Macy’s Looks to Expand Overseas
Cincinnati - Macy’s is looking to expand overseas, according to a report in the Cincinnati Inquirer.
“Our No. 1 priority is same-store growth, but as we look further down the line for added avenues of growth, international is something we need to explore and investigate,” said Macy’s spokesman Jim Sluzewski.
“We’ve selectively sold our private brands in noncompeting retailers for 10 years or more,” Sluzewski said. “This is about bricks and mortar.”
The company will look for overseas opportunities for its Macy’s and Bloomingdale’s stores, the report said.
Kohl’s Converts Stores to Solar Power
Menomonee Falls, Wis. - Kohl’s Department Stores announced that it plans to convert more than 50 of its existing New Jersey, Connecticut and Maryland locations to solar power, representing nearly 80% of its locations in these three states.
Kohl’s has converted more than 25 of its 88 California locations to solar power with plans to activate approximately 50 additional sites in the state. Solar installations are also under way at three Wisconsin locations, and Kohl’s hopes to add other states to its growing solar offering before year-end.
Initial construction for the East Coast solar conversions began in January.
“Our solar program is one of many ways Kohl’s is working to become a leading environmentally responsible retailer,” said Ken Bonning, executive VP of logistics for Kohl’s. “We launched our California solar initiative one year ago and are excited to add East Coast locations to the program, making Kohl’s distributed solar power program the largest in the world among retailers.”
Icahn 'Stands Ready' to Buy Circuit City
Richmond, Va. - Blockbuster’s largest shareholder announced that he is prepared to buy Circuit City if Blockbuster cannot secure financing or shareholder approval for the acquisition.
Circuit City Stores revealed that it received a letter from Blockbuster which indicated Carl Icahn “stands ready” to buy Circuit City on his own should Blockbuster not be able to make the deal.
In related news, Circuit City also said it will allow Blockbuster to review its books in connection with the video-rental chain's bid to buy the consumer electronics retailer.
In April, Blockbuster disclosed that it offered to acquire Circuit City for $6 to $8 a share in February. But Circuit City responded that while it was open to pursuing further talks, it was unwilling to let Blockbuster examine its books. The latest information represents a change of heart, as Circuit City is allowing Icahn and Blockbuster to conduct due diligence in connection with the proposed acquisition.
Circuit City has hired Goldman Sachs & Co. to explore strategic alternatives, which may include a sale. The board of directors, however, has not determined a specific path to pursue, according to the company.
