News

Convenience store giant makes $3.3 billion acquisition
7-Eleven has accelerated its U.S. expansion by entering into the largest acquisition in its history. The c-store retailer has agreed to buy the Sunoco chain of gas stations, which includes some 1,108 convenience stores located in 18 states, for a reported $3.3 billion.
Bebe to close 21 locations
In a move to avoid filing Chapter 11, the fashion retailer is planning to shutter approximately 12% of its stores. The closures will incur an impairment charge of approximately $2.0 million and will make a termination payment to the landlord of approximately $7.4 million, according to a filing the chain made on April 4, with the Securities and Exchange Commission.

Report: Teen specialty retailer could file Chapter 11 as soon as this month

Rue21 could be the next chain headed toward bankruptcy. The teen apparel retailer, which is backed by private equity firm Apax Partners, is preparing to file for bankruptcy as soon as this month, according to Bloomberg.
Report: Walmart slashing jobs in U.S. IT division

The retail giant is reorganizing its U.S. technology division — a move that will impact about 10% of its workforce.

Sources familiar with the situation said that Walmart will eliminate 300 jobs across its information systems division (ISD). The layoffs at ISD in the chain's Bentonville headquarters began this week and are expected to continue through the month, according to Talk Business & Politics.
Bed Bath & Beyond’s Q4 finishes strong

After three quarters of missing analyst estimates, Bed Bath & Beyond’s fourth quarter ended on a high note, and beat expectations.
Zumiez sees net sales, comps climb in March

Zumiez’s net and same-store sales were on the climb for March.

The teen retailer’s total net sales for the five-week period ended April 1, 2017, increased 4.3% to $71.7 million, compared to $68.8 million for the five-week period ended April 2, 2016.
Luxury retailer taps Bergdorf Goodman exec to lead brand growth

Coach Inc. has tapped a 26-year fashion veteran to lead the company as its expands its brand portfolio. Joshua Schulman has been named president and CEO of the Coach brand, effective June 5. In this newly created role, Schulman will be responsible for all aspects of the brand globally, reporting directly to Victor Luis, CEO of Coach, Inc. This new leadership structure follows the 2015 acquisition of Stuart Weitzman, and is an important step in Coach, Inc.’s evolution as a customer-focused, multi-brand organization, the retailer said.
Survey: Shoppers opt for help from phone over sales associate

When it comes for help in stores, shoppers are increasingly going mobile. That is one of the findings of a survey by Salsify, a product content management platform for distributed commerce, which revaled that 77% of shoppers use a mobile device while shopping in store. This compares to just 35% of shoppers who opt to speak to a salesperson if they have questions about a product.
Amazon bets on fuel-cell technology

Amazon will deploy a high-tech, green solution to help power its warehouses. In a move to increase the energy efficiency of its sprawing network of fulfillment centers, Amazon has entered into a partnership with hydrogen fuel-cell maker Plug Power to deploy Plug Power fuel cells and hydrogen technology in its fulfillment network. The deal includes an investment option that gives Amazon the right to acquire up to a 23% stake of the fuel-cell maker.
Walgreens confident about Rite Aid deal

Walgreens is still confident in its ability to close the Rite Aid transaction, but will force the issue if it comes to that, Stefano Pessina, executive vice chairman and CEO Walgreens Boots Alliance, told analysts Wednesday morning.
Washington Spotlight: Is Ivanka a Retail Partner or Issue Adversary?

The retail community has had a curious relationship with the Ivanka Trump brand over the last year or two. Some prominent brands proudly display her clothing, shoe and accessories lines. Others carry it, but really don’t highlight it too much, and some have decided to drop it all together.
Hudson’s Bay Co. eyes reinvention amid steep Q4 loss, dismal year

Hudson’s Bay Co. mirrored the challenges confronting the department store industry as it swung to a loss in its fourth quarter and said it would cut costs and capital spending.