January 11, 2013 |
Struggling electronics giant Best Buy Co. said holiday sales fell despite strong results online and in U.S. stores. For the nine weeks ended Jan. 5, the Minneapolis-based retailer posted revenue of $12.8 billion, down from $12.9 billion in the same period a year earlier. Sales at stores open at least a year, considered a key gauge of a retailer's health, dropped 1.4%. International comparable stores sales plunged 6.4%, while domestic sales were flat. Best Buy has been trying to implement a turnaround strategy as it combats increased competition from online retailers such as Amazon.com.
January 10, 2013 |
Mercury Media, the Santa Monica advertising company behind the television commercials for Ronco products, Shark vacuum cleaners, Zumba Fitness and Hoveround wheelchair-styled automated vehicles, said it has acquired iMarketing, a boutique Internet ad firm. Financial details were not disclosed. About 30 employees of the Princeton, N.J.-based iMarketing have been absorbed by Mercury Media, said John Barnes, chief executive of Mercury. The transaction closed Dec. 31 and was officially announced this week.
September 26, 2012 |
Staples Inc. is speeding up store closures, shaking up management and boosting its online business as the office-supply chain implements a multiyear plan to cut costs. The Framingham, Mass., company is looking to save $250 million annually by the end of fiscal 2015. At that point, Staples said, it intends to have shaved its retail square footage 15%. For now, the chain is looking to accelerate the shutdown of 15 U.S. stores. By the end of its fiscal year, Staples said it expects to have 30 net store closures and 30 downsized or relocated stores in North America.
September 25, 2012 |
Staples Inc. is speeding up store closures, shaking up management and boosting its online business as the office-supply chain implements a multiyear plan to cut costs. The Framingham, Mass.-based company is looking to save $250 million, before taxes, by the end of fiscal year 2015. At that point, Staples said it intends to have shaved down its retail square footage by 15%. For now, the chain is looking to accelerate the shutdown of 15 U.S. stores. By the end of its fiscal year, Staples said it expects to have 30 net store closures and 30 downsized or relocated stores in North America.
September 15, 2012 |
-- Home improvement chain Home Depot Inc. will close its remaining seven big-box stores in China after a slowdown in the country's economy depressed sales. The retailer will continue to operate two specialty stores in Tianjin, China, and concentrate efforts on expanding its online business. About 850 jobs will be cut, the company said Friday. Home Depot stepped into China six years ago after acquiring a small, locally grown chain of stores called the Home Way. “We've learned a great deal over the last six years in China," Home Depot Chief Executive Frank Blake said in a statement.
August 1, 2012 |
Not happy with NBC's coverage of the Olympics? There's an online alternative that's commercial free, more international in scope and does not feature Ryan Seacrest. It's at the BBC website, where the British broadcaster streams the Games live and offers clips in high-quality video just a tantalizing click away. The catch? That click will not work outside Britain. Or at least it's not supposed to. Some viewers have found a way around the BBC restriction by using a common online business tool — a virtual private network that can cost as little as $10 a month.