New York & Co. to Shutter JasmineSola
New York City, New York & Co. said Thursday it will exit its underperforming JasmineSola business and take tax charges on the move.
The 23-store JasmineSola chain, which sells clothing and accessories aimed at young women, will close by the end of the fourth quarter.
New York & Co. will take tax charges of about $28 million to $30 million over the third and fourth quarters of fiscal 2007, including non-cash impairments of intangible assets and store-level property and equipment.
New York & Co. said the decision allows it to focus on future investments and its higher-return namesake brand.
The company said that it is considering converting existing JasmineSola locations to its New York & Co. concept and redeploy JasmineSola associates to positions in New York & Co.
QVC announces IT exec changes
WEST CHESTER, Pa. QVC today announced that John Sullivan has joined the company as evp and cio. In his new role at QVC, Sullivan will oversee all aspects of QVC’s Information Technology department, including applications development, technology, production services and telecommunications. He is also responsible for the strategic use of technology and information within the organization to increase revenues, reduce costs and improve efficiencies.
Prior to joining QVC, Sullivan spent 11 years with Liz Claiborne where he most recently served as senior vp of sourcing of service and systems and cio. He began his career there as vp of information systems and customer service and progressed into various leadership positions. Prior to Liz Claiborne, Sullivan held various IT leadership positions at Goody’s Family Clothing, Ames Department Stores, Johnson & Associates and Knapp Shoes.
Rob Cochran, the previous holder of the cio position, assumes the newly created position of Chief IT technical officer. As QVC moves into the future, the removal of legacy systems and the introduction of new mobile technologies and applications development becomes critical. In this role, Cochran will lead that technology aspect of the company’s IT infrastructure team. Cochran has been with QVC since 1987.
Circuit City eases transition to DTV
RICHMOND, Va. Circuit City is joining other electronic retailers who have announced efforts to educate consumers on the digital television transition. The company announced today that it will enhance its initiatives to help its customers move from analog to digital.
“TV is our most important business,” said Philip Schoonover, Circuit City’s chairman, president and ceo. “We know the DTV Transition will affect millions of homes that rely on over-the-air reception and we are ready to do our part, along with manufacturers, broadcasters and regulators, to inform and educate the public about this important technology advance.”
Circuit City reported that it has already taken steps to ease the transition from analog to digital including, providing educational pamphlets in stores, offering information on the Circuit City Web site and training store personnel on the DTV transition. In addition, Circuit City said it intends to participate in the voluntary tuner box coupon program run by the National Telecommunications and Information Administration, pending the resolution of a number of technical and regulatory questions.