News

HOFFMAN ESTATES, Ill. — Sears Holdings announced that its Shop Your Way Rewards members can now receive 5% back on all qualifying purchases at Sears and Kmart stores through Jan. 28, 2012. 

"We know budgets are tight, so we want to reward our customers by offering them ways to stretch their dollar," said Dave Friedman, SVP and president marketing at Sears Holdings. "We believe this program will help families get more out of every visit to Sears and Kmart when they use their Sears card."

Chicago -- True Value Co. reported Tuesday that profit for the third quarter increased 3.4% to $18.1 million, compared with $17.5 million in the year-ago period.

Revenue rose 3.6% to $445.7 million, from $430.2 million.

According to the cooperative, 788,000 sq. ft. of retail space has been covered to its recommended Destination True Value prototype so far this fiscal year, up 13.5 % from 694,000 sq. ft. last year.
 

ATLANTA — OfficeMax is using RedPrairie Corp.'s Enterprise Workforce Management tool to boost labor efficiencies and manage costs enterprise-wide across its supply chain and retail stores, RedPrairie announced in a company press release.

RedPrairie’s Enterprise Workforce Management solution enables retailers to manage their workforce holistically addressing time and attendance, forecasting, scheduling, labor standards, execution management and learning management, according to the company. 

Jacksonville, Fla. -- Stein Mart said Monday it has completed a new $100 million senior secured revolving credit facility with Wells Fargo Bank, N.A. to replace an existing $150 million revolving credit facility, which was maturing in early 2012.

The new facility can be increased to $150 million and matures in February 2017. The revolving credit is for general corporate purposes, including issuing standby and commercial letters of credit, and provides an additional source of liquidity, according to Stein Mart.

DALLAS — Zale Corp. announced that Subha Ramesh has been named SVP real estate. Ramesh will report to Matt Appel, chief administrative officer.

San Jose, Calif. -- VeriFone Systems said Tuesday it has acquired mobile retail solution-provider Global Bay Mobile Technologies. According to VeriFone, the acquisition is part of its strategy to integrate mobile with retail and payments, extending new smartphone- and tablet-based shopping and payment experiences to retail organizations.

Terms of the transaction, which closed effective Tuesday, were not disclosed.

WAYNE, N.J. — Toys“R”Us announced that it has entered into a joint venture with Li & Fung Retailing that would make Toys"R"Us Inc. the majority shareholder of Toys"R"Us operations in Southeast Asia and Greater China. With this agreement, the existing Toys“R”Us licensed operations throughout Asia, which currently consist of more than 100 stores and offices across nine markets, will become 70% majority owned and controlled by Toys“R”Us Inc. and 30% owned by Li & Fung Retailing.

Wayne, N.J. -- Toys “R” Us announced Tuesday a joint venture with Li & Fung Retailing that will expand Toys “R” Us in Southeast Asia and Greater China.

With the new agreement, the existing Toys “R” Us licensed operations throughout Asia, consisting of more than 100 stores and offices across nine markets, will become 70% majority owned and controlled by Toys “R” Us and 30% owned by Li & Fung Retailing.