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Best Buy CEO sells $1.19 million of stock

BY Staff Writer

Minneapolis — A filing with the Securities and Exchange Commission revealed that Best Buy Inc. CEO Hubert Joly has sold $1.19 million worth of shares of common stock of the company.

Joly sold 65,796 shares at a price of $18.02 per share, according to the SEC filing. According to Best Buy, the stock sale was made to cover taxes associated with stock grants.

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Alliance Data acquires $145 million in Talbots credit card receivables

BY Katherine Boccaccio

Dallas — Alliance Data Systems Corp. said Monday that it has acquired the receivables associated with The Talbots Inc.’s existing private-label credit card file, and will acquire the credit card accounts, pending regulatory approval. The receivables portfolio totals about $145 million.

Alliance Data also said that its Retail Services business will provide private-label credit card services for Talbots, as well.

"We look forward to working together with Alliance Data to continue to build long-term customer loyalty and grow the Talbots brand through our Talbots Charge private-label credit card and rewards program," said Mike Archbold, CEO and CFO of Talbots.

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Fred’s launches no fee layaway program for holiday gift purchases

BY CSA STAFF

MEMPHIS — Fred’s on Friday launched a holiday layaway plan featuring no fees and a down payment of only $1.

"Fred’s realizes that the current economy presents difficult challenges to its customers and Fred’s wants to offer as much assistance as it can," Fred’s SVP sales and marketing Dave Mueller said. "That’s why we came up with a layaway plan that — with just one dollar down and absolutely no fees — is unlike any others and will stretch shoppers’ dollars during a time when it will be most welcome."

Mueller stressed that the no fees feature includes a no cancellation fee element, believed to be a first in the retail industry.

The layaway plan also offers a $5 gift card to customers for every layaway purchase totaling $50 or more.

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