Kohl’s opens 37 locations
Menomonee Falls, Wis. Kohl’s Corp. said Wednesday that it is opening 37 new U.S. stores today — adding more than 5,200 jobs — as part of its plan to expand in key markets and gain market share.
The company is resonating well with shoppers looking to spend less during the recession. The chain also has forged successful partnerships with celebrities and designers on brands such as Abbey Dawn Girls, designed by singer Avril Lavigne, and Simply Vera Vera Wang. One of its most recent deals is an exclusive partnership with designer and former “The Hills” star Lauren Conrad on LC Lauren Conrad.
Among the 37 stores opening on Wednesday, 35 are former Mervyn’s locations, 30 of which are in California. The company is boosting its California presence by 33% with the addition of the 30 stores, bringing more than 4,200 new jobs. It now has 121 total stores in the state.
Kohl’s also opened stores in Florida, Louisiana, Nevada, Texas and Utah on Wednesday. The chain has opened 56 stores this year, and operates a total of 1,059 stores in 49 states.
Let the panic begin
Flu season soon will be underway at Target, as the retailer begins administering vaccinations Oct. 3 through Nov. 7 at prices that start at $24. Demand for seasonal flu vaccines is at an all time high this fall amid growing concerns about the H1N1 virus, also known as swine flu. Target points out that the regular seasonal flu vaccine does not protect against H1N1, yet concerns over that strain of the illness are clearly driving increased demand for regular flu vaccinations. In addition, there continues to be a fair amount of hype and contradiction at play as medical professionals don’t want to dismiss the potential severity of the illness. Target quotes the Centers for Disease Control and Prevention as saying nearly everyone should protect him or herself against the flu, but also notes that older people, young children and those with underlying medical conditions are at the greatest risk of experiencing serious flu complications.
Barnes & Noble completes purchase of Barnes & Noble College Booksellers
NEW YORK Barnes & Noble reported that it has completed the previously announced acquisition of privately held Barnes & Noble College Booksellers. As part of the transaction, BKS also acquired the Barnes & Noble trade name that had been owned by Barnes & Noble College Booksellers and licensed to Barnes & Noble.
As previously announced, concurrent with the signing of the agreement to acquire Barnes & Noble College Booksellers, Barnes & Noble entered into a new $1 billion, four-year revolving credit facility. The new facility has replaced each of Barnes & Noble’s and Barnes & Noble College Booksellers’ existing credit facilities.
The purchase price paid by Barnes & Noblewas reduced from $596 million to $514 million to reflect $82 million in cash bonuses paid by Barnes & Noble College Booksellers to 192 members of its management team and employees, not including Len Riggio.