News

By Keith Carpentier, Tensator.com/us

New York -- A Tuesday report by Bloomberg said that J.C. Penney has an additional plan to raise money; the retailer is said to be considering a spinoff of its real-estate holdings into a new unit that could issue debt.

Citing two unidentified sources, Bloomberg said Penney is also considering selling its real estate and then leasing it back as another avenue to free up money. And other assets, such as inventory, could be collateralized.

New York -- Survey results by Deloitte, released Tuesday, found that even as the economy improves, 94% of Americans indicate they will remain cautious and keep their spending for food, beverage and household goods at its current level.

According to Deloitte's 2013 American Pantry Study, 92% indicated they have become more resourceful, and 86% say they are getting more precise in what they buy -- attitudes that have remained consistent in the three years Deloitte has conducted the study, and across income levels.

Minneapolis -- Target Corp. said Tuesday it will miss its first-quarter profit outlook as seasonal and weather-sensitive items underperformed.
 
The retailer also said it now expects same-store sales to be flat in the quarter.

Target’s quarterly results are slated to be reported on May 22.

Softer than expected sales trends prompted Target to lower its first quarter earnings outlook Tuesday morning.

The company said it now expects first quarter comps to be flat, after previously forecasting a range of flat to 2% growth. The softer than expected sales prompted the company to revise first quarter adjusted profit expectations to an unspecified level of "slightly below" earlier guidance of $1.10 to $1.20.

PERRYVILLE, Md. — Ikea has plugged-in the solar energy system installed at its distribution center in Perryville, Md. 

HUDSON, Ohio — Jo-Ann Fabric and Craft Stores has added The Ohio State University to its assortment of exclusively licensed collegiate fabrics.

“We are thrilled to offer fans of The Ohio State University this exclusive-to-Jo-Ann line of fleece and cotton fabrics,” said Susan Starcher, buyer of fleece, warm and licensed fabric for Jo-Ann. “Our customers love to show their school spirit, and no other retailer offers a more diverse selection of college and university fabrics than Jo-Ann.”

True Value president and CEO Lyle Heidemann plans to retire May 31.

John Hartmann has been appointed as the company’s new president and CEO, following the retirement of Heidemann. Heidemann will continue to serve True Value through the end of 2013 as an adviser.

LAKELAND, Fla. — Publix has elected Beall’s CEO Steve Knopik to its board of directors.

“We are pleased to have Steve join the Publix board,” said Publix chairman of the board Charlie Jenkins Jr. “His strong retail and financial background and commitment to the community will make him a strong addition to our board.”

SAN FRANCISCO — Bed, Bath & Beyond will test the fitness waters in April and offer Fitmark bags at select California locations to see how well the high-end travel bags fare with customers. 

Bed, Bath & Beyond customers can find the bags in an entirely new category for the store, aimed at fitness enthusiasts.