Home & Textiles Today Staff -- Home Textiles Today, July 11, 2005
Saks Kills Private Label, Belk Deal Done
Saks Fifth Avenue Enterprises is discontinuing its private label brand and will close its product development division by October 2005.
Approximately 15 associates are employed in the product development division of Saks Fifth Avenue.
Saks has also completed the sale of its Proffitt's/McRae's business to Belk, Inc. for $622 million. The 47 Proffitt's/McRae's stores involved in the transaction are located throughout 11 Southeastern states and generated revenues of approximately $700 million in 2004.
NRF Pleased With Delay On China Vote
The National Retail Federation commended Senators Charles Schumer (D-NY) and Lindsey Graham (R-SC) for “choosing diplomacy over threats to encourage China to revalue its currency,” the organization stated.
In an announcement, the senators agreed to delay a vote that would impose a 27.5 percent duty on all imports from China, in an effort to give China more time to take steps to reevaluate its monetary policy.
Burlington Has Its Eyes Open
Burlington Coat Factory Warehouse Corporation stated that it is exploring strategic alternatives for the company to enhance stockholder value.
Though no decision has been made to engage in a transaction, the company has hired Goldman Sachs & Co. as its financial advisor to assist in the exploration process.
Wal-Mart Leads Retail Ranking
Wal-Mart topped the list of the largest retailers with 2004 sales of $288.2 billion, according to the 2005 Triversity Top 100 Retailers ranking, released by Stores Magazine — the monthly magazine of the National Retail Federation.
The two main specialty stores focused on the home landed in the top 100, with Bed Bath & Beyond reaching number 48 at $5.1 billion in sales and Linens 'n Things making the cut at 82 with $2.7 billion.
Mednick Talks to HTT about Online Trends for Textiles