News

Indianapolis -- Hat retailer Lids said Tuesday it has selected customer experience optimization company Maxymiser to conduct comprehensive website and mobile testing for Lids.com.

Foothill Ranch, Calif. -- One day after releasing its CEO, teen retailer Wet Seal confirmed it is in talks with major shareholder Clinton Group regarding a potential sale of the company.

Wet Seal fired chief executive Susan McGalla on Monday, citing downward spiraling sales during her 11-month tenure. Clinton Group then ramped up its insistence that Wet Seal put itself up for sale.
 

PAWTUCKET, R.I. — Hasbro reported that net revenues for the quarter were $811.5 million, a decrease of 11%, compared with $908.5 million in 2011. Second quarter 2012 net revenues declined 7% excluding a negative $34.4 million impact of foreign exchange.

Net earnings for the second quarter 2012 were $43.4 million, or 33 cents per diluted share, versus $58.1 million, or 42 cents per diluted share, in 2011.

And the winner is… Oracle selects technology executive at Chile’s top department store chain for ultimate honor.

The average American has never heard of the Falabella chain of department stores, but the company dominates its home market of Chile and is regarded as a leader in the use of technology. So much so that when Oracle held its annual Retail Excellence Awards recently, it named Falabella’s VP technology and development, Julius Odian, as its Retailer Executive of the Year.

FOOTHILL RANCH, Calif. — Wet Seal has terminated the employment of its CEO, Susan McGalla, and has begun a search for a new executive to head the struggling young women's apparel retailer.

Until such a person is found, Wet Seal president and COO and Steve Benrubi, CFO, will serve as co-principal execuitve officers and members of the office of the chairman, led by Hal Kahn, until a new CEO is elected by the board of directors.

For the month-to-date, Wet Seal's comps have declined between 13% and 14%.

BURNABY, B.C. — Best Buy Canada and its subsidiary Future Shop are taking the issue of online competition head on with revised price match and return policies in response to the changing nature of retail in Canada and commitment to customer service.

Lowe’s will begin carrying a line of outdoor sheds made of structural insulated panels (SIPS) at its 1,700 retail locations, as well as through its website. But unlike traditional SIPS – rigid foam insulation between two panels of oriented strand board (OSB) – the new product will be made with sheets of magnesium oxide, often referred to as MgO.

LOS ANGELES — Back-to-school shoppers plan on stretching their dollar and taking advantage of retailer incentives to save, PriceGrabber said.

MINNEAPOLIS — Target is in the final stages of its remodeling plan that will bring an expanded assortment of fresh food to 30 general merchandise stores in the United States. The remodels are expected to be completed by October and will span markets from Cincinnati, Ohio to Jacksonville, Fla. and Nashville, Tenn. T

PITTSBURGH — GNC Holdings on Friday elected company president and CEO Joseph Fortunato to serve as chairman. The board also has appointed Michael Hines to serve as lead independent director.

Fortunato succeeds Norman Axelrod, who has resigned as chairman. Axelrod had been a member of the GNC board since March 2007.