REAL ESTATE

Holt Renfrew launches Canadian discount chain

BY Katherine Boccaccio

Toronto — Canadian luxury fashion retailer Holt Renfrew & Co. said Monday it will launch a new discount chain called hr2, with a first store in March in Quebec, followed by planned locations across the country by 2015.

It said the stores will range in size from 25,000 sq. ft. to 35,000 sq. ft., smaller than Holt Renfrew’s nine department stores, and targeting women age 25 and up.

Holt said the hr2 chain will carry new clothing by the same brands featured in the department stores at a lower price, rather than aged product sold at a discount.

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OPERATIONS

eBay cuts PayPal jobs as part of restructuring plan

BY Staff Writer

San Jose, Calif. — eBay has eliminated approximately 325 jobs from its PayPal division. As a result, the company has announced a planned fourth quarter pretax restructuring charge of approximately $15 million related to staff reductions at the company’s PayPal business unit. PayPal also is ending contracts with approximately 120 contractors globally.

The reduction results from a redesign of PayPal’s product organization, consolidating nine product groups into a single, more agile organization. The intent is to simplify and speed up how products are developed.

PayPal expects to continue its strong global growth momentum and leadership through online merchant expansion and share of checkout, by driving payments innovation at point-of-sale retail for large, medium and small businesses, and by engaging consumers online and offline with payments products and experiences that offer choice, flexibility, simplicity and security. PayPal currently has more than 117 million active accounts.

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OPERATIONS

Ulta Beauty names DSW CEO to board

BY Staff Writer

Bolingbrook, Ill. — Ulta Beauty said Monday that it has named DSW Inc. president and CEO Michael MacDonald to its board of directors, effective Oct. 24.

Prior to joining DSW in 2009, MacDonald served for three years as chairman and CEO of ShopKo Stores. Prior to that, he spent 16 years with Carson Pirie Scott and with Saks Inc. after it acquired Carson Pirie Scott in 1998.

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