years of sales declines at its nearly 2,200 full-line U.S. stores, may be joining some other fallen giants in the retailing graveyard.
November 8, 2011 |
This holiday season, Sears and Kmart are testing virtual shopping walls at malls to empower smartphone owners to buy toys on the go. The walls, which feature pictures of toys for sale from Sears and Kmart along with bar codes attached to each item, will be placed temporarily at select malls, bus shelters, subway stations, airports and movie theaters around the country. While waiting for a bus or browsing the mall this season, shoppers can scan a code with their smartphones to buy a particular toy right on their device.
June 17, 2011 |
Sears Holdings Corp. is letting go about 700 Kmart appliance salespeople as the retailer struggles to turn around its slumping appliance business. The move will eliminate jobs at 225 Kmart stores as those outlets transition to a new cash register system that makes additional salespeople unnecessary, a Sears spokesman said. When Hoffman States, Ill.-based Sears first put appliances in Kmart stores in 2005, the spokesman said, Kmart point-of-sale systems weren't set up for appliance sales.