OPERATIONS

Supervalu cutting about 1,100 jobs

BY Marianne Wilson

Minneapolis — Supervalu announced plans to eliminate about 1,100 positions nationwide, or about 3% of its national workforce. The reductions include both current positions and open jobs that will not be filled.

The news comes less than a week after Supervalu completed the sale of five of its grocery banners, including Albertson’s and Shaws/Star Markets. The company said the sale of the five chains means that the remaining business will need "significantly fewer" corporate and store support roles and functions.

“The decision to reduce our workforce, although difficult because of the impacts to our people, is the necessary next step in the rebuilding of our business,” said Sam Duncan, Supervalu’s president and chief executive officer. “This move is an important part of our strategy to be more focused and efficient in our operations, including how we staff and support our three business units going forward.”

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M.Incense says:
Mar-26-2013 06:28 pm

well, I think that they
well, I think that they should not do this as this will decrease the number of jobs in the country. It will definitely reduce the workforce of everywhere. Thanks , herbal Incense labor Team !

M.Incense says:
Mar-26-2013 06:28 pm

well, I think that they should not do this as this will decrease the number of jobs in the country. It will definitely reduce the workforce of everywhere. Thanks , herbal Incense labor Team !

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REAL ESTATE

Kleinfeld Bridal to open in Hudson’s Bay flagship in Toronto

BY CSA STAFF

New York — Kleinfeld Bridal, the iconic New York bridal retailer and star of the hit reality show “Say Yes to the Dress,” will open a 20,000-sq.-ft. salon in Hudson’s Bay’s flagship location in downtown Toronto in early 2014. The Hudson’s Bay Company has exclusive rights to the brand in Canada.

"We are so happy to bring the leader in bridal fashion, Kleinfeld Bridal, to Hudson’s Bay, and to Canada," said Bonnie Brooks, president, Hudson’s Bay Company. "Bringing Kleinfeld to Canada further supports our overall product differentiation strategy for Hudson’s Bay, which is to deliver new, relevant and exclusive brands and concepts to the marketplace. This incredible partnership will further our position as Canada’s headquarters and leading destination for gift registry, and now for designer bridal wear.”

According to a report by The Globe and Mail, Kleinfeld Bridal will assist in training staff for the Toronto store, which will be operated much the way Hudson’s Bay runs Top Shop stores within Hudson Bay stores.

“No big store like the Bay has ever undertaken to do bridal the way they’re going to do it with us,” said Ronald Rothstein in the report.

Founded in 1941, Kleinfeld operates a 35,000 –sq.-ft. flagship salon in Manhattan’s Chelsea area.

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News

Children’s Place begins 2013 in time out

BY CSA STAFF

The nation’s leading specialty retailer of children’s apparel issued a dour outlook for the first quarter of 2013 after a strong finish to 2012.

The company said sales for the 14 week fourth quarter increased 11.3% to $509.2 million and same store sales increased 4.3%. Earning per share increased 32% to $1.15, 11 cents better than analysts forecast.

Full year sales grew 5.5% to $1.8 billion and same store sales increased 2%, securing Children’s Place status as the largest children’s specialty apparel retailer in North America. The company ended last year with 1,095 stores after opening 64 stores and closing 18 others.

Despite a solid finish to the year, Children’s Place forecast first quarter results well below its prior year performance. Citing unfavorable weather and a weak economic environment, the company said it expected first quarter same store sales to decline in the high single digits and said earnings per share would range from 60 cents to 65 cents, far below earnings per share of $1.14 produced in the first quarter the prior year.

The company’s 2013 full year earnings per share forecast of $2.90 to $3.10 is also below the $3.23 in earnings per share the company just reported. The full year profit forecast assumes negative low-single digit same store sales.

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