News

HOFFMAN ESTATES, Ill. — Sears Holdings last week announced that it will close between 100 and 120 underperforming Sears and Kmart stores, following dismal holiday sales results for the brands.

The company said it has not yet identified which stores will be shuttered, but said that the closures are part of an overall plan to shift its focus from shoring up underperformers to concentrating its efforts on stronger stores.

Chicago -- Thanks to a last-minute shopping rush, Christmas 2011 will likely outpace its prior-year counterpart. According to a report released Wednesday by ShopperTrak, consumers spent approximately $44 billion in GAFO retail sales for the week ending Dec. 24, a 37.8% increase over the previous week and a 14.8% gain over the same week last year.

Foot traffic was also high, increasing 32.4% from the previous week.

Mooresville, N.C. -- Lowe’s Cos. said Thursday it has acquired ATG Stores, an online retailer of home improvement and lifestyle products based in Kirkland, Wash.

According to Lowe’s, the transaction will add depth and expertise to its online business.

New York City -- A report released Wednesday by the International Council of Shopping Centers found that a last-minute shopping surge gave merchants a solid lift during the final week before Christmas.

According to the ICSC-Goldman Sachs Weekly Chain Store Sales Index, same-store sales rose 0.9% for the week ended Saturday compared with the previous week. That is also up 3.4% from the week before and up 4.5% over the same period a year ago.

Bellport, N.Y. -- Perfume and fragrance retailer Perfumania Holdings Inc. announced Friday that it will acquire Parlux Fragrances Inc. in a deal valued at $170 million.

Parlux, based in Ft. Lauderdale, Fla., manufactures and distributes fragrances and beauty products, and is one of Perfumania's largest trading partners.

"Parlux brings a wealth of products and expertise as a licensee, manufacturer and international distributor," said Mike Katz, CEO, Perfumania. 

MINNEAPOLIS — While many retailers are scrambling to attract last minute Christmas shoppers, some, including Target, are already looking ahead to Dec. 26.

Target announced that beginning next Monday, customers can save up to 50% off on such items as women’s and kids’ apparel, as well as home and holiday decor, in stores and online at Target.com. Doors will open at Target stores nationwide at 7 a.m. on Monday.

Enfamil Newborn baby formula was quickly pulled from shelves at 3,000 Walmart stores earlier this week following the death of an infant in Missouri, the Associated Press reported.

Walmart’s online business may have gained ground this holiday season, but Amazon.com doesn’t plan to cede its leadership position, and this week announced plans for two new distribution facilities.