Report: Billionaire Carlos Slim ups stake in Saks
New York City — Mexican billionaire Carlos Slim, through his Inmobiliaria Carso SA investment fund, spent $8.8 million to up his stake in Saks, according to Bloomberg.
Slim, who was Saks’s largest shareholder before the purchases and last acquired the New York-based retailer’s shares in April 2009, raised his stake to 16% from 15.7%, the report said. Slim has made it a practice to add to his investment holdings when the markets slump.
Slim’s Grupo Carso SAB operates two Saks stores in Mexico City through a licensing agreement with the company.
Andronico’s files Chapter 11
Berkley, Calif. — Andronico’s Community Markets has filed for Chapter 11 bankruptcy protection.
The company is seeking debtor-in-possession financing that would allow it to sell itself to a private investment group that would keep its seven stores in Northern California in operation.
Q2 story not so good at Books-A-Million
BIRMINGHAM, Ala. — Reading into the Books-A-Million results, its easy to see how the liquidation at Borders took a toll on the book retailer’s second quarter. Books-A-Million reported that net sales for its second quarter decreased 11.4% to $106.4 million from net sales of $120 million in the year-earlier period. Comparable-store sales for the second quarter declined 12.9% compared with the 13-week period in the prior year. Net loss for the second quarter was $2.9 million, or 18 cents per diluted share, compared with net income of $1.9 million, or 12 cents per diluted share, in the year-earlier period.
Commenting on the results, Clyde Anderson, chairman, president and CEO, said, “Results for the quarter reflect a continuation of the trends that have been affecting our business since the beginning of the year. A soft publishing lineup, the effect of e-book migration and the impact of Borders’ liquidation all contributed to the decline in comparable-store sales. In this environment we have been focused on further developing the growth categories in our stores in preparation for the second half of the year while our balance sheet remains strong.”
For the 26-week period ended July 30, net sales decreased 11.2% to $210.4 million from net sales of $237 million in the year-earlier period. Comparable-store sales declined 13.1% compared with the same period in the prior year. For the 26-week period ended July 30, the company reported net loss of $6.4 million, or $0.41 per diluted share, compared with net income of $3.9 million, or 25 cents per diluted share, in the year-earlier period.
Late last month, Borders rejectedBooks-A-Million’s offer to buy 30 Borders store.