News

PAWTUCKET, R.I. — Hasbro has introduced a new line of its Kre-O brand construction toys inspired by the upcoming "Star Trek" sequel. The Kre-O Star Trek line, under license from CBS Consumer Products, features a variety of vehicles from the movie along with fun Kreon figures based on iconic Star Trek. The collection will make its debut at Comic-Con on July 11.

Minneapolis -- Christopher & Banks Corp. has rejected Aria Partners’ unsolicited $64 million takeover offer, saying it was not in the best interest of stockholders. The private equity firm owns 4% of Christopher & Banks shares. The retailer also adopted a stockholder rights plan, or poison pill, with a trigger at 15%

Private equity firm Aria owns 4% of Christopher & Banks shares.

ATLANTA — Coca-Cola is giving fans a chance to get an insider's look at Team USA through its London 2012 Olympic Games campaign.

New York -- Ikea has been rebuffed by India on a request to relax rules on buying goods locally, Reuters reported, citing a government source. The rebuff is likely to delay Ikea’s entry into the Indian retail market.

In June, Ikea said it would invest approximately $1.86 billion and open 25 stores in India. But the chain was seeking a 10-year window to comply with India’s rule that foreign retailers source 30% from local small and medium-sized firms. The requirement is seen by overseas companies as a hindrance to investment.

It may be back to basics in Walmart’s apparel department, but shoppers still crave discounted brands and fashion as evidenced by continued strength at some familiar retailers.

TJX and Ross Stores both posted same-store sales increases of 7% during June, and both companies used the occasion of the better-than-expected results to elevate their profits forecasts. TJX said June sales increase 9% to $2.3 billion, while Ross said its June sales increased 12% to $886 million.

DEERFIELD, Ill. and Camp Hill, Pa. — Walgreens and Rite Aid both reported declines in total sales for June.

Philadelphia -- Ascena Retail Group CEO David Jaffe has pledged to preserve the jobs of 7,500 employees at soon-to-be-shuttered Fashion Bug stores, as well as 600 workers at the headquarters of Charming Shoppes, according to an article in the Philadelphia Inquirer.

Ascena, which owns the Dressbarn, Justice and Maurices banners, acquired Charming Shoppes – and its Lane Bryant, Fashion Bug and Catherines brands – on June 15.

FRAMINGHAM, Mass. and PLEASANTON, Calif. — Fashion discounters continue to thrive in this economy, with TJX and Ross Stores continuing to report impressive monthly sales results.

TJX reported June sales of $2.3 billion, an increase of 9% over the $2.1 billion achieved during the same period last year. Consolidated comparable-store sales for the five-week period increased 7% over last year.