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Crate & Barrel to close Manhattan flagship store
New York -- Rising rents are causing another national chain to exit a high-profile location in Manhattan. Home-furnishings retailer Crate & Barrel will close its flagship on Madison Avenue (at 59th Street) on Aug. 2, after negotiating an early exit from its lease, according to the Wall Street Journal. The store opened in 1995.
The closing will leave the city with just one Crate & Barrel, in the Soho section of downtown Manhattan.
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Wal-Mart names new chairman as Rob Walton steps down
Bentonville, Ark. -- Wal-Mart Stores announced that board chairman Rob Walton is stepping down and will be succeeded by vice chairman Greg Penner, who is Walton's son-in-law. Walton relinquished the position of chairman at the company's annual meeting on June 5.

