News

Buy.com Launches IPO

BY CSA STAFF

Aliso Viejo, Calif., Internet retailer Buy.com is going public, with plans to sell 4.2 million shares for an expected $226.6 million, assuming a share price of $12 per share. Underwriters, led by Thomas Weisel Partners LLC, have the option to buy an additional 625,000 shares to cover over-allotments, according to the filing with the U.S. Securities and Exchange Commission. In the first nine months of 2005, the company lost $8.5 million on revenue of $234 million.

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REAL ESTATE

From Supercenter to ‘Express’ in Storm-Damaged Area

BY CSA STAFF

Bentonville, Ark., Wal-Mart Stores is opening a new “Wal-Mart Express” on the site of its hurricane-damaged Wal-Mart Supercenter in Waveland, Miss. This new store format will offer a merchandise mix focused on the needs of the community, which still is recovering from the devastation of Hurricane Katrina, the company said. Operating more recently as a “tent store” to provide basic needs for residents, the new store will open its doors on Saturday.

The Wal-Mart Express is a new store concept that differs from the footprint of a typical Wal-Mart store. According to Pam Kohn, the division’s senior VP, “The new prototype store will allow us to respond to this community’s immediate needs.” Wal-Mart eventually plans to return the Waveland store to a Wal-Mart Supercenter.

The new 57,000-sq.-ft. store can be entered through the original front entrance and is enclosed within the original 205,800-sq.-ft. building by dust-proof, insulated walls. The merchandise mix will differ from a typical Wal-Mart store, focusing on essential items, in the quantities and sizes needed for the community, as it continues to rebuild from the storm.

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News

ShopKo Posts Q3 Loss

BY CSA STAFF

Green Bay, Wis., ShopKo Stores posted a quarterly loss, largely due to merger-related costs. The company posted a loss of $14.1 million in the third quarter ended Oct. 29, compared to a profit of $2 million in the same quarter last year. The merger cost $16.3 million—including a $13.5 million payout to Badger Retail Holding, which had agreed to buy Shopko before Sun Capital Partners stepped in with the winning bid.

Consolidated sales decreased 5.6% to $704.8 million in the third quarter of 2005 compared with $746.4 million for the comparable period last year. Consolidated comparable-store sales decreased 5.8%.

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