News

Gaming retailer to shutter stores this year as sales drop
Online gaming is taking its toll on GameStop in a big way. The retailer said that its video game category was weak, particularly in the second half of the year. This challenge, combined with shoppers’ attraction to online gaming, contributed to a total global sales decrease of 13.6% to $3.05 billion for the fourth quarter ended January 28, 2017. The company earned $208.7 million, in the fourth quarter, compared with profits of $247.8 million for the same period a year ago.
Macy’s Gennette takes the helm
The baton has officially been passed at Macy’s. Jeff Gennette has been named as the department store chain’s new CEO, succeeding Terry Lundgren, who will continue as executive chairman. Gennette, who has served as Macy’s president since 2014, is Lundgren’s handpicked successor. Prior to becoming president, he was appointed Macy’s chief merchandising officer in 2009.

Arts and crafts retailer offers BOPIS

Jo-Ann Fabric and Craft Stores is getting merchandise into its shoppers’ hands faster. The arts and crafts retailer is launching buy online, pick-up in-store (BOPIS) — a free service that allows its digital shoppers to pick-up online orders at any of its 862 stores chainwide.
Online retailer’s newest brick-and-mortar location opens

Amazon’s fifth bookstore is open for business. The online giant’s newest Amazon Books location, a 6,000-sq.-ft. space, opened its doors in Chicago’s Lakeview neighborhood on Tuesday, March 23 — its first location in the Midwest, according to CBS Chicago.
Home Depot is in the midst of an EPA investigation

Home Depot disclosed an ongoing Environmental Protection Agency investigation into its lead safety practices related to its installation services business. In an SEC filing published on Thursday, Home Depot disclosed an investigation by the EPA's criminal investigation division into its compliance with lead-safe work practices. Home Depot is currently cooperating with the EPA, having previously responded to civil document requests from several EPA regions.
Report: Footwear chain eyes Chapter 11, shutters stores

Payless could be the newest retailer headed toward bankruptcy. The struggling retailer could file for bankruptcy as soon as next week. In the meantime, Payless is already making plans to reorganize operations by shuttering stores, according to Bloomberg.
Sportswear retailer has a ‘disappointing finish’ in Q4, fiscal year

A combination of sluggish mall traffic, a shaky sporting goods industry, and poorly performing merchandise took a toll on The Finish Line in the fourth quarter and fiscal 2016.
Footwear retailer hits Q4 goals, surpasses $1 billion in sales

Highly promotional activity and increased multichannel initiatives not only helped Shoe Carnival hit its expectations, but exceed $1 billion in net sales for the year. For the quarter ended January 28, 2017, the retailer’s net sales were $234.2 million, a 0.2% increase, compared to net sales of $233.7 million for the fourth quarter of fiscal 2015. While it was in line with its goals, this was just shy of Wall Street’s prediction for sales of $235 million.
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