News

Pier 1 Imports launches new e-commerce initiative

BY Katherine Boccaccio

Fort Worth, Texas — Pier 1 Imports said Thursday it has launched a fully redesigned website, Pier1.com, with a lineup of new features, including “Pier 1 To-You” allowing users to buy products online and have them shipped to any location in the continental United States.

Additional options continue to include “Pier 1 To-Go,” which launched in June 2011 and allows customers to pay for selected product offerings online and pick them up in-store with no shipping charges.

Pier 1 said the new site allows for easier navigation of the company’s product assortment, and now features “Get Inspired” and “Learn How” editorial content sections.

“We are extremely delighted with the successful launch of our new e-commerce enabled website, Pier1.com, which allows customers to shop our unique array of merchandise while selecting the shipping destination of their choice,” said Alex W. Smith, president and CEO.

Key project partners included Demandware, Jagged Peak, Sogeti, Alliance Data and The Richards Group.

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S.Jhon says:
Dec-28-2012 01:34 pm

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S.Jhon says:
Dec-28-2012 01:34 pm

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FINANCE

Big Lots profit takes hit in Q2; announces executive changes

BY Katherine Boccaccio

Columbus, Ohio — Big Lots reported Thursday that net income for the quarter ended July 28 slipped to $22.1 million, from $35.7 million in the year-ago period.

Sales in the United States edged up 1.7% to $1.18 billion, from $1.16 billion, and domestic same-store sales decreased 1.9% for the quarter.

In Canada, the company recorded a loss for the quarter of $3.3 million, widened from its loss of $1.2 million last year.

Big Lots has lowered its guidance for the year. It also announced a lineup of organizational changes, including the resignation of executive VP of merchandising Douglas Wurl. Stepping in will be John Martin, who has been serving as executive VP administration but served as executive VP merchandising prior. He has been promoted to executive VP and chief merchandising officer.

Other promotions include Lisa M. Bachmann to executive VP and COO; Charles W. Haubiel II to executive VP, chief administrative officer; Timothy A. Johnson to senior VP, CFO; and Michael A. Schlonsky to senior VP human resources.

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OPERATIONS

Best Buy reportedly reaches out to Schulze to resume talks

BY Katherine Boccaccio

Minneapolis — A Thursday report by Bloomberg, citing unnamed sources, said that Best Buy Co. has rekindled its talks with co-founder Richard Schulze about an agreement that would allow Schulze to launch due-diligence efforts toward his proposed acquisition of the company.

Best Buy reportedly reached out to Schulze shortly after announcing quarterly earnings on Aug. 21 that missed Wall Street estimates, according to one of the unidentified sources, who also said that both parties could reach an agreement later this week.

Schulze refused Best Buy’s earlier offer to access confidential financial information because of what he deemed overly restrictive limitations such as curbing his contact with the board to gain information necessary toward the due diligence process.

Another sticking point has been that Best Buy is asking for a fully committed offer from Schulze within 60 days; Schulze said he needs 90 days to obtain financing. Impasses such as these brought the talks to a halt on Aug. 19, but sources say both sides are now willing to com

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