Business Notes
Staff -- TWICE, 2/11/2002
Electronics Boutique Focuses On Game Market
West Chester, Pa. — Electronics Boutique Holdings expects to record up to a $16 million pre-tax charge in its fiscal fourth quarter and year ended Feb. 2 for the discontinuation at all EB Kids operations currently conducted in 29 stores, and offer for sale its 22-store BC Sports Collectibles business. The retailer intends to convert 12 of its EB Kids stores to the Electronics Boutique format, which will be in addition to the 200 new Electronics Boutique stores that the company plans to open over the next year. The retailer said these measures reflect management's desire to focus its energy and resources exclusively on the significant growth opportunities in the video game industry. Electronics Boutique now expects an improvement in annualized pretax earnings in excess of $3 million from the restructuring.
Staples Cutting 326 Positions, Closing 30 Stores
Framingham, Mass. — Office supply store Staples, looking to offset the affects of a weak economy and to remain competitive, will eliminate 326 positions from its 51,000-person workforce. It also expects to close 30 stores in the next two to three months. However, the chain plans to open 120 new stores worldwide during its fiscal year beginning this month. Staples ranks No. 8 in the TWICE ranking of consumer electronics retailers, with $3.8 billion in CE sales in 2000.
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