Laurie Karzen -- Gifts & Dec, March 15, 2004
Target may put Mervyn's and Marshall Field's on the block
Target Corporation may sell its Mervyn's and/or Marshall Field's divisions, hiring Goldman Sachs to help evaluate its options, said the company.
Specifically, Target stated the possibility of the sale of one or both of the divisions as ongoing businesses to existing retailers or other qualified buyers.
The company added that because it is in the early stages of this process, it is not yet certain that any transactions will occur as a result of the review. Additionally, Target noted that if the review results in one or more transactions, it is possible that a meaningful accounting gain or loss would result.
Bad quarter but good year for Bon-Ton home
The home department at regional department store chain Bon-Ton Stores Inc. was one of the four weakest categories in sales during the fourth quarter but one of the top six over the past year, the company reported during its fourth-quarter and year-end conference call last week.
At Bon-Ton stores during the fourth quarter, the poorest performing categories were special sizes, juniors, men's clothing and home, with the three best being intimates, shoes and accessories.
Belk retires from CEO spot
John Belk, chairman and CEO of Belk, Inc., will retire from the company effective May 26, after 50 years as its top officer.
Belk's board of directors named him chairman emeritus of Belk, Inc. at its regular meeting last week in Charlotte.
John Belk also announced the appointments of Thomas Belk Jr., H.W. McKay Belk and Johnny Belk to new corporate positions, effective May 26. Tim Belk, president of store divisions, human resources, real estate and visual presentation, has been named chairman and CEO of Belk, Inc.
Reporting to him will be McKay Belk, president of merchandising, marketing and merchandise planning and allocation, who has been named president and chief merchandising officer of Belk, Inc. and Johnny Belk, president of finance, systems, and operations, who has been named president and chief operating officer of the company.
Kohl's promotes Bonning
Kohl's Department Stores has promoted Ken Bonning to executive vice president of logistics.
Bonning oversees the company's distribution centers and the transportation of merchandise from suppliers to stores.
Bonning joined the company as senior vice president of logistics in 2001. Prior to coming to Kohl's, he was senior vice president of supply chain at Zainy Brainy. He will continue to report to Kevin Mansell, Kohl's president.
Overstock.com launches online discount club
Overstock.com, an online outlet store that sells discounted brand-name products, has launched Club O, an online discount club.
"We created Club O for avid bargain shoppers," said Patrick Byrne, president of Overstock.com. "For customers who place one to two orders on Overstock.com every month, Club O membership pays for itself, just on the savings on shipping alone."
Penney readies bigger Queens store
JCPenney will grand open a new three-level, 200,000-square-foot store in the New York borough of Queens, with 50 percent more space than the store's current location, on March 26.
The Queens Center store, which replaces a 14-year-old anchor unit at the same mall, will feature an expanded home department, offering a larger selection of bedding and bath accessories — plus all-new departments for furniture, housewares and home accessories, including lamps, pictures and clocks.
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