FINANCE

Report: Fortunoff May File for Bankruptcy

BY CSA STAFF

New York City Fortunoff said its stores are open for “business as usual,” despite a report that the company is considering Chapter 11 bankruptcy, and observations from retail experts that its stores are struggling to keep up its inventory.

“Fortunoff has been and is continuing to work with its financial advisors to consider the complete range of strategic alternatives for the company,” the company said in a statement. “Our stores are fully staffed and open for business as usual, and we remain committed to serving our customers.”

The retailer released that statement in response to a report by the trade publication  Home Furnishings News saying that the company may file for Chapter 11 bankruptcy within the next 10 days and that a deal for new capitalization from a private equity firm collapsed last week.

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Costco looks to open down under in ’09

BY CSA STAFF

BELLEVUE, Wash. Costco plans to open its first store in Australia in 2009 and is currently looking at sites for its first store down under.

At its annual shareholders meeting in Bellevue, Wash. on Jan. 29, Costco chairman of the board Jeffrey Brotman said Costco plans to “open in Australia sometime next year” when asked about the chain’s plans for international expansion.

Costco evp and cfo Richard Galanti later confirmed that Costco is searching for sites in Sydney, Brisbane and Melbourne. “We’re looking at opening there in 2009 if everything goes as expected,” said Galanti.

But Costco is still not ready to entertain a move into China. Brotman said Costco has been looking at China for years and said it’s, “still undecided, though we’re taking a hard look at it.”

During his presentation, ceo Jim Sinegal said Costco continued to push eco-friendly ideas in stores last year. He said Costco increased the number of stores powered by solar energy to 13 and that the company is considering solar panels for 25 more locations.

Sinegal also confirmed the 531-store chain plans to open 29 new stores this year and estimates Costco could eventually open 1,025 stores worldwide with more than 700 warehouses in the U.S.

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Giant Food Stores names head nutritionist

BY CSA STAFF

Carlisle, Pa. Giant Food Stores has hired Sylvia Emberger, R.D., L.D.N., as its corporate nutritionist, the company announced today.

Emberger will help set the strategic direction for Giant’s health and wellness programming and overseeing Giant and Martin’s in-store nutritionists. Emberger reports to Shirley Axe, acting manager for health and wellness.

Emberger most recently worked for The Hershey Company in the Hershey Center for Health and Nutrition where she focused on nutrition labeling and nutrition profiling of products. She also served as a lead dietitian for Messiah Village, a long term care facility, she was responsible for developing systems to track the nutritional status of nursing home and rehab residents.

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