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Corporate Governance

  • With no buyer, Sports Authority to close all stores

    Going-out-of-business sales will start before Memorial Day at Sports Authority’s remaining 450 stores nationwide.

    The moves comes after the retailer, which filed for Chapter 11 bankruptcy protection in March, was unable to find a buyer.

  • Home furnishings giant enters Nevada

    Ikea Las Vegas is open for business.

    The 351,000-sq.-ft. location is the company’s first store in Nevada, 42nd in the United States, and 385th worldwide.

    It also is the second U.S. Ikea location to deploy only LED lighting inside and outside the building, and to feature only LED products for sale in its lighting department.

    In addition, the store features the largest single-use retail rooftop solar array in Nevada. To date, Ikea has a renewable energy presence at 90% of its U.S. locations.

  • New Federal Overtime Rule Announced

    The long-awaited changes to federal overtime rule will be unveiled later today at an event in Columbus, Ohio, headlined by Vice President Joe Biden, Labor Secretary Thomas Perez and Ohio Senator Sherrod Brown (D). The most notable change is a nearly doubling of the current salary threshold from its current $23,360 to $47,476 under which virtually all workers will be eligible for time and a half pay. The dramatic change would make nearly five million currently exempt employees nationwide eligible and will go into effect Dec. 1.

  • Lowe's produces high Q1 profits

    In a quarter of strong home improvement demand, Mooresville, North Carolina-based Lowe’s reported net earnings of $884 million for the quarter ended April 29, a 31.4% increase over the same quarter lat year. Sales for the quarter increased 7.8% to $15.2 billion. Comp-store sales increased 7.3% overall, and increased 7.5% for the U.S. business.

  • Retail association calls new overtime laws a “career killer”

    The nation’s two leading retail associations issued critical statements in response the release of the overtime rule by the U.S. Department of Labor. Under the new regulation, issued by the Labor Department on Wednesday, most salaried workers earning up to $47,476 a year must receive time-and-a-half overtime pay when they work more than 40 hours during a week. The previous cutoff for overtime pay, set back in 2004, was $23,660.

  • L.A.'s Manhattan Village gets major makeover

    The Manhattan Village Shopping Center in Los Angeles County serves some of the nation’s wealthiest zip codes which explains why JLL is leading a $150 million investment in a redesign and expansion of the mixed use center. The planned multi-phased renovation will bring new life to the 573,000-sq.-ft. shopping and dining destination that occupies 44 acres and serves the South Bay cities and Silicon Beach areas of Los Angeles County, according to JLL.

  • Home Depot builds Q1 profits, sales

    Comp-store sales for the quarter were up 6.5% - with comps for the U.S. stores up 7.4%.   Net earnings for the three months ended May 1 were $1.8 billion, up 14.2% compared with net earnings of $1.6 billion in the same quarter last year.  

  • Robert Redford’s newest Sundance store opens in Oregon

    The lifestyle retailer named after the famous film festival started by Robert Redford continues to grow its retail footprint and has added a store in the Northwest. The Bridgeport Village shopping center in the Portland, OR., suburb of Tigard is the location of the newest Sundance store which offers women’s and men’s apparel, footwear, jewelrey, accessories, art, and home décor.
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