FINANCE

Michaels Stores to Lay Off 100 Employees

BY CSA STAFF

Dallas Michaels Stores plans to lay off about 100 employees at its corporate headquarters in Irving, Texas according to the Dallas Business Journal.

Jobs will be eliminated over a period of 90 to 120 days, while 200 jobs will be co-sourced, the report said.

The staff reductions are expected to take place at its corporate facility, with the first date of separation occurring on March 27.

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Tuesday Morning suffers 2Q loss

BY CSA STAFF

DALLAS Tuesday Morning reported that as previously announced, net sales for the second quarter of fiscal 2009 were $272.7 million compared to $308.7 million for the quarter ended Dec. 31, 2007, a decrease of 11.7%. Comparable-store sales decreased 14.9% for the quarter compared to the same quarter in the prior year.

According to the company, the decrease in comparable-store sales was comprised of a 9.6% decrease in traffic and a 5.3% decrease in average ticket.

Net income for the second quarter was $12.7 million or 31 cents per diluted share, compared to $20.5 million or 50 cents per diluted share during the same quarter last year.

Kathleen Mason, president and CEO, stated, “The December 2008 quarter was reported as the most difficult retail holiday season on record. While consumers remain cautious, we remain focused on preserving our strong balance sheet, managing inventory levels and generating positive cash flow.”

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Obama figurine added to Chia product line

BY CSA STAFF

SAN FRANCISCO Joseph Enterprises, makers of the Chia Pet line of products, has introduced the Chia Obama, in honor of the 44th U.S. president.

The Special Edition CHIA OBAMA is a handmade decorative figurine in the likeness of President Barack Obama.

Chia Obama will be available exclusively online at http://www.chiaobama.com. It comes with a Chia Seed packet, enough for three plantings.

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