Nike puts Cole Haan on the selling block
New York — Nike Inc. is trimming its portfolio. The company announced it will sell its Cole Haan and Umbro brands to cut costs and focus on its core namesake brand.
Nike acquired Cole Haan, which specializes in casual and dress shoes, handbags and accessories, in 1988 for $80 million, plus the assumption of $15 million in debt. Cole Haan operates more than 180 stores throughout the United States, Canada, the Middle East and Asia.
Nike bought the soccer gear and apparel company Umbro in 2008 for $565 million.
In a statement, Nike said it will begin selling off the brands immediately. It expects to complete the sale by May 2013.
"Divesting of Umbro and Cole Haan will allow us to focus our resources on the highest-potential opportunities for Nike to continue to drive sustainable, profitable growth for our shareholders," said Mark Parker, president and CEO of Nike Inc.
Toys’R’Us brings ‘World of Madagascar’ to stores
WAYNE, N.J. and GLENDALE, Calif. — Toys"R"Us and DreamWorks Animation have unveiled "World of Madagascar," a new brand featuring toys based on characters from all three Madagascar films, now available exclusively at Toys"R"Us online and in store locations around the world. Coinciding with the launch of Madagascar 3: Europe’s Most Wanted, which arrives in theaters on June 8, Toys"R"Us is showcasing the "World of Madagascar" in Toys"R"Us stores throughout the United States during the month of June. Highlighted in the boutique are exclusive toys from Fisher-Price, as well as a full range of lifestyle products inspired by the beloved Madagascar franchise.
As part of the celebration surrounding the release of the new film, Toys"R"Us Times Square is featuring the full range of "World of Madagascar" and Madagascar 3: Europe’s Most Wanted products in a dedicated boutique inside of the store’s main entrance on Level One. Additionally, the product assortment is showcased online at Toysrus.com/Madagascar.
"The ‘World of Madagascar’ builds on our long-standing relationship with DreamWorks Animation and our desire to bring new and innovative play experiences to kids and families through our global network of stores," said Jamie Uitdenhowen, VP divisional merchandise manager, learning for Toys"R"Us, U.S. "Fans of the Madagascar franchise are sure to love our in-store boutique, as well as the breadth of imaginative film-inspired products."
GameStop expands digital content access to international customers
GRAPEVINE, Texas — GameStop customers outside of the United States will soon have access to the PlayStation Network’s downloadable content from Sony Computer Entertainment Europe. This digital option will be available at more than 1,600 store locations in Australia, New Zealand, France, Italy, Spain, Germany, Austria and Switzerland. Customers in those countries will have the ability to purchase DLC with any form of payment including trade credits, gift cards and cash. Last year, GameStop returned more than $1.2 billion in trade credits for pre-owned games, and those customers are eligible to apply their trade credits toward any game purchase, including downloadable content.
“The ability to use cash and trade credits as currency is a powerful tool and Sony Computer Entertainment Group recognizes that it provides a new channel for gamers to access and purchase exclusive digital content,” said Mike Mauler, GameStop’s EVP international. “We are thrilled to be bringing this initiative to our international customers.”