NEW YORK — Phillips-Van Heusen says it will buy privately held Tommy Hilfiger in a cash-and-stock deal valued at about $3 billion, creating one of the world’s biggest clothing companies.
The deal announced today includes approximately 1.9 billion euros in cash ($2.6 billion) and 276 million euros ($379.9 million) in Phillips-Van Heusen stock.
The New York clothing [...] [...]
BALDWYN — Craft and fabric retailer Hancock Fabrics reports net income of $1.8 million for fiscal 2009 — its first annual profit in five years.
The company had lost $114 million over the previous four years, including $12.4 million in fiscal 2008. It came out of Chapter 11 protection from its creditors [...] [...]
WASHINGTON — The economy is showing renewed strength as retail sales surged last month and factory orders also increased. Yet there’s little evidence such growth will lead to more hiring soon — unless recent gains in consumer spending force companies to add workers.
Retailers reported Thursday that sales rose in February by the largest amount since [...] [...]
TIPPAH COUNTY — Officials from Hudson Salvage, LLC, leading purchaser of retail salvage merchandise, have announced the company is locating a distribution center in Tippah County in Northeast Mississippi.
The company’s new distribution facility will be housed in the one million-square-foot building formerly occupied by furniture manufacturer BenchCraft.
The cost of the move was not disclosed. [...] [...]
DETROIT — The former head of Kmart Corp. has been ordered to pay more than $10 million for misleading investors about the retailer’s health before it sought bankruptcy court protection in 2002.
U.S. Magistrate Judge Steven Pepe (Payp) released a 70-page decision Thursday, nearly nine months after Charles Conaway was found liable in a civil trial [...] [...]
Wal-Mart Stores Inc. reported a 22 percent increase in its fourth-quarter profit as the world’s largest retailer cut costs and slimmed down its inventories.
But a key measure of sales showed its third consecutive quarterly decline, the discounter said Thursday, as it continues to grapple with deflation in groceries and electronics and a tough economy. The [...] [...]
NEW YORK — Americans backed off from holiday spending in January, but retail sales rose for a third month in a row compared with a year earlier, largely because of gas price hikes, according to figures released today by a key data service.
Including goods from food to clothing to gasoline — but excluding cars — [...] [...]
WASHINGTON — Seventy-eight companies nationwide have received Federal Trade Commission (FTC) letters warning that they may be breaking the law by selling clothing and other textile products that are labeled and advertised as “bamboo,” but actually are made of manufactured rayon fiber. The letters, which the agency’s staff sent last week, make the retailers aware [...] [...]
NEW YORK — Retailers elated by stronger-than-expected holiday sales are expected to report today that they saw an unintended consequence in January: sales up only 1 percent from last year by one measure.
Stores ordered so conservatively for the holidays that they ended December with relatively little excess inventory — and less than usual to mark [...] [...]
BENTONVILLE, Ark. — Wal-Mart Stores Inc. says it is cutting 300 jobs at its Bentonville headquarters as part of a move to trim costs.
The company said Wednesday that the positions are mainly in corporate support.
The cuts were announced in a memo to employees from Wal-Mart President and CEO Mike Duke.
[...]
