Charming Shoppes pursues rent reductions
Bensalem, Pa. In its quest to further slash operating costs and rebuild revenue, Charming Shoppes is focused on getting rent reductions from existing landlords, GlobeSt.com reported.
A disappointing first fiscal quarter has the chain focused on improving sales, but it still has stores that are not meeting financial goals.
Charming Shoppes is trying to create a cost-effective partnership with these locations’ landlords in hopes that by lowering rent levels, “and partner with us to keep that store open and help make us profitable,” James Fogerty, president and CEO, said during the retailer’s first quarter conference call Wednesday, according to the report.
Costco 3Q income down, comps flat
ISSAQUAH, Wash. Costco announced that net sales for the third quarter of fiscal 2009 declined 5%, to $15.48 billion, from $16.26 billion during the third quarter of fiscal 2008.
Total U.S. comparable-store sales (excluding fuel) were flat.
Net income for the third quarter of fiscal 2009 was $209.6 million, or 48 cents per diluted share, compared to $295.1 million, or 67 cents per diluted share, during the third quarter of fiscal 2008.
Best Buy to invest in digital media fund
Best Buy is investing a new digital media investment fund, managed by Fuse Capital, in the hopes of finding the next digital media start-up.
According to The New York Times, Best Buy is investing in the start-up to better position itself in the digital entertainment space.
“We’re trying to change what the solutions are for our customers and change the direction of our company and get involved a lot more in what’s happening in digital entertainment as an active participant, rather than a passive participant,” sMichael Vitelli, EVP customer operating groups at Best Buy, told The Times.
Fuse Capital is said to be looking for start-ups that offer games, mobile applications, photo and music sharing, online video and personal media management, the report said.