Sears Seeks Options for Hardware Unit
Hoffman Estates, Ill., Sears Holding Corp. today said it may sell or spin off its Orchard Supply Hardware unit, which operates a chain of 82 hardware and garden retail stores in California. Vice chairman and CEO Alan J. Lacy said that Sears Holdings was pursuing the option as it looks to focus attention on the core business created by the Sears-Kmart merger.
Citigroup Global Markets Inc. and Lehman Bros. are acting as financial advisers to Sears.
Wild Oats Markets Posts Q1 Loss
Boulder, Colo., Wild Oats Markets suffered a net loss of $1.2 million in the first quarter, partly due to expenses related to a change in lease accounting and the opening of new stores. The company earned $2.1 million in the same quarter last year. Same-store sales declined 0.3% as total sales increased 5% to $278.1 million.
Circuit City Responds to RadioShack Statement
Richmond, Va., Circuit City Inc. today disputed a statement issued by RadioShack, arguing that it has not relinquished its rights to the exclusive use of the RadioShack brand in Canada until 2009. RadioShack’s statement, released yesterday, said that it had won a lawsuit against Circuit City and was creating a subsidiary to oversee its Canadian expansion. Circuit City’s InterTAN unit currently runs RadioShack stores in Canada, but the two retailers are in a legal quarrel over the rights to the name.