News

GameStop swaps customer gift cards
Grapevine, Texas – Gamers whose friends and family mistakenly gave them holiday gift cards for retailers that do not sell video games have a new option. GameStop is now exchanging unwanted gift cards from other retailers for a GameStop gift card online and in select stores.

Upon verifying the information and completing the transaction, a GameStop e-gift card is emailed if completed online or a gift card is given if the transaction is completed in-store. Customers can either use the gift cards at any U.S. GameStop store location or online.
Safeway to pay $9.87 million for environmental violations
New York -- Safeway has agreed to pay $9.87 million in penalties as part of a settlement of a civil environmental lawsuit.

The settlement stems from allegations that more than 500 Safeway stores and distribution centers throughout California improperly handled and disposed of various hazardous wastes and materials, ranging from pharmaceuticals and over-the-counter medications to batteries and electronic devices, over a period of seven and a half years.

JCPenney fares well during holidays

A 3.7% same store sales increase during the holidays has JCPenney feeling good about the continued growth of its business.

The retailer said same store sales during the nine week period from November through December increase 3.7%. That figure was on top of a 3.1% gain during the same period the prior year and was toward the high end of the company’s guidance range which envisioned comp growth of two percent to four percent.
Petco: Where the Chinese treats don’t go

With Chinese-made products suspected in the deaths of more than 1,000 dogs it’s no wonder Petco has removed Chinese-sourced food products from its 1,300 stores.

Petco announced it has completely removed all China-made dog and cat treats from shelves nationwide, including at Unleashed by Petco stores and online at Petco.com. Petco said the move makes Petco the first national pet specialty retailer to complete this transition.
Coach in $574 million deal to buy luxury shoe brand Stuart Weitzman

New York -- In a deal that will greatly expand its luxury reach, Coach Inc. will acquire upscale footwear brand Stuart Weitzman Holdings from private equity firm Sycamore Partners. Coach will make initial cash payments of approximately $530 million to Sycamore Partners, and, in addition, will pay the firm up to another to $44 million in contingent payments upon hitting “selected revenue targets” over the next three years.
Save Mart looks to improve pricing

Western grocer Save Mart Supermarkets plans to increase its shopper relevance by implementing new technology that ensures the operator of 221 stores prices more strategically, consistently and competitively.
Staples offers ‘ambient alerts’ on Staples Connect

Framingham, Mass. – Staples is offering ambient alerts for its home and office automation platform Staples Connect. The alerts provide audio and visual notifications outside of the Staples Connect app and through compatible devices in the home or office.
Coach to acquire Stuart Weitzman for $574M

Department stores could be in for a fresh approach from Coach, following its announcement that it will acquire upscale footwear brand Stuart Weitzman.

Coach will make initial cash payments of approximately $530 million to Sycamore Partners, and, in addition, will pay the firm up to another to $44 million in contingent payments upon hitting “selected revenue targets” over the next three years.
Brooks Brothers arranges $250 million TD Bank credit facility

New York – Brooks Brothers Group Inc. has selected the Asset Based Lending (ABL) Group of TD Bank as the joint lead arranger in a $250 million credit facility. The amount of TD’s commitment and terms of the financing were not disclosed.
Report: C. Wonder closing all stores

New York -- The specialty apparel and home goods chain C. Wonder is shuttering its remaining stores, according to Buzzfeed. The company, founded in 2011 by Christopher Burch, ex-husband of Tory Burch, quietly closed a number of its 32 stores in November. It is now closing its remaining locations, 11 in total, the report said.