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Sears loss narrows but sales fall 25%; prepares for launch of $2.6 billion REIT
Hoffman Estates, Ill. – A reduction in selling, general and administrative expenses helped Sears Holdings Corp. reduce its first quarter net loss even as its sales continued to slide. The results came in as the chain prepares for the launch of its real-estate investment trust this week to raise cash. Sears said it expects the REIT transaction to raise $2.6 billion.
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Macy’s adds Backstage locations
The first of Macy’s new off price Backstage stores aren’t due to open until this fall, but already the retailer is adding more locations for an off price format heralded as a key growth initiative.
The nation’s largest department store retailer created a stir earlier this year when it disclosed plans to open its first four Backstage stores in the greater New York area. The two additional locations are also in close proximity to New York. The stores are about 30,000-sq.-ft. and are staffed by 30 to 45 employees.
