News

Vornado Realty Trust chairman and CEO Steven Roth has resigned from J.C. Penney’s board of directors, according to a Reuters report. 

The article went on to say that Vornado, which owns office buildings and retail properties in New York and Washington, took a 9.9% stake in Penney at the same time that Bill Ackman's Pershing Square Capital Management bought a 16.5% stake in 2010 to push for big changes at the company.

New York -- On their recent earnings (second quarter) call with analysts, Coldwater Creek CEO Jill Brown Dean and CFO/COO James Bell talked technology, specifically discussing the results of the company’s implementation of the new Oracle-based inventory planning system.

The implementation was competed in March 2013, Bell noted. He added that while the company had, in recent years, developed many inventory management disciplines, it was lacking adequate tools to fully maximize its inventory investment.       

New York -- In separate announcements on Thursday, Bi-Lo Holdings and Harris Teeter on Thursday announced plans to acquire select Piggly Wiggly-branded stores.

Bi-Lo said it has entered into a definitive agreement with Piggly Wiggly Carolina Company to acquire 22 Piggly Wiggly stores in South Carolina and coastal Georgia.  

Financial terms of the transaction were not disclosed.

Toronto -- Shareholders of Canada’s Shoppers Drug Mart voted in favor of the drugstore chain’s proposed acquisition by Loblaw Cos.

The transaction was approved by approximately 99.89% of the votes cast by all of the Shoppers Drug Mart shareholders eligible to vote.

As previously reported, Loblaw Cos. and Shoppers Drug Mart announced on July 15 a definitive agreement under which Loblaw will acquire Shoppers Drug Mart for C$12.4 billion in cash and stock.

Cincinnati -- The Kroger C0.’s second-quarter net income rose 14%, helped by lower charges and increased revenue. The supermarket company also lifted the low end of its fiscal 2013 outlook for a key revenue metric.

Fremont, Calif. -- The Men's Wearhouse Inc.'s fiscal second-quarter earnings fell 28% amid several one-time charges and a shift in quarterly tuxedo rental revenues. Citing macroeconomic challenges, the company lowered its fiscal 2013 guidance.

Conshohocken, Pa. -- Twitter and tablets are quickly rising in importance to retailers’ e-commerce efforts, while email is losing steam. According to the second quarter 2013 Monetate E-commerce Quarterly, Twitter experienced the fastest growth among all social networks in referrals to e-commerce sites, moving from 5.4% of social referrals in second quarter 2012 to 9.64% in second quarter 2013 – a 77% gain.

Walmart released an annual top toy list on Thursday with an important distinction from earlier versions – it was selected by kids and will be marketed and merchandise as “Chosen by Kids.”

The Men's Wearhouse experienced a decline in customer traffic and a subsequent drop in retail clothing sales during the second quarter ended Aug. 3, and has lowered its guidance as a result.

TORONTO — Hudson's Bay Company's second quarter was characterized by strong same store sales growth at Hudson’s Bay and rising e-commerce sales, which were partially offset by a decline in same store sales at Lord & Taylor.