REAL ESTATE

Report: Cumberland Farms sells 27 stores

BY Dan Berthiaume

Framingham, Mass. – Cumberland Farms is reportedly selling 27 stores in New Jersey, Delaware, and Pennsylvania, to Petroleum Marketing Group, based in Woodbridge, Va. According to the Boston Globe, the stores will continue to operate as convenience stores and all roughly 600 affected employees are expected to keep their jobs.

Cumberland Farms will focus on its nearly 600 remaining stores in New England, New York, and Florida. Both companies are private and terms were not disclosed.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...
REAL ESTATE

DSW opens two new stores

BY Dan Berthiaume

Columbus, Ohio – DSW Inc. is opening two new stores on March 14. The stores will be located in Schererville, Ind., and Birmingham, Ala.

Customers will be eligible to participate in DSW Rewards, a free loyalty program in which customers earn certificates toward future DSW purchases and receive special member-only offers. Customers can also participate in the Shoe Lover community on Facebook to receive exclusive offers and giveaways.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...
REAL ESTATE

Staples to close 225 stores by end of 2015

BY Marianne Wilson

Framingham, Mass. — Staples on Thursday said it will close 225 stores by the end of 2015 amid falling fourth-quarter revenue, increased competition, and a shift to online sales. The big-box office-supply category, which was battered by the recession, has come under increased competition from Walmart and other discounters and online retailers such as Amazon. Most recently, Staples’ rivals Office Depot and OfficeMax completed a $1.2 billion merger.

The retailer said the closings, which will impact about 12% of Staples’ 1,500 U.S. outlets, are part of a plan to save $500 million in costs by the end of next year. Additional savings are expected to come from supply chain, labor optimization, non-product related costs, IT hardware and services, marketing, sales force, and customer service.

"A year ago, we announced a plan to fundamentally reinvent our company. With nearly half our sales generated online today, we're meeting the changing needs of business customers and taking aggressive action to reduce costs and improve efficiency," Staples CEO Ron Sargent said.

For the fourth quarter, Staples’ profit fell to $1.5 billion from $1.7 billion.

Total company sales fell 10.6% to $5.9 billion. Same-store sales in North America, excluding sales through Staples.com, fell 7%. Staples.com sales grew 10%.

Revenue at the company's international division fell 13%, hurt by weakness in Europe and Australia.

For the full year 2013, Staples’ North American stores and online achieved sales of $11.1 billion, down 6.1% from last year.

Staples did not disclose the location of the stores to be closed. The company has over 1,500 stores in the United States and more than 2,200 worldwide.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...