FINANCE

Borders cuts jobs at U.K. chain Paperchase

BY CSA STAFF

Portland, Ore. Borders Group has cut an undisclosed number of jobs at its British stationery and gift business Paperchase, according to the Associated Press.

Borders eliminated its corporate merchandising jobs at Paperchase and is handing those duties to individual stores, which the company says better understand what their customers want.

The company sells the Paperchase products at its Borders stores and 80 stand-alone Paperchase stores in the United Kingdom.

Borders appointed new leadership at Paperchase last year and has attempted to sell the business to help keep the parent company afloat.

The company said last month that its first-quarter revenue fell 16% from a year earlier to $547.2 million. Its international revenue, which includes Paperchase stores, rose nearly 4% to $22.4 million, but domestic revenue fell 16% to $520 million.

Borders hopes to reinvigorate itself with a $25 million investment from financier Bennett LeBow — who became the company’s largest shareholder and chairman and later was named CEO.

It also recently launched an electronic book reader and plans to enhance its online operation.

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Target to help raise awareness for summer food program

BY CSA STAFF

ST. PAUL, Minn. Target is sponsoring the 2010 Vikings Children’s Fund Summer Lunch Program, which helps raise awareness for the U.S. Department of Agriculture’s Summer Food Service Program campaign, created by Second Harvest Heartland.

Target, along with the Minnesota Vikings, has pledged $300,000 to the effort. The Vikings Children’s Fund Summer Lunch Program, Presented by Target, has already secured more than 40 additional Summer Food Service Program meal sites, bringing the total number of summer meal sites in Minnesota to more than 450, according to a press release.

 

“Target has long been involved in the fight to end hunger both locally and nationally,” said Laysha Ward, president, Community Relations with Target. “We are pleased to join with the Minnesota Vikings, Second Harvest Heartland and all of Minnesota’s Feeding America food banks in an effort to positively impact child hunger in Minnesota.”

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TRU sales up in Q1, but loss widens

BY CSA STAFF

WAYNE, N.J. Toys”R”Us reported that net sales for the first quarter of fiscal 2010 were $2.608 billion, an increase of 5.3% compared with $2.477 billion for the first quarter of fiscal 2009. Comparable-store net sales grew by 1.9% in the domestic segment, while comparable-store net sales declined by 1.4% in the international segment.

The company reported a net loss of $55 million for the first quarter of fiscal 2010, compared with a net loss of $35 million for the first quarter of fiscal 2009. 

“We are very pleased with our operating results for the first quarter, driven by the team’s continued discipline in planning and achieving sales increases, expense control and margin enhancement,” said Jerry Storch, chairman and CEO of Toys”R”Us. “As we move forward, our focus remains on delivering differentiated product offerings, providing unique value and exceptional service to our customers, and preparing our stores for the all-important holiday selling season.”

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