American Greetings acquires 400 U.K.-based stores
Cleveland — American Greetings said Thursday it has acquired 400 Clinton Card stores, a U.K.-based chain that was one of American Greeting’s biggest customers.
The struggling retailer had about 750 stores in the United Kingdom before being placed under administration last month. About 350 stores were closed and the remaining 400 will stay under administration, said American Greetings, and the other assets will be liquidated to pay off creditors.
RadioShack announces JV to open small-format stores in China
Fort Worth, Texas — A Thursday report by Reuters said that RadioShack will take a 49% stake in a joint venture with Cybermart to open small-format, RadioShack-branded stores in greater China.
Cybermart, an affiliate of Hon Hai Precision Industry Co., and RadioShack will open their first location in Shanghai in July. Additional locations are planned for mainland China, as well as Taiwan, Hong Kong and Macau.
According to the report, RadioShack will contribute $2.94 million upfront, and the two partners may contribute another $34 million over the next three years.
Ann Taylor’s Loft sets Canadian debut
Toronto — Loft, a division of Ann Inc. — formerly known as Ann Taylor — will open its first Canadian location at Yorkdale Shopping Centre in Toronto, Ontario, in late 2012.
"Canada represents a natural step as we move to expand internationally, and we are excited to open our first store outside the U.S. in such a vibrant city like Toronto," said Gary Muto, brand president.