Wednesday, September 17, 2014

Kohl's holiday hiring to rise by a third

Kohl's Corp. says it will hire more than 67,000 seasonal workers nationwide for the holiday shopping season, about a third more than last year's 50,000.

The department store operator expects to hire an average of 50 associates per store, up 25 percent from a year ago. Kohl's, based in Menomonee Falls, Wis., operates 1,163 stores in 49 states. It also expects to hire 9,300 people for jobs at its distribution centers and 670 people for seasonal positions in its credit operations.. . . more

Brookstone CEO resigns after taking chain through bankruptcy

Brookstone said its president and CEO, James M. Speltz, has resigned. The specialty retailer appointed Steve Schwartz, the company's chief merchandising officer, to serve as interim president and CEO.

Speltz helped Brookstone emerge from Chapter 11 bankruptcy protection in June. Also in June,  a bankruptcy court judge approved its sale to to a consortium of Chinese investors, Sailing Innovation Inc., for $135.7 million.. . . more

Family Dollar rejects Dollar General’s tender offer

The heated battle for Family Dollar Stores rages on, with Family Dollar on Wednesday rejecting a $9.1 billion takeover bid from rival Dollar General and reaffirming its support of its deal with Dollar Tree. Family Dollar also urged shareholders not to tender their shares to the competing chain.

Last week, after repeated rejections by Family Dollar, Dollar General went hostile with its bid and took the same offer, $80 per share, directly to investors. But in a statement on Wednesday, Family Dollar called Dollar General’s offer to buy shares directly from shareholders “illusory” because it would not actually purchase the shares unless the two companies reach an agreement.. . . more

Tuesday, September 16, 2014

Gaming panel votes 3-1 for Wynn casino plan

The state Gaming Commission voted 3 to 1 today to award Wynn Resorts the coveted Boston-area casino license over rival Mohegan Sun for what it deemed superior jobs promises, financing, and marketing plans to attract tourists.

 The decision throws into uncertainty the future of the venerable Suffolk Downs, who said it would have to close without the boost a revenue boost from a casino.. . . more

Hyannis-based Mill Stores closing nine locations

Mill Stores is closing nine of its 13 stores across New England, including two stores on the Cape, according to the company's website.
The Massachusetts stores that will shut their doors are in Canton, Plymouth, Raynham, Westborough, West Harwich and West Yarmouth. Stores located in Nashua, New Hampshire; Stratham, New Hampshire; and North Kingstown, Rhode Island will close as well.. . . more

Restaurant same-store sales up 2.9% in August

Restaurant chain same-store sales rose 2.9 percent on average in August, marking the sixth month of gains in the past eight months. However, industry traffic remained lackluster, according to the latest NRN–MillerPulse report.

The August results were an improvement over the 2.5-percent increase reported in July. On a two-year basis, August average same-store sales rose 4.1 percent, compared with July’s two-year average of 3.3 percent.. . . more

Sears expands In-Vehicle Pickup service to include returns, exchanges

Sears has added returns and exchanges to its In-Vehicle Pickup service. The new integrated retail service, powered by the chain’s Shop Your Way loyalty program mobile app, lets members pick up, return or exchange their purchases for free – guaranteed in five minutes or less – without ever leaving their vehicle.

“Buying what you really want should be easy – that’s why we continue to make it more convenient to pick-up, return and exchange items that you have purchased right from your car,” said Leena Munjal, senior VP, Sears Holdings.. . . more

RadioShack loses its CFO

RadioShack said Monday that its chief financial officer has resigned, while it remains deep in negotiations to find more cash and may be filing for bankruptcy.

John Feray resigned Friday, citing personal reasons, the company said. He had been in the job at the Fort Worth-based consumer electronics chain only since February, when he joined RadioShack from Dollar General.. . . more

Eddie Lampert giving Sears a $400 million loan

Sears may not have enough cash beyond 2016, Fitch saysSears Holdings Co. is getting a $400 million secured short-term loan from the hedge fund of its chief executive, Eddie Lampert, with real estate as collateral, the company said Monday in a filing with the Securities and Exchange Commission.

The loan, half of which was funded Monday and the other half at the end of this month, will come due at the end of this year, though the maturity date can be extended to Feb. 28 as long as there is no event of default.

The loan, to be used for general corporate purposes, is guaranteed by a first priority lien on 25 Sears-owned properties.. . . more

Glimcher Realty Trust being acquired

Washington Prime Group Inc., a real estate investment trust out of Maryland, has agreed to purchase home-grown REIT Glimcher Realty Trust in a deal valued at $4.3 billion.

Washington Prime said it will pay $14.20 a share for Glimcher, a 34 percent premium from the Columbus company’s $10.59 close Monday. The company also will assume Glimcher's debt.. . . more

Mohegan Sun, Wynn Resorts present altered casino plans

The state Gaming Commission is doing a final run-through of conditions for the Boston-area casino licensee this morning after applicants Wynn Resorts and Mohegan Sun presented responses to concerns about traffic mitigation and financing in a way that appeared to placate the four-person panel.

Both developers made presentations to the commission this morning, Mohegan on its financing plan and Wynn on its traffic mitigation at Sullivan Square in Charlestown.. . . more