Tuesday, March 19, 2013
Industry News: Decelerating
Best Buy Co. is cutting 400 jobs at its headquarters as part of a cost-cutting plan...American Eagle Outfitters continues to prune its underperforming stores -- between 15 and 20 in 2013 -- and plans to open seven to 10 others. Over the next few years, American Eagle will annually close between 25 and 40 underperforming stores, open between 10 and 20 other American Eagle stores, and increase the number of American Eagle factory outlets. The company has 1,044 locations, down from 1,069 a year ago...Foot Locker will close its 22 underperforming CCS skatewear stores and focus solely on the banner's online business... Target is shuttering its “The Shops at Target” concept, which showcased exclusive goods from select independent boutique retailers within in-store shops in Target stores...The Great Atlantic & Pacific Tea Co. Inc. (A&P) has contracted to sell its real estate interests in a few non-core store locations. Since filing for Chapter 11 bankruptcy in December 2010, from which it emerged in March 2012, the Northeast regional grocer has struggled to regain its financial footing, most recently closing three underperforming Super Fresh stores in the Philadelphia area, and indicating interest in selling its upscale The Food Emporium chain. A&P operates more than 300 stores in six states under the A&P, Best Cellars, Food Basics, The Food Emporium, Pathmark, Superfresh and Waldbaum’s banners.