REAL ESTATE

Juicy Couture on Manhattan’s Fifth Avenue closed due to bed bugs

BY CSA STAFF

New York City — Juicy Couture’s store on Fifth Avenue in Manhattan has been temporarily closed due to the discovery of bed bugs.

“Like other major retailers recently impacted by this issue, we are moving swiftly and aggressively to address the problem. We expect the store to re-open later this week,” the company said in a statement. “The people who shop and work at the store are our top priority and we are taking all necessary precautions.”

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FINANCE

Jos. A. Banks fall short of estimates

BY CSA STAFF

Hampstead, Md. — Jos. A. Banks posted a profit of $12.6 million during the fiscal 2010 third quarter ended Oct. 30, compared with a profit of $11.7 million in the year age period. It was the 36th quarter out of the past 37 with earnings growth compared with prior year periods.

Revenue increased 7.4% to $173.3 million from $161.3 million a year ago. Same-store sales increased 3% in the quarter.

Both earnings and sales trailed analysts’ estimates.

“Sales for the quarter were positive but started out below plan in August and then picked up in September and October with each month getting progressively better," said CEO R. Neal Black." Right now, to date, the fourth quarter has started out strong. November suit sales and total sales were up substantially compared to last year and were ahead of our plans.”

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STORE SPACES

Starbucks makes progress in cup recycling goal

BY CSA STAFF

Seattle — Starbucks Coffee Co. and International Paper, with Mississippi River Pulp, LLC, have completed a six-week pilot project that — for the first time — proved Starbucks used paper cups can be recycled into new paper cups. This advancement brings Starbucks one step closer to its goal of ensuring 100% of its cups are reusable or recyclable by 2015.

“This innovation represents an important milestone in our journey,” said Jim Hanna, Starbucks’ director of environmental impact. “We still have a lot of work to do to reach our 2015 goal, but we’re now in a much stronger position to build momentum across the recycling industry.

Starbucks currently has another recycling pilot project underway in New York. The company is collecting paper cups at 86 of its Manhattan stores to determine whether they can be recycled into bath tissue and paper towels. In early 2011, Starbucks plans to launch a new recycling pilot in Chicago, aiming to transform the company’s discarded paper cups into napkins for use in its stores. Over the past year, Starbucks has introduced front-of-store cup collection in Toronto and Seattle, where its cups can be recycled, and in San Francisco, where its cups can be composted.

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