STORE SPACES

Target joins GreenChill

BY CSA STAFF

Minneapolis — Target Corp. has joined the U.S. Environmental Protection Agency’s (EPA) GreenChill program. The program further Target’s efforts to reduce refrigeration emissions by adopting green refrigeration technologies in its stores.

"Target is excited to join the GreenChill partnership and extend our sustainability initiatives to the refrigeration systems in our stores," said Dan Riley, VP property development operations, Target. "We are committed to reducing our carbon footprint by forging new partnerships, achieving milestones in our business and progressing towards our sustainability goals. Today’s announcement represents an important step in reducing Target’s refrigeration emissions."

The GreenChill program will help Target achieve its environmental sustainability commitments by offering several benefits, including an industry benchmarking system and greater access to EPA research.

Target works with a variety of organizations to integrate sustainability throughout its business. In addition to GreenChill, Target is committed to earning the Energy Star label for at least 75% of U.S. buildings by 2016 and is part of the EPA’s SmartWay program to reduce transportation-related emissions.

Target is also part of the U.S. Department of Energy’s Retail Energy Alliance and a founding member of the Sustainable Apparel Coalition that was announced earlier this year.

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La-Z-Boy names general counsel

BY CSA STAFF

MONROE, Mich. — La-Z-Boy announced that it has promoted R. Rand Tucker to the newly created position of VP and general counsel of the company, effective May 1, where he will be responsible for overseeing all of the company’s legal and environmental affairs.

Tucker joined La-Z-Boy in 2000 as corporate counsel, when La-Z-Boy acquired LADD Furniture. At LADD, he served as VP and general counsel. Prior to joining LADD, Tucker was a partner in the Charlotte office of Kilpatrick Stockton LLP.

Kurt Darrow, president and CEO of La-Z-Boy, said, "Rand has been an invaluable asset to our company over the past 11 years. In addition to having a wealth of experience in various legal and environmental issues, he understands our company, our industry and the legal obligations and ramifications of today’s business climate. With this appointment, the coordination of the company’s legal, compliance and environmental practices will be streamlined, allowing for enhanced communication in all areas going forward."

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Hancock posts 4Q loss

BY CSA STAFF

BALDWYN, Miss. — Hancock Fabrics reported that net sales for its fourth quarterwere $78.4 million compared with $77.7 million in the fourth quarter last year, and comparable-same store sales increased 0.7%, compared with a 1.3% decrease in the previous year.

Operating income for the quarter was a loss of $8.4 million, a decrease of $11.7 million compared with a $3.3 million profit in the previous year’s fourth quarter.

Net sales for the year were $275.5 million compared with $274.1 million in the previous year, and comparable-store sales were flat over the last two years.

Operating income for the year was a loss of $5 million, a decrease of $12.7 million from the previous year.

Steven Morgan, interim president and CEO since February, commented, “We incurred significant one-time non-cash charges in the fourth quarter as we took actions to improve our business. The most significant charge was related to anticipated markdowns on aged products. These markdowns have been implemented, and will allow us the scope to liquidate these aged goods quicker as we move forward and ensure we have current, relevant merchandise for our customers. I am confident that we have identified, segregated, properly priced and positioned this product to provide a great value to our customers and to better position ourselves for new products in the remainder of the year.”

During the fiscal year, the company opened one store, closed one store, remodeled twelve stores, relocated seven existing stores and ended the year with 265 stores.

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