FINANCE

Liz Claiborne to close outlet stores

BY CSA STAFF

New York City Liz Claiborne announced Wednesday that it will close its 87 outlet stores as part of a plan to end losses at the stores. In the move, which is expected to be executed over the coming months, the company’s Liz Claiborne and Liz Claiborne New York will become exclusive brands for other retailers.

The closures affect just Liz Claiborne branded stores. Outlets for the company’s Juicy Couture, Lucky Brand, Kate Spade and Kensie brands aren’t affected, said the company.

“A number of factors precipitated this decision,” said William L. McComb, CEO of Liz Claiborne. “Our current fleet of Liz Claiborne branded outlet stores was originally designed and leased to handle clearance for many brands in our portfolio — an outdated consumer proposition and one that no longer makes economic sense, given the vast changes we have made to our portfolio and business strategy over the past three years.”

Liz Claiborne will take a $7 million charge in its second quarter for the closings and expects more charges for severance and lease terminations on the stores.

In October, the company announced it was moving its namesake line to J.C. Penney from Macy’s and other stores and taking the line designed by Isaac Mizrahi to the TV shopping channel QVC.

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Target offering ‘Black Friday’ deals in the summer

BY CSA STAFF

MINNEAPOLIS Target has become the latest retailer to offer “holiday season” deals in the summer. The company announced that it will offer its first-ever “Back in Black Friday” sale on Target.com on July 23. The exclusive online-only sale will begin at approximately 12:00 a.m. (PDT) and conclude at 11:59 p.m. (PDT) on Target.com/BlackFriday.

“At Target.com, we are committed to offering our guests tremendous value every day.  With our first-ever Back in Black Friday, guests will find incredible bargains before the holiday season with the added convenience of online shopping,” said Steve Eastman, president Target.com.

According to the company, the online-only sale will offer an average of a 40% off regular prices on must-have items across all categories, including apparel, electronics, toys, housewares, movies, music, books and more. 

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TJX to bring Marshalls to Canada

BY CSA STAFF

FRAMINGHAM, Mass. TJX Companies announced plans to bring Marshalls to Canada. The company anticipates that the first Canadian Marshalls stores will open in the spring of 2011. Marshalls will become TJX Canada’s fourth off-price retail division, along with its other banners Winners, HomeSense and STYLESENSE.

Carol Meyrowitz, president and CEO of The TJX Companies, stated, “I am delighted to announce that we are bringing our Marshalls chain to TJX Canada, where we have our highest financial returns, with the planned opening of six stores in 2011. Canada has been a very successful market for TJX since we first entered in 1990, and we are excited to continue growing our Canadian business. We believe Marshalls will offer Canadians yet another avenue to great brands, great fashions and excellent values for the entire family. This is another example of our emphasis on international expansion, and we believe that Marshalls will be extremely well received in Canada. Ultimately, we estimate the Canadian market can support 90 to 100 stores.”

Marshalls in Canada will be managed by TJX Canada, the operating group managing Winners, acquired in 1990, HomeSense, launched in 2001, and STYLESENSE, launched in 2008. Operations, distribution and management will be leveraged from the existing organization. The company said it is not yet ready to announce specific locations for the initial stores.

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