Report: Value City Likely to Be Sold to Investor Group
New York City, Retail Ventures Inc. is likely to sell its money-losing Value City Department Stores unit to an investor group led by Crystal Capital Fund LP, The Wall Street Journal reported on Wednesday.
Retail Ventures had said in December that it entered into a non-binding agreement with an unidentified party to sell all or a majority interest in Value City.
The report, quoting people familiar with the matter, said a deal would probably be announced as early as Wednesday. The investor group would essentially get paid to take Value City stores off the hands of Retail Ventures, the report said.
Whitman to step down as eBay ceo
SAN JOSE, Calif. Meg Whitman is stepping down as president and ceo of eBay.
eBay today confirmed reports that Whitman was planning to leave her post as head of the company. Whitman will resign from her role as president and ceo on March 31. She will remain on the company’s board of directors.
Whitman joined eBay in March 1998 and helped lead the company toward its growth from 500,000 registered users, just 30 employees, and $4.7 million in revenue to more than 15,000 employees and nearly $7.7 billion in revenue. Whitman led eBay to become one of the fastest-growing companies in history.
John Donahoe will succeed Whitman as president and ceo. Donahoe came to eBay in February 2005 from Bain & Company, where he had served as worldwide managing director since 1999. For nearly three years, Donahoe has been president of eBay Marketplaces, which accounts for more than 70% of the company’s global revenues.
“During the last three years, John and I have worked very closely together to arrive at this day, and we’ll continue to work together through the transition,” said Whitman. “I’m extremely confident in John’s skills and the abilities of John’s veteran management team. eBay and its millions of users are in great hands as they head into the future.”
FUJIFILM expands image solutions at Ritz Camera
VALHALLA, N.Y. FUJIFILM U.S.A. today announced that Ritz Camera Centers, the largest specialty camera and image chain in the United States with approximately 1,000 locations, is expanding its portfolio of customer offerings with a new solution that enables in-store production of specialty photo products.
Fujifilm said it has partnered with Xerox to devolop a solution for Ritz Camera Centers that offers seamless integration with Xerox Phaser 7760 color laser printers. Ritz Camera customers will be able to create photo books, photo calendars and greeting cards via in-store kiosks or through the Ritz Camera Centers Web site, www.ritzpix.com, for in-store pick up in as little as one hour, the company reported.
“The scalability and choice of Fujifilm’s product and service offerings is second to none,” said Rich Tranchida, evp of Ritz Camera Centers. “We’ve literally plugged into a new revenue generator that enables us to offer our valued customers an assortment of unique new products. What’s more, this solution positions us at the cutting edge of the retail side of all things photo.”