Bebe records Q2 loss on discounting and falling sales
Brisbane, Calif. — Bebe Stores Inc. swung to a loss in its fiscal second quarter from a profit a year ago amid heavy discounting during the holiday shopping season.
Bebe said it lost $4.8 million for the three months that ended Dec. 29, according to preliminary results, versus a profit of $6.5 million a year earlier.
Net sales dropped 11% to $135.5 million. Same-store sales fell 10.5%.
OfficeMax, Brandon Marshall score touchdown for Chicago teachers
NAPERVILLE, Ill. — OfficeMax partnered with Chicago Public Schools and wide receiver Brandon Marshall to surprise 100 local teachers on Thursday with a $100,000 total donation in essential school supplies for their classrooms.
"On behalf of OfficeMax and our associates, it is my pleasure to make this donation to Chicago teachers in recognition of their important contributions and unyielding dedication in educating our children, Chicago’s future work force," said Ravi Saligram, president and CEO of OfficeMax. "The future success of our children is one very important way to ensure this great city continues to thrive. OfficeMax is a proud member of the Chicagoland community, and we’re thrilled to join Chicago Public Schools and the Chicago Bears’ Brandon Marshall to help us make this day even more memorable for our teachers."
"When I learned that teachers spend approximately $1,000 out of their own pocket on classroom supplies for their students, I immediately jumped at the chance to help OfficeMax with their A Day Made Better initiative here in Chicago," said Brandon Marshall, professional football wide receiver. "This is my chance to give back to the city in a big way and help OfficeMax continue to do the great work they’re doing to support teachers."
Since 2007, A Day Made Better and other OfficeMax Goodworks programs have contributed more than $20 million in grants and supplies to support more than 30,000 teachers and their classrooms. Additionally, OfficeMax has helped its nonprofit partner AdoptAClassroom.org secure funding for more than 79,000 classrooms nationwide.
Sears Canada lays off 700 employees
New York — Sears Canada is letting go of 700 workers as part of a plan to "right-size" the operation.
The lay-offs will include 360 department store associates and about 300 distribution center workers, as well as some head office personnel.
Sears Canada, majority-owned by Sears Holdings Corp., has falling sales. It is also facing major competition by Wal-Mart Stores and Target, which is set to make its Canadian debut this spring.