Monday, February 25, 2019

National Retail News

US retail sales fell in December, posting the worst drop in 9 years. Sales fell 1.2% from the prior month. Excluding automobiles and gasoline, retail sales fell 1.4%, the biggest drop since March 2009, after a 0.5 percent advance the previous month. The report was delayed by the federal government shutdown, and some analysts question whether the shutdown created issues of data collection and quality. The Commerce Department said that while data collection was delayed, processing and data quality were at or above normal levels for this release....Among retailers still reporting monthly sales, L Brands was down 1.0% and Costco was up 5.2%. See sales reports on Page 4...ESL Investments, the hedge fund run by Sears Holdings Corp. chairman Eddie Lampert, has completed its acquisition of the company for approximately $5.2 billion. Following its previously announced round of store closures, the new Sears will be made up of 223 Sears and 202 Kmart stores, along with Kenmore, DieHard, Craftsman, Sears Home Services, Sears Auto Centers, and Innovel brands and businesses. A new entity, Transform Holdco, will be the holding company for the chain.

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