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Keyword: retail

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  • Sears reaches deal with Chairman Eddie Lampert to save company and roughly 400 stores

    01/16/2019 8:46:55 AM PST · by Phillyred · 47 replies
    CNBC ^ | Lauren Hirsch
    Sears Holdings reached a roughly $5 billion deal with its chairman, Eddie Lampert, early Wednesday to keep the company, and about 400 stores, in operations, according to people familiar with the situation. The deal came after days of negotiations at the law firm Weil, Gotshal & Manges. Lampert has been trying to buy Sears out of bankruptcy through an affiliate of his hedge fund ESL Investments. The owner of Kmart and Sears had filed for bankruptcy in October, and Lampert's bid was the only one that would have kept it alive. The offer had strong bargaining tools: It could save...
  • UPDATE: XHALE City Vape Shop FIRES Racist Trump-Hating Liberal After SCREECHING MELTDOWN...

    12/31/2018 9:48:56 AM PST · by Red Badger · 31 replies
    www.thegatewaypundit.com ^ | December 29, 2018 | by Jim Hoft
    A clerk at Xhale City vape shop in Tucker, Atlanta went absolutely ballistic after a customer wearing a Trump t-shirt walked into the establishment. The pro-Trump customer was denied service and asked to leave the store while the vape shop employee accused him of being a “racist motherf*cker.” A black man was also standing in front of the counter watching it all go down and it was all caught on video. “If you do not stop recording in my store, I’m going to call the police and ask you to leave,” the triggered employee said. The customer refused to be...
  • Sears may be down to its last 24 hours. Iconic retailer likely liquidates without bid by tomorrow

    12/27/2018 2:49:09 PM PST · by NRx · 228 replies
    CNBC ^ | 12-27-2018 | Lauren Hirsch
    Sears, the 125-year-old icon, has 24 hours to survive. The employer of more than 68,000 filed for bankruptcy in October. Its last shot at survival is a $4.6 billion proposal put forward by its chairman, Eddie Lampert, to buy the company out of bankruptcy through his hedge fund, ESL Investments. ESL is the only party offering to buy Sears as a whole, people familiar with the situation tell CNBC. Without that bid or another like it, liquidators will break the company up into pieces. But as Lampert stares down a deadline of Dec. 28 to submit his offer, he is...
  • U.S. Holiday Retail Sales Are Strongest in Years, Early Data Show

    12/25/2018 5:11:34 PM PST · by springwater13 · 53 replies
    Shoppers delivered the strongest holiday sales increase for U.S. retailers in six years, according to early data. Total U.S. retail sales, excluding automobiles, rose 5.1% between Nov. 1 and Dec. 24 from a year earlier, according to Mastercard SpendingPulse, which tracks both online and in-store spending with all forms of payment. The figures suggest a stock-market swoon and partial government shutdown haven’t curbed consumer confidence and spending. “Wall Street is running around like a chicken with its head cut off, while Mr. and Mrs. Main Street are happy with their jobs, enjoying their best wage increases in a decade,” said...
  • When Retailing Was Very Personal

    12/23/2018 1:06:25 PM PST · by Pontiac · 76 replies
    Wall Street Journal ^ | 12/17/18 | Bob Greene
    One evening when the son was growing up, the telephone in their home rang. The caller, with nervousness in his voice, asked for Robert Lazarus, who came to the phone. The man, almost apologetically, said he and his wife had purchased a tea set at Lazarus. They had never owned one before, but saw it on display and decided it was something they would like to have in their home. Robert Lazarus waited to hear what was coming next. Was there a flaw? Was a cup or saucer broken? That wasn’t it. The man said he and his wife did...
  • 17-year-old Walmart employee quits over store intercom: ‘Nobody should work here, ever’

    12/15/2018 9:31:10 AM PST · by EdnaMode · 124 replies
    CNBC ^ | December 14, 2018 | Abigail Hess
    Some people know how to make an entrance, while others specialize in exits. On December 6th, 17-year old Jackson Racicot posted a video titled, “How I quit my job today,” on Facebook. As of today, the video has been viewed nearly 300,000 times. The teen quit his job at the Walmart Grande Prairie Supercentre in Alberta, Canada, by reading a prepared speech into a store-wide intercom system, Insider reports. “Attention all shoppers, associates and management, I would like to say to all of you today that nobody should work here, ever,” he said over the speakers. “Our managers will make...
  • Arizona Coffee Shop Claims To Be The One Stop Shop For All Things Trump

    11/24/2018 1:07:58 PM PST · by 2ndDivisionVet · 10 replies
    National Public Radio ^ | November 24, 2018 | Aaron Granillo
    A steady stream of customers arrives every morning at The Trumped Store and Coffee House in Show Low, Ariz. Barista Sean Lynch whips up a latte underneath a sign that reads "Making Coffee Great Again." He pours foam over espresso and milk, still fine-tuning his latte artwork. "Sometimes I'll make random abstract shapes, and I'll be like, look that's Trump's head," Lynch jokes. "People will be like, 'No way!'" The store is full of customers from all over the state. Some come for the coffee, others for the vast collection of Trump-inspired merchandise. Rosemary Quessenberry drove three hours to buy...
  • Target shares slide after disappointing 3Q earnings results

    11/20/2018 4:52:09 AM PST · by SoFloFreeper · 37 replies
    Fox Business ^ | 11/20/18
    Target Corp reported third-quarter earnings and comparable sales below estimates on Tuesday at a time when a strong economy has boosted consumer spending at rival retailers, sending its shares down 7 percent in premarket trade.
  • After the Retail Apocalypse, Prepare for the Property Tax Meltdown

    11/16/2018 4:48:13 PM PST · by Zhang Fei · 12 replies
    CityLab ^ | Nov 14, 2018 | Laura Bliss
    WEST BEND, WI—Kraig Sadownikow doesn’t look like an anti-corporate crusader. The mayor of West Bend, Wisconsin, stickers his pickup with a “Don’t Tread on Me” snake on the back window, a GOP elephant on the hitch, and the stars-and-stripes logo of his construction company across the bumper. His fiscal conservatism is equally well billboarded: In the two hours we spent at City Hall and cruising West Bend in his plush truck, Sadownikow twice mentioned the 6 percent he has shaved off the Wisconsin city’s operating budget since becoming mayor in 2011, and stressed its efforts to bring more business to...
  • The Property Tax Meltdown

    11/15/2018 10:44:20 AM PST · by Galatians328 · 55 replies
    Citylab ^ | Nov 14, 2018 | Laura Bliss
    Big-box retailers such as Walmart, Target, Meijer, Menards, and others are suing small-town assessors and high-court judges to accept the novel argument that their bustling big boxes should be valued like vacant “dark” stores—i.e., the near-worthless properties now peppering America’s shopping plazas.
  • Amazon is launching a new delivery program and hiring thousands of drivers, with a warning...

    11/12/2018 2:13:20 AM PST · by 2ndDivisionVet · 58 replies
    Business Insider ^ | November 5, 2018 | Hayley Peterson
    Amazon is hiring its own fleet of full-time drivers to deliver packages to Prime customers. Amazon will manage these drivers directly, meaning the company will set their wages, provide them delivery vehicles, and schedule their routes. Amazon has previously relied on delivery services provided by UPS, FedEx, and the US Postal Service, as well as contractors employed through its Flex delivery program and third-party courier companies it calls delivery service partners. At a recent Amazon training for the new program, drivers were told the company "didn't want people peeing in bottles," a source told Business Insider. Amazon is launching a...
  • QuikTrip hiring 'hybrid employees' who can work while armed to deter crime, keep customers safe

    11/11/2018 1:30:32 PM PST · by 2ndDivisionVet · 24 replies
    The Tulsa World ^ | November 9, 2018 | Anna Codutti, breaking news editor
    Off-duty police officers and security guards are common sights at many QuikTrips, but soon the company hopes to hire “hybrid employees” who can work at the convenience store while armed to deter crime and help customers feel safe. QuikTrip spokesman Mike Thornbrugh said the need for increased security is a result of the high volume of crimes reported at QT locations. “We have a lot of stores, and not just Tulsa, where we have had and still will have off-duty police officers helping out, and a lot have full-time outside security,” he said. “I wish we didn’t have to, but...
  • Sears: Death of an American icon

    10/17/2018 8:34:54 PM PDT · by conservative98 · 59 replies
    NY Post ^ | October 15, 2018
    1983. Mannequins are shown as Sears unveils its "Store of the Future."
  • Elizabeth Warren goes to bat for Toys R Us workers

    10/17/2018 11:37:04 AM PDT · by Oldeconomybuyer · 54 replies
    CBS "News" ^ | October 17, 2018 | By KATE GIBSON
    Tens of thousands workers laid off when Toys R Us went bust last year have a politically powerful new ally in their fight to win severance from the bankrupt retailer: Sen. Elizabeth Warren. The Massachusetts Democrat, who is rumored to be weighing a run for the White House in 2020, is pressing the financial firms behind the decision to liquidate Toys R Us to contribute to a fund for affected employees. "The liquidation of Toys R Us -- reportedly at the urging of your firm -- caused more than 30,000 American workers to lose their jobs without the severance they...
  • Which Sears Stores Are Closing? Here's the Full List as Sears Files for Bankruptcy [& K-Mart]

    10/16/2018 6:57:47 AM PDT · by Red Badger · 35 replies
    time.com ^ | Updated: October 15, 2018 1:35 PM ET | Brad Tuttle
    The long-predicted Sears bankruptcy is finally here. On Monday, Sears Holdings announced it is filing for Chapter 11 bankruptcy in an attempt to restructure the company and save the troubled retailer from oblivion. Shoppers can expect more Sears store closures, as well as liquidation sales, in brick-and-mortar locations around the country: Sears, which owns its flagship brand and Kmart, says it will be closing an additional 142 stores by the end of the year. Which Sears Stores Are Closing?
  • Sears Is Dead — Long Live Sears!; The Bankruptcy of Sears Shows the Vibrancy of Capitalism

    10/16/2018 6:49:06 AM PDT · by SeekAndFind · 39 replies
    IBD ^ | 10/15/2018
    Sears, RIP: Bowing to the inevitable, Sears' owners on Monday filed for Chapter 11 bankruptcy. Yes, it's a sad day for the 126-year-old company. But it's not a tragic story, for it underscores the underlying vibrancy, innovation and creativity of American capitalism. Monday's filing came as Sears faced a deadline for payment of $134 million on its debt. It didn't have the money, so it filed for protection from its creditors. Eddie Lampert — the largest shareholder in the company, with nearly half its shares — stepped down as CEO. By the end of this year, Sears will be a...
  • Sears, the store that changed America, declares bankruptcy

    10/15/2018 7:50:59 AM PDT · by Borges · 97 replies
    CNN ^ | 10/15/2018 | Chris Isidore
    Sears was once the nation's largest retailer and its largest employer. In its heyday, it was both the Walmart and Amazon of its time. Formed in 1886 by railroad station agent Richard Sears, the company started as a watch business in North Redwood, Minnesota. Sears moved to Chicago in 1887, and he hired watchmaker Alvah Roebuck as his partner. The first Sears Roebuck catalog, which sold watches and jewelry, was printed in 1896. The Sears catalog was the way many Americans first started to buy mass-produced goods. That was an enormous shift for people who lived on farms and in...
  • Sears files for bankruptcy protection; Eddie Lampert steps down as CEO

    10/15/2018 4:31:14 AM PDT · by DCBryan1 · 67 replies
    CNBC ^ | 15 OCT 18 | Lauren Hirsch | Lauren Thomas
    Sears Holdings filed for bankruptcy protection early Monday after years of staying afloat through financial maneuvering and relying on billions of CEO Eddie Lampert's own money. The company also announced that Lampert will be stepping down as CEO, effective immediately, although he remains its chairman. The 125-year-old retailer, once the nation's largest, said Monday it was appointing Mohsin Meghji, managing partner of M-III Partners, as its chief restructuring officer. As part of the bankruptcy, Sears will shutter 142 stores toward the end of the year. It expects to begin liquidation sales shortly. The bankruptcy filing comes more than a decade...
  • Sears aims to close up to 150 stores in bankruptcy, sources say

    10/12/2018 9:51:15 PM PDT · by robowombat · 87 replies
    Al Rooters ^ | Oct 11, 2018
    Source: Reuters Sears is planning to close up to 150 of its department and discount stores and keep at least 300 open as part of a plan to restructure under U.S. bankruptcy protection, people familiar with the matter said Friday. The plans, which remained in flux Friday afternoon, would leave the fate of Sears' remaining roughly 250 stores uncertain, the sources said. The future of the stores could hinge on Sears' negotiations with landlords over their leases.
  • Sears Hires Advisers to Prepare Bankruptcy Filing

    10/09/2018 7:18:17 PM PDT · by rdl6989 · 76 replies
    wsj.com ^ | Oct. 9, 2018 | Suzanne Kapner, Lillian Rizzo and Soma Biswas Biswas
    Sears Holdings Corp. SHLD -5.99% has hired M-III Partners LLC to prepare a bankruptcy filing that could come as soon as this week, according to people familiar with the situation, as the cash-strapped company that once dominated American retailing faces a debt payment deadline.