FINANCE

S&K to liquidate

BY CSA STAFF

Richmond, Va. Specialty mens’ apparel retailer S&K Menswear has retained liquidation specialist Gordon Brothers Group to run a going-out-of-business sale at all 105 locations in the eastern United States.

“In spite of our best efforts, the current economic climate left us with no choice but to close down the business. We’d like to thank all of our employees for their hard work and all of our loyal customers for their years of patronage,” said Jonathan Tibus, chief restructuring officer at S&K Menswear.

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Target 1Q EPS down 6.8%

BY CSA STAFF

MINNEAPOLIS Target reported net earnings of $522 million for the first quarter ended May 2, compared with $602 million in the first quarter ended May 3, 2008. Earnings per share in the first quarter decreased 6.8% to 69 cents from 74 cents in the same period a year ago. All earnings per share figures refer to diluted earnings per share.

“Our first quarter earnings per share reflect disciplined execution of our strategy in a difficult environment,” said Gregg Steinhafel, chairman, president and chief executive officer.

Retail sales increased 0.4% in the first quarter to $14.4 billion in 2009 from $14.3 billion in 2008, due to the contribution from new store expansion partially offset by a 3.7% decline in comparable-store sales.

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Sam’s Club offering $15 memberships

BY CSA STAFF

BENTONVILLE, Ark. Sam’s Club has launched a $15 membership program for the summer. The special membership is available for purchase for a limited time between May 20 and June 7, during regular club hours and extends to new Advantage and Business members. Annual membership fees start at $35.

The membership program is part of Sam’s Club’s “100 Days of Summer” campaign promoting savings and tips for enjoying the summer season.

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