Strategy

Topeka, Kan. -- Collective Brands stockholders voted at a special meeting on Tuesday to approve the sale of the company for about $1.32 billion.

Collective, which owns the Payless and Stride Rite shoe store banners, had announced in May that it accepted a purchase offer from a group that includes Wolverine Worldwide Inc., Blum Capital Partners and Golden Gate Capital.

Chicago -- Chicago high-end fashion retailer Mark Shale said Tuesday it has filed for reorganization bankruptcy.

The 83-year-old company is seeking strategic alternatives, including a partner to fortify the business, according to president Rich Myers.

The three existing stores – all in Chicago – will continue to operate during the reorganization process.

Dallas -- Neiman Marcus Group said Tuesday it has named Joseph Weber as senior VP and chief human resources officer, effective Sept. 4.

Weber joins the retailer from Bank of America Corp., where he was most recently head of human resources EMEA, Latin America and Canada. 

Columbus, Ohio -- DSW Inc. reported Tuesday that adjusted net income for the quarter ended July 28 dipped to $30.1 million, from $33.7 million last year. Revenue rose 7.5% to $512.2 million, beating the $510.9 million expected by Wall Street.

Same-store sales increased 4.2% in the quarter, compared with a 12.3% increase in the same period last year.

CEO Mike MacDonald told analysts that performance thus far is on track with annual earnings targets and that DSW is on track to open another 27 new stores over the next six months.

Chicago -- A report released Monday by Jones Lang LaSalle found that the U.S. retail real estate continued to show signs of stability in second quarter 2012.

According to Jones Lang LaSalle’s Mid-Year Outlook, the modestly positive outlook was led by major markets with strong demographic and population growth, a lack of new, high-quality supply and improving leasing velocity.

New York -- Barnes & Noble reported Tuesday that it lost $41 million in the first quarter, compared with a loss of $56.6 million in the same period last year.

Results were bolstered by sales of e-books and other digital content, said CEO William Lynch.

Overall revenue rose 2% to $1.45 billion, and same-store sales climbed 4.6%. Sales in the retail segment also rose 2% -- to $1.1 billion.
 

Dallas -- Tuesday Morning Corp. said Monday that it lost $2 million in the quarter ended June 30, widened from a loss of $1.4 million in the same period last year. The retailer cited costs associated with terminating its CEO for the weakened showing.

Sales were nearly flat at $196.4 million, and same-store sales inched up a slight 0.2%. For the full year, the company recorded net income of $3.9 million, compared with $9.6 million in the prior year. Sales slipped 1% to $812.8 million.

Minneapolis -- Best Buy Co. reported Tuesday that profit for the second quarter tumbled 91% to $12 million, compared with $128 million in the year-ago period. Revenue declined nearly 3% to $10.55 billion, missing Wall Street’s estimated $10.65 billion in revenue. Same-store sales fell 3.2% overall, more than the 2.6% drop expected by analysts.

The retail industry, yours truly included, has had a watchful eye on J.C. Penney ever since CEO Ron Johnson took over and announced his plans to revamp the iconic retailer. Many experts have shared their concerns over the new direction and, as the second quarter numbers would indicate, cause for concern is clearly warranted. With overall sales plummeting nearly $1 billion dollars, and earnings plunging from an expected $41 million profit to an $81 million loss, the company is down $1.7 billion in sales and $260 million in earnings in the first half of the year, compared to 2011.

Chicago — Suitors are lining up to carve out divisions of Supervalu following the company's announcement last month that strategic divestitures were on the table as the Eden Prairie, Minn.-based grocer seeks to turn around its business performance. A Crain's report published Monday identified Klaff Realty as one of the first companies to express an interest, in this case the Jewel-Osco piece of the business.