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News Briefs

  • 4/30/2023

    Publix starts year strong as net earnings rise 100%

    Publix’s second-quarter sales rose 8.9% to $14.1 billion.

    Publix showed no signs of losing its momentum in its first quarter. 

    Publix’s sales rose 8.2%to $14.3 billion for the quarter ended April 1, 2023. Comparable store sales increased 6.4%.

    Net earnings doubled, rising to $1.2 billion, compared to $618 million in 2022. Earnings increased to $0.37 per share, up from $0.18 per share in the year-ago period, adjusted for the effect of the 5-for-1 stock split that occurred on April 14, 2022.

    [Read More: Publix, Kroger, Costco, PetSmart among 'Most Trustworthy Companies in America']

    Effective May 1, 2023, Publix’s stock price increased from $14.55 per share to $14.97 per share. Publix stock is not publicly traded and is made available for sale only to current Publix associates and members of its board of directors.

    Publix, the largest employee-owned company in the U.S., currently operates 1,335 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia.

  • 4/30/2023

    Tuesday Morning going out of business

    tuesday morning out of business sale

    In a move that came as no surprise, Tuesday Morning is liquidating.

    The Dallas-based, closeout home goods retailer, which filed for bankruptcy for the second time in less than three years in February, is going out of business after years of downsizing and slumping sales. The company on Monday said that going-out-of-business sales have begun at all Tuesday Morning stores in 25 states across the U.S. Select fixtures, furnishings and equipment will also be available for sale in closing locations (related link at end of article). The sales come several days after Hilco Merchant Resources won an auction for the retailer’s assets.

    When Tuesday Morning filed for bankruptcy in February, the company had roughly 465 stores and was seeking court approval to conduct store-closing sales at 264 of its locations. The sales are "necessary to maximize the value of the assets being sold," the retailer stated.

    The retailer also laid out restructuring plans that included “significantly” cutting costs across its distribution channels as it pivots to a third-party logistics model and transitions to a more “cost-effective inventory acquisition strategy” for remaining stores. However, Tuesday Morning failed to turn around and was put up for auction, with Hilco Merchant Resources paying more than $32 million for the company. 

    The retailer, which has been in business since 1974, noted that gift cards will be honored through May 13, 2023. All sales are final during the store closing event.

    To see a list of Tuesday Morning store closing locations, click here.

  • 4/27/2023

    JCPenney recognized for energy conservation

    JCP_ENERGYstar

    JCPenney has received awards for energy sustainability from both the public and private sectors.

    The department store chain was named a 2023 Energy Star Partner of the Year Sustained Excellence from the U.S. Environmental Protection Agency and the U.S. Department of Energy. The award is the program’s highest honor and is reserved for participants demonstrating outstanding leadership, year over year.

    The EPA recognizes companies with the Sustained Excellence Award if they have already received Energy Star Partner of the Year recognition for a minimum of two consecutive years and have gone above and beyond the criteria needed to qualify for recognition. Department store retailer Kohl’s is also a 2023 recipient of this award.

    In addition, JCPenney has been recognized by Unifi Inc., the makers of Repreve recycled polyester, as a recipient of the sixth annual Champions of Sustainability award. This is the third year in a row the retailer has received this honor. The award recognizes brand, textile and retail partners that have demonstrated a commitment to supporting sustainability.

    Since its partnership with Repreve began, JCPenney has recycled a total of 59 million plastic bottles to be made into fiber for new apparel, footwear, home goods and other consumer products. Through Repreve, Unifi has transformed more than 30 billion plastic bottles into recycled fiber for consumer products.

     

  • 4/25/2023

    Bed Bath & Beyond gets Nasdaq delisting

    Bed_Bath_Beyond Shutterstock

    The fallout from Bed Bath & Beyond’s bankruptcy filing continues.

    The home goods retailer on Wednesday said Nasdaq informed the company that its stock would be suspended at the opening of business on May 3. Bed Bath & Beyond filed for bankruptcy on April 23. In its filing, Bed Bath & Beyond said that it would not appeal a Nasdaq delisting notice.

    The company has started store closing sales and will liquidate if it cannot find a buyer for its assets. In its bankruptcy filing, Bed Bath & Beyond said it had $5.2 billion in debt and assets of just $4.4 billion. It secured $240 million in debtor-in-possession financing to close its stores and wind down its operations.

    In its filing, the retailer is seeking court permission to pay approximately $17 million to vendors that include merchandise suppliers, warehousers, trucking companies and parcel carriers.

    Bed Bath & Beyond also announced the cancellation of its previously announced special meeting of shareholders scheduled for May 9. The company is also withdrawing its proxy statement filed with the Securities and Exchange Commission on April 5.

    [Read More: Bed Bath & Beyond calls for special meeting; sounds bankruptcy alarm again]

  • 4/16/2023

    Tilly’s taps veteran Nordstrom exec as chief merchant

     Tilly’s

    A 32-year Nordstrom veteran has joined the executive leadership team at Tilly’s.

    The young men’s and women’s casual apparel, accessories and footwear retailer has appointed Laura Janney as executive VP, chief merchandising officer, effective May 8, 2023.  Janney will oversee all aspects of the Tilly’s merchandising operations, including buying, sourcing, and product development, along with coordinating consistency in merchandising experiences both in-store and online.

    Prior to joining Tilly’s, Janney was with Hudson’s Bay Company, from July 2019 to January 2023, most recently as chief merchant for The Bay.  Before that, she spent 32 years at Nordstrom, 1987 to 2019 in a variety of retail store and merchandise management roles, including most recently as VP, omnichannel divisional merchandise manager for innovation/full price stores.

    “I am excited to have Laura join our Company,” said Tilly’s president and CEO Ed Thomas. “We believe her extensive experience in retail merchandising and track record of growth and strategic leadership will bring great value to Tilly’s as we work to improve our business.”

    Tilly’s is headquartered in Irvine, California and currently operates 249 total stores across 33 states and its website.

  • 4/16/2023

    Walmart exec joins Nordstrom c-suite

     nordstrom Jason Morrisas

    Nordstrom has appointed Jason Morrisas as chief technology and information officer, effective May 1, 2023. He succeeds Edmond Mesrobian, who departed the company in October 2022.

    Morris joins the department store retailer from Walmart, where he most recently led global enterprise technology as senior VP, enterprise business services.  Prior to that, Morris was Walmart’s VP of customer-facing technology and led strategy, system development and implementation of hardware and software in more than 10,000 locations globally.

    Previously, Morris was responsible for technology development across many aspects of Walmart's retail business, including merchandising, replenishment, supplier management, real estate and global compliance.

    At Nordstrom, Morris will oversee the company's technology functions, including engineering and data science and analytics. The retailer is on track to deploy radio frequency identification chain-wide this year.

    "Jason has a wealth of experience leading large, global teams to create and implement best-in-class retail technology solutions," said Erik Nordstrom, CEO of Nordstrom. “He will play a critical role as we continue to advance our Closer to You market strategy, and we look forward to welcoming him to the team."

    Unveiled earlier this year, Nordstrom’s “Closer to You” strategy is a comprehensive initiative that puts the focus on the retailer’s biggest growth opportunities, which include expanding its outlet division and digital sales.

    "I have long admired Nordstrom as a retail leader in redefining the importance of digital," said Morris. "I am excited to join this talented technology team to continue enhancing Nordstrom's digital capabilities and support the company's ongoing focus on using technology to serve customers in new and better ways."

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