Circuit City to close all stores by Sunday
Richmond, Va. Liquidators managing the going-out-of-business sales for Circuit City Stores said all locations will close for good on Sunday. Many stores already have closed their doors due to depleted merchandise.
Sales at all of the company’s 567 stores nationwide began Jan. 17, and were initially expected to last up to eight weeks. The sales have continued daily since then in order to liquidate Circuit City’s $1.7 billion in retail inventory.
Scott Carpenter, executive VP and director of operations for Great American Group, said many stores saw record turnout and sales went quicker than expected as a result.
The other companies partnering with Great American in the liquidation are New York-based SB Capital Group, and Tiger Capital Group and Hudson Capital Partners, both of Boston.
The company filed for Chapter 11 protection in November, shutting some operations and beginning a search for either a buyer or investor to keep the business going.
The company lost $321.4 million in fiscal 2008 and lost $10.2 million the year before on declining sales.
Family Dollar posts 8.7% increase in 2Q sales
MATTHEWS, N.C. Family Dollar Stores reported that net sales for the second quarter ended Feb. 28 increased 8.7% to approximately $1.992 billion compared with $1.833 billion for the second quarter ended March 1, 2008.
Sales in the quarter were driven by double-digit sales growth of consumable merchandise; sales of apparel were soft. Comparable-store sales for the quarter increased 6.4%. The company had 6,643 stores as of Feb. 28 including 57 new stores opened during the second quarter.
Reflecting sales results for the second quarter, the company now expects earnings for the second quarter of fiscal 2009 will be between 59 cents and 61 cents per diluted share.
Matthews joins Children’s Place board
SECAUCUS, N.J. The Children’s Place Retail Stores announced the appointment of Norman Matthews to the company’s board of directors.
Matthews served as president of Federated Department Stores until his retirement in 1988. He joined Federated Department Stores in 1978 as chairman – Gold Circle Stores division.
“We are delighted that Norm Matthews is joining The Children’s Place board,” commented Sally Frame Kasaks, acting chair of the board and lead director. “His leadership acumen and industry experience will be invaluable as we navigate the Company through this difficult economic environment. We look forward to his advice and counsel.”