A 19% fourth quarter same store sales decline and a steep decline in profitability prompted RadioShack to announce the closure of 1,100 stores while CEO Joseph Magnacca maintained the retailer’s brand equity remains strong and a profitability plan is in place.
Best Buy saw revenues slip in the fourth quarter and fiscal 2013, thanks in part to declining retail traffic fueled by a shorter holiday shopping season and severe winter weather. But all was not bad news for the retailer, which was able to profit from its Renew Blue cost reduction program.
Bed Bath & Beyond has promoted Eugene A. Castagna, previously CFO and treasurer, to the role of chief operating officer. Susan E. Lattmann, formerly VP of finance, will fill the CFO and treasurer spot.
Walmart knew fourth quarter results announced Thursday morning were going to be bad and its outlook weak so it gave investors something more substantial to digest by announcing plans to double the number of small format stores it will open this year and an increased omnichannel focus.
Hhgregg EVP and chief operating officer Gregg W. Throgmartin has resigned his position and spot on the company’s board of directors, effective March 31. Throgmartin is leaving to pursue outside interests and manage family businesses, the company said.
Genius Brands International has a roster of new licensing partners to create merchandise based on Stan Lee’s Mighty 7 (SLAM 7), the animated film trilogy created together with Stan Lee’s POW! Entertainment and Archie Comics.
Leading electronics-focused e-retailer Newegg is looking to grow its customer base while keeping existing customers happy with a new customer-benefit program, which offers, in part, complimentary expedited shipping for $49.99 per year.
Two of Staples' senior most executives were given new responsibilities to bolster the company’s re-invention efforts and competitive posture in a market that has become more challenging with the addition of a newly merged Office Depot and OfficeMax.
The Michigan Retailers Association (MRA) said that Michigan's retail industry had a poor holiday shopping season thanks to damaging winter storms and “outdated government policies that favor out-of-state online companies.”
Sean Mayo, former director of strategic partnerships for Simon Business Ventures, part of Simon Property Group’s (SPG) marketing and business development arm, has been promoted to regional director of marketing, east region of The Mills portfolio.
Best Buy’s defense of its market share proved costly during the holidays as greater-than-expected price cuts caused same-store sales to decline 0.9%, resulting in significant margin erosion and a vow to accelerate cost-cutting efforts in 2014.