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FINANCE

Coverage and analysis on finance news, including quarterly results, general retail sales and bankruptcy filings, for the retail channel brought to you by Chain Store Age.

Michaels to be acquired for $3.3 billion

The Michaels Companies is being acquired in a deal that values the arts-and-crafts retailer at $5 billion. 

Dollar Tree to open 600 stores in 2021; expanding new ‘combination store’ concept

Dollar Tree reported Q4 sales that missed Street estimates and said it is ramping up its store growth and remodeling, with a push for a new format that combines both its banners. 

Target Corp. ended an impressive year on a strong note, with sales and earnings that topped analysts’ estimates as the discounter got a boost from holiday spending and $600 stimulus checks.

Chico’s FAS reported disappointing fourth-quarter sales and gave an update on store closings and its plans to roll out in-store Soma shops.

Paper Source Inc. has filed for Chapter 11 bankruptcy protection with a plan to sell itself.

Kohl’s Corp. ended a tough year on an upbeat note.

Abercrombie & Fitch Co. reported fourth-quarter earnings and sales that beat Wall Street expectations as it continued to trim its store portfolio.

A quick-service restaurant operator is purchasing an artificial intelligence-based consumer insights and marketing performance analytics technology provider.

Publix ended the year on a strong note as the ongoing pandemic continued to drive sales.

Walmart’s expansion into finance continues to ramp up with the reported hiring of two heavy hitters.

Tractor Supply

Tractor Supply Company is expanding its footprint in the Midwest through an acquisition.

Läderach – chocolatier suisse is expanding its fledgling U.S. footprint. 

The Home Depot has completed its acquisition of a business it sold some 13 years ago. 

Belk has released its plans for its Chapter 11 bankruptcy filing and reorganization.

Belk filed for bankruptcy protection with a lender-supported reorganization plan that cut its debt load by about $450 million.

Heyday plans to ramp up its brick-and-mortar expansion via franchising.

Kohl’s Corp. is pushing back against a group of activist investors who think the retailer is not moving quick enough to address “stagnant sales” and “declining gross margins” — issues that it said predate the pandemic.

Foot Locker reported a mixed end to the year, with profit that expectations but sales that disappointed, including a 2.7% drop in same-store sales. 

TJX Cos. reported fourth-quarter earnings and sales that missed expectations as its sales took a big hit from store closures around the world. 

Macy’s Inc. ended a year of “unprecedented disruption” on a very upbeat note, topping Street estimates and reporting quarterly sales improvements across all three of its brands.

A specialty teen retailer is blending financial results with workforce and operational data to provide better business insights.

The fastest-growing retail cannabis business in the United States saw its revenue rise 140% in 2020, fueled by a same-store sales increase of 63%.

Gelson’s Markets, which will celebrate its 70th anniversary this July, is being sold to a Japanese company looking to expand its fledgling U.S. footprint.

Walmart Inc. reported fourth-quarter earnings that fell short of expectations amid COVID-related costs and ongoing investments in e-commerce and cautioned that it expects sales to be moderate this year.

Simon Property Group is sounding the alarm over Sycamore’s latest retail venture.

Solstice Marketing Concepts has filed for Chapter 11 bankruptcy protection.

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