Circuit City: InterTan Review Still Ongoing
Richmond, Va. Circuit City Stores Inc.’s review of strategic options for its Canadian operations, including a possible sale, is ongoing, according to the Dow Jones. The report said a company spokesman gave no further update on the prospects for a sale of InterTan or on the broader strategic review underway since May.
The news comes in response to questions about an announcement earlier this week that TD Retail Card Services had acquired the private-label credit-card program of InterTan.
InterTan operates some 775 stores in Canada under the banner The Source By Circuit City, generating about $600 million in 2007 sales, or about 5% of company revenues.
Earlier this month the company reported its second-quarter profit grew 8%, while revenue grew 14% to $152.7 million.
Report: Amazon to sell wine
SEATTLE Amazon.com, which now sells everything from electronics to furniture, will soon add wine to its list of available items. According to reports, customers will be able to purchase wine through Amazon.com as early as this month thanks to a partnership between the retailer and the Napa Valley Vintners Association.
The Napa Valley Vintners Association represents 315 vintners in the Napa Valley, it is not yet know if each winery will have its on storefront online, or if they would all operate under a single store.
In 1999, Amazon invested $30 million in Wineshopper.com in 1999. In 2000, the company was bought by Wine.com, which operates a storefront Amazon that sells gourmet food but not wine.
Cost Plus names Stevens to board
OAKLAND, Calif. Cost Plus announced that Kenneth Stevens has been appointed by its board of directors, effective immediately, to serve as an independent outside director until the next annual meeting of shareholders. Stevens most recently served as president, coo and secretary of tween Brands and was a member of the board of directors.
Prior to joining Tween Brands in 2007, Stevens served in various executive positions at Limited Brands and some of its subsidiaries from 2002 to 2006, including ceo of Express and president and coo of Bath & Body Works. He also served as chairman and ceo of the Bank One Retail Group from 1996 to 2001.