News

Wal-Mart Stores is making strides across the Atlantic, as its Asda division is taking more of the grocery market share in the United Kingdom from rival Tesco.

According to a report from research firm Kantar Worldpanel, for the 12-week period ended March 18, Asda's share of the market grew to 17.9% on top of a year-over-year growth rate of 7.8%. By comparison, Tesco's growth rate of 2.7% lags behind the overall grocery market, which is growing at 4%.

LOS ANGELES, Calif. — Parents of "Alvin and the Chipmunks" fans may soon be heading to Walmart to snatch up items from the retailer's exclusive children's line from Fox Consumer Products. The launch of the collection coincided with the Blu-ray and DVD release of "Alvin and the Chipmunks: Chipwrecked" in Walmart stores on March 27.

Hoffman Estates, Ill. -- Multiple reports on Thursday said that Sears Holdings Corp. is considering a sale of its Lands’ End mail-order catalog business, as part of its move to raise up to $2 billion.

The New York Post reported that Sears is in talks with several private-equity firms about the potential sale.

Sears chief Eddie Lampert is said to be likely to hire Goldman Sachs to find a buyer for Lands’ End.
 

Plano, Texas -- Former Apple executive Ron Johnson, who became CEO of J.C. Penney in November, received $53.3 million in total compensation from the department store retailer last year.

Johnson received a base salary of $375,000 and $52.7 million in stock awards, according to a regulatory filing. His performance-based bonus was $236,000, which the company said was pro-rated based on his period of service during the fiscal year. He also received compensation valued at $13,000 for personal use of the company's aircraft.

STOCKHOLM, Sweden — Fans of H&M will soon have a new place to shop as the Swedish fashion retailer Hennes & Mauritz AB confirmed Thursday that it will open a new chain in 2013 that will build on the 2007 launch of its upscale Collection of Style (COS). No name for the new concept has been revealed yet.

MINNEAPOLIS — In a move to tighten its footprint and reduce costs, Best Buy Co. said Thursday it will close 50 of its signature big-box stores and open 100 of its small mobile locations in the United States in fiscal 2013. The shift will help cut $250 million in costs by 2013 and $800 million by 2015, said the electronics retailer.

PARSIPPANY, N.J. — Jackson Hewitt Tax Service, the nation's second largest tax preparation firm, has been named Supplier of the Year by Walmart's financial services division. Jackson Hewitt was recognized for: its aggressive expansion into over 750 new Walmart locations for the 2012 tax season, which increased its nationwide kiosk coverage in Walmart U.S.

HOUSTON — Stage Stores announced Michael Glazer has been appointed to the position of president and CEO on an interim basis. Glazer replaces the company’s former president and CEO, Andy Hall, who the company announced has resigned from both the company and its board of directors to pursue other interests.