Macy’s Consolidation Hurts Finlay
New York Finlay Enterprises Inc., which operates Bailey Banks & Biddle and other jewelry stores, said Thursday 94 of its 316 locations in Macy’s Inc. will close as the department store operator consolidates.
Macy’s on Wednesday said it will consolidate regional headquarters and that its Minneapolis, St. Louis and Seattle headquarters will be consolidated into offices in New York, Atlanta and San Francisco, respectively.
Licensing agreements at 57 locations in Macy’s North stores and 37 agreements at Macy’s Northwest stores will not be renewed, Finlay said. The agreements will expire on Jan. 31, 2009.
In fiscal 2007, the locations at Macy’s North and Northwest had revenue of about $120 million, out of $338 million total revenue from all of Finlay’s Macy’s locations.
“While we are disappointed with the prospect of losing a portion of our Macy’s business in January 2009, we will retain 222 Macy’s locations and all of our Bloomingdale’s locations,” Arthur E. Reiner, company chairman and chief executive, said in a statement.
Separately, Finlay said same-store sales fell 6.4% in the fourth quarter.
Finlay operates about 794 stores (mostly as in-store jewelry departments in department stores) including 69 Bailey Banks & Biddle, 32 Carlyle and five Congress specialty jewelry stores
Style and function meet in ODP furniture
DELRAY BEACH, Fla. Office Depot has launched the Christopher Lowell Anywhere Solutions line as its latest offering in its exclusive assortment of Christopher Lowell Furniture.
According to Office Depot, the new line functionality with classic design. The collection includes four distinct pieces, including an armoire, sofa table, credenza and computer desk. The pieces range in price from $199.99 to $499.99 and are available online at www.officedepot.com/furniture. The items will be available in Office Depot stores later this month.
“More and more business professionals today are working out of their home, guest bedroom and even the living room,” said Richard Diamond, vp of merchandising-furniture for Office Depot. “The new Anywhere Solutions line really serves a growing need that requires furniture to be both functional and attractive, while also fitting in virtually anywhere that you want to work.”
Costco unable to reform wine laws
ISSAQUAH, Wash. Costco was dealt a setback in its effort to change laws regulating distribution of wine in its home state of Washington.
ANinth Circuit appellate court judge ruled that the laws regulating wine distribution – when taken as a whole – do not violate anti-trust laws as Costco’s 2004 lawsuit contends. Costco was seeking to reform several provisions in Washington’s distribution law, including one that doesn’t allow suppliers to sell directly to retailers and give them volume discounts. Costco – the country’s largest wine retailer with $805 million in sales in 2006 – has not indicated if it would pursue further action in the case.