Wal-Mart files plan to sell Walton-controlled shares
Bentonville, Ark. –A Friday report by Reuters said that Wal-Mart Stores Inc. disclosed an agreement Thursday to sell more than 70 million shares by a firm controlled by members of the founding Walton family.
Walton Enterprises LLC, controlled by S. Robson Walton, Alice L. Walton, Jim C. Walton and the John T. Walton Estate Trust, registered for sale 70,615,608 shares of company stock. That represents about 2% of Wal-Mart’s outstanding shares.
The 70.6 million shares were registered on behalf of several Walton charitable trusts. The stock will be re-sold by these trusts periodically through the end of 2017.
The descendants of Wal-Mart founder Sam Walton currently own about 49% of the company. These sales will reduce that stake by about two percentage points.
However, Wal-Mart is in the midst of share buyback program, so it’s unclear what portion of the company the Waltons will end up owning after the share sales are completed.
Duckwall-ALCO swings to profit in Q3 with one-time gain
Abilene, Kan. –Duckwall-ALCO Stores reported Friday that it recorded a profit of $0.1 million in the quarter ended Oct. 30, compared with a loss of $2.1 million in the year-ago period.
Sales increased 3.6% to $109.8 million, and same-store sales excluding fuel centers increased 2.7%.
During the third quarter, the company received an insurance settlement for damage sustained during the second quarter of fiscal 2012, due to wind and hail, which led to a one-time gain of $2.3 million. Without the gain, net loss for the third quarter was $1.3 million.
Saks offers Fifth Ave POV with redesigned site
NEW YORK — Saks Fifth Avenue has taken its brand beyond fashion retail with the launch of its redesigned SaksPOV website. Designed to offer a point of view from Fifth Avenue, the company said, the new site will feature multimedia content, designer features, Saks brand coverage and compelling lifestyle pieces. SaksPOV launched initially in December 2010.
“We will use SaksPOV as an outlet to engage with our customers and as a portal for our fashion lifestyle content,” said Denise Incandela, chief marketing officer and president of Saks direct. The site includes “blogs we love, guest editors and Twitter followers. We want to be the go-to destination for our customers.” SaksPOV contributors are industry vets, writers and photographers whose work has appeared in publications from Vogue to Wallpaper, from the Wall Street Journal to ARTnews.
The site’s content will be overseen by Sophia Chabbott, SaksPOV’s editorial director, and will offer the following regular columns:
How to Make It in NYC: This recurring column documents how a garment is conceived and produced in the Garment Center. The first piece features designer Nanette Lepore.
Open to Interpretation: Saks Fifth Avenue persuades creative thinkers in non-fashion fields to interpret Saks looks in their own medium. In the inaugural column, Saks commissioned manicurist Mayu Glazer to transform three Spring 2012 runway looks from Gucci, Proenza Schouler and Alexander McQueen into nail art.
Fashion on the Fly: In this feature, an on-the-cusp New Yorker gets styled in a Saks look. Dancer Shirley Catton modeled British school uniform-inspired looks in the launch spread.