Michaels Shuttering Two Businesses
Irving, Texas, Michaels Stores Inc. said Tuesday it is exiting its Recollections and Star Decorators’ Wholesale businesses as part of a plan to focus resources on its core retail chains.
The retailer said it will close 11 Recollections stores, including four in Dallas-Fort Worth, and three of its four Star locations by the end of first-quarter 2008. The company will continue to operate one Star location under the Moskatel’s banner.
Michaels said it expects to take charges of $11 million to $14 million related to lease obligations, inventory liquidation, asset-related write-downs and severance benefits. The company expects most of the charges to occur in the third quarter of 2007.
Samsung appoints top marketing officer
RIDGEFIELD PARK, N.J. Samsung Electronics America has named Steven Cook as its new senior vp and chief strategic officer for its North American headquarters.
Cook has a 26-year career in strategic brand retail marketing and most recently served as vp of worldwide strategic planning and business development for Coca Cola. Prior to that, Cook worked for Proctor & Gamble.
“Steven has extensive skills in brand differentiation, which have been honed in equally competitive industries where brand differentiation is critical,” said Samsung Electronics America president D.J. Oh.
In a statement, Cook said he looks forward to helping Samsung build on its reputation as a brand that “delivers on its promise of the best consumer electronics experience.”
Report: RFID top priority for Wal-Mart
San Francisco Speaking at an industry conference in Taiwan, Ron Moser, RFID strategy leader for Wal-Mart, said that RFID technology is important to the company and that it recognizes its role as a leader in this area, reports said.
At the Taiwan International RFID Applications Show in Taipei, Moser reportedly said that Wal-Mart could improve sales greatly by fixing its inventory issues using RFID technology. Moser added that he anticipates RFID to have a greater effect on Wal-Mart than bar codes did when they debuted in 1984.
According to reports, Moser said that he expects RFID will lead to getting products on store shelves faster, thus reducing lost sales and making missing merchandise a soon-to-be phenomenon of the past.