Mass Merchant

MINNEAPOLIS — Best Buy is leaving the European market. The company is selling its stake in a joint European venture with U.K.-based consumer electronics retailer Carphone Warehouse Group PLC for cash and stock worth about $775 million USD.

Best Buy Co. will also pay Carphone 29 million pounds (about $45 million) related to existing agreements that will be terminated when the deal closes. The U.S. retailer also said that it will incur an approximately $200 million asset impairment charge related to the stake sale.

Minneapolis -- Consumer electronics retailer Best Buy is leaving the European market. The company is selling its stake in a joint European venture with U.K.-based consumer electronics retailer Carphone Warehouse Group PLC for cash and stock worth about $775 million USD.

Best Buy Co. will also pay Carphone 29 million pounds (about $45 million) related to existing agreements that will be terminated when the deal closes. The U.S. retailer also said that it will incur an approximately $200 million asset impairment charge related to the stake sale.

New York -- J.C. Penney Co. can continue to sell a line of Martha Stewart home goods it introduced last week under "JCP Everyday" brand pending the outcome of a trial with Macy's, a New York appeals court ruled on Tuesday.
 
The court denied Macy's request for a preliminary injunction blocking sale of the goods while a court battle continues over rights to the products.  
   

BOCA RATON, Fla. — The timing of the New Year and Easter holidays negatively affected Office Depot’s first quarter sales which declined 5% to $2.7 billion and led to a $17 million loss compared to a profit of $41 million in the first quarter of 2012. 

New York -- Uniqlo is taking a breather … but only a short one. The Japanese fashion retailer opened its seventh U.S. store — and its first in an outdoor lifestyle center location — on April 19, at Westchester’s Ridge Hill in Yonkers, N.Y. The two-level, 24,000-sq-ft. store comes on the heels of Uniqlo opening at Palisades Center in West Nyack, N.Y., in March. What’s next for the powerhouse brand that has made no secret of its intention to expand across the nation, with 200 stores by 2020?

ENGLEWOOD, Colo. — Sports Authority has appointed Paul M. Okimoto as the company’s new CMO. 

In his new role, Okimoto will be responsible for leading the strategic development and oversight of the company’s overall marketing plans to drive traffic and sales at stores nationwide and through the e-commerce platform. He is a 20-year marketing and general management executive with demonstrated success in retail, high-technology, mobile telecommunications, advertising and the consumer packaged goods industries.

COLUMBUS, Ohio — Big Lots has named David Campisi as its new CEO and president. Campisi succeeds Steve Fishman, who announced in December 2012 his intention to retire upon the appointment of his successor. 

Fishman will also step down from the board of directors immediately following the 2013 annual meeting of shareholders on May 30, at which time Campisi will be appointed as a director. The board also plans to elect a non-executive chairman of the board.

Columbus, Ohio -- Discount retailer Big Lots has named David Campisi, 57, as CEO and president of Big Lots, effective May 6. The 30-year-industry veteran most recently served as chairman and CEO of Respect Your Universe, a publicly traded company focused on premium performance apparel and equipment. Prior to that, he was an executive with The Sports Authority for nearly seven years, rising to become chairman and CEO.