FINANCE

Burberry to Cut Staff

BY CSA STAFF

London British fashion house Burberry PLC announced on Tuesday that it will lay off as many as 540 employees, or about 9% of its work force.

The company also will close one of its two remaining factories in the United Kingdom, in an effort to weather “the current difficult environment,” Burberry CEO Angela Ahrendts said in a statement Tuesday.

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Circuit City closes its doors

BY CSA STAFF

WOODLAND HILLS, Calif. Circuit City announced that it will close all 567 of its stores across the country. The retailer began holding going-out-of business sales on Jan. 17.

Ajoint venture group consisting of Great American Group, LLC, SB Capital Group, LLC, Tiger Capital Group, LLC, and Hudson Capital Partners, LLC, will be conducting the going-out-of-business sales. The sales are expected to last 6 to 8 weeks, with some stores closing sooner.

Circuit City reported that it was unable to work out a sale of the company to avoid the store closings.

“The Circuit City liquidation is one of the largest retail liquidations to take place in the U.S. to date, and the largest yet of any major national consumer electronics firm,” noted Daniel Kane, principal of Tiger Capital Group. Scott Bernstein, principal of SB Capital Group, added, “While the demise of Circuit City is certainly unfortunate, these going-out-of-business sales will provide consumers with great values on a wide variety of electronics and other items.”

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Free shipping becomes a fixture

BY CSA STAFF

Undeterred by weak demand for home-related categories, Target continues to promote its online offering with discounted prices and free shipping deals.

The retailer’s latest incentive to persuade customers to purchase home categories online involves saving 15% on purchases of $125 or more and free shipping on select items. In fact, free shipping offers, once used predominantly to spur holiday sales, have become pervasive on Target.com, where select items in nearly every category of merchandise are eligible for free shipping outright, or if customers make a purchase of more than $50.

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