FINANCE

Report: J.C. Penney CEO to Cut Jobs

BY CSA STAFF

New York City, J.C. Penney Co. Inc. is set to cut 100 to 200 jobs as it merges its buying and marketing operations for its store and online businesses, CEO Myron Ullman said in an interview with The Wall Street Journal.

Ullman was also quoted in the interview, published on Thursday, as saying the company may scale back its plans to open new stores, cutting 10 of the 50 stores it planned to open each year in 2008 and 2009.

“The precipitous drop in sentiment in the fall is what we feel we need to deal with going forward. We’re assuming no improvement in the trend in 2008,” he said in the interview.

A slowdown in the U.S. housing market, as well as high energy prices and turbulence in the credit market, have hit Penney’’s predominately middle-income shoppers.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...
News

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.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...
News

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.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...