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FINANCE

  • CVS Health to close 70 stores

    CVS Health has embarked on a three-step streamlining initiative with a goal of saving approximately $3 billion from 2017 to 2021.     Two-thirds of the savings will be seen in CVS’s retail/long-term care segment, with the remaining one-third of savings seen in the pharmacy benefits manager category.        

  • Pier I tops Street

    Pier 1 Imports Inc. reported better-than-expected results for its third quarter amid strong online sales.   The home decor retailer said it is still looking for a CEO to succeed Alex Smith, who steps down at year-end. It appointed company chairman Terry London to fill in as interim president and CEO, effective Jan. 1.  

  • Owner of Famous Footwear acquires made-in-the U.S. footwear retailer

    Allen Edmonds, the nearly 100-year-old men’s footwear and accessories brand whose products are handmade in Port Washington, Wisconsin, has a new owner.   Caleres announced it has acquired Allen Edmonds from private equity firm Brentwood Associates for $255 million. In addition to operating stores under the Famous Footwear banner, Caleres has a diverse portfolio of footwear brands.  

  • Sears Canada banks on a new category to boost sales

    To inject new life into its struggling chain, Sears Canada is hopes its newest venture will lure in shoppers — especially foodies.   A new partnership with two specialty supermarket operators is enabling Sears Canada to run high-end markets at dedicated locations. The chain is banking on grocery shoppers’ frequent store visits to bolster store visits, Canadian Grocer reported.  

  • Retail sales inch up in November

    The start of the holiday shopping season did not bring with it a big jump in retail sales.        Retail sales, excluding automobiles, gasoline stations and restaurants, increased 0.1% in November, according to the National Retail Federation, less than many analysts had expected.       

  • American Apparel gains court approval of bankruptcy loan

    American Apparel witnessed a bright light in its ongoing financial saga.   The beleaguered specialty retailer has court approval to use the remainder of its $30 million bankruptcy loan. American Apparel filed Chapter 11 in November, its second filing in 15 months.   

  • Softness in electronics hits Toys ‘R’ Us in Q3

    Toys "R" Us Inc.’s sales fell in the third quarter amid weakness in the electronics and entertainment category.    The company reported a loss of $156 million for the October quarter, compared with a loss of $167 million in the year-ago period. The latest period included a net gain of $45 million related to the sale of its FAO Schwarz brand.   Revenue fell 2.3% to $2.28 billion, from $2.33 billion in the year-ago period.    

  • Ulta Beauty CEO on company's growth and vision

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