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San Antonio — The Progressive Retailers Organization was at the Westin La Cantera Hill Coun
Hoffman Estates, Ill. — Sears Holdings will launch a rent-to-own leasing program for CE, majaps, mattresses and other big-ticket items this week, and has renewed efforts to sub-lease space in and around its stores.
The rent-to-own program is managed by WhyNotLeaseIt, a national leasing service, and will be rolled out to all 900 U.S. Sears stores on Wednesday.
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Hoffman Estates, Ill. — Sears Holdings has appointed Jeff Balagna executive VP and chief information officer.
Balagna joins Sears from Eli Lilly, where he held the same post. In his new role, he will be responsible for all technology and infrastructure initiatives within the company’s support centers and stores.
“Jeff is a proven executive with an analytical approach and experience in transforming complex organizations in rapidly evolving industries,” said Sears chairman/CEO Edward Lampert.
Hoffman Estates, Ill. — Sears Holdings chairman/CEO and majority shareholder Eddie Lambert reiterated his focus on multichannel retailing and the company’s Shop Your Way loyalty program at the company’s annual meeting here yesterday.
In his first shareholders address as CEO, he echoed his conviction that integrating the retailer’s online, mobile and brick-and-mortar platforms, and leveraging its membership rewards program, are key to the company’s turnaround.
Hoffman Estates, Ill. — Sears is providing its California customers with utility-sponsored instant rebates on high-efficiency appliances through a partnership with EcoRebates.
Online shoppers can receive an average of $50 in instant rebate savings on Energy Star-qualified refrigerators, washers, dryers, dishwashers, A/Cs, water heaters and other large appliances.
Participating utilities include Pacific Gas and Electric (PG&E), San Diego Gas & Electric (SDG&E), Southern California Edison (SCE) and Southern California Gas (SoCalGas).
Hoffman Estates, Ill. — Sears Hometown and Outlet Stores, the new Sears Holdings spinoff, ended its first fiscal year on a high note.
Rising gross margins pushed profits up 22.2 percent to $9.7 billion for the three months, ended Feb. 2, while the inclusion of an extra selling week helped boost net sales 6.8 percent to $631.2 million. Excluding the extra week, comp-store sales slipped 0.5 percent.
Many observers derided Sears chairman and majority shareholder Eddie Lampert’s decision to add CEO to his title last month.
Perhaps addressing naysayers who questioned his merchandising depth, Lampert offered his take on the state of retail in his annual open letter to shareholders, employees and customers, which accompanied today’s improved full-year earnings results.
Hoffman Estates, Ill. – Sears staunched its sales and earnings free fall last year, although CE weighed heavily on its results.
Net loss for the fourth quarter ended Feb. 2 was $489 million, compared to a year-ago loss of $2.4 billion, and net loss for the full fiscal year was $626 million, compared to $3.1 billion in 2011.
Sales declines also eased, slipping just 1.6 percent to $12.3 billion for the quarter, due in part to an extra sales week in the reporting period.
Portland, Ore. — MVNO Consumer Cellular, which targets the 50-plus age group with no-contract postpaid service, is expanding its selection in 739 Sears stores beginning in January.
The expansion includes new two new phones, expanded color options for two phones and new accessory kits, the MVNO said.
The product expansion is the MVNO’s third expansion in Sears stores in a little more than a year, the MVNO said.
Hoffman Estates, Ill. – Sears Holdings CEO Lou D’Ambrosio is leaving the company on Feb. 2 to tend to family health matters, the retail chain announced.
He will be succeeded by Sears chairman and majority shareholder Edward Lampert.
D’Ambrosio, a former Avaya chief executive and Sears consultant, joined the struggling chain almost two years ago. He will remain on Sears’ board until May.
Sears Holdings announced Thursday that New York Mets player development VP Paul DePodesta has been elected to its board of directors.
For us baseball fans, DePodesta is best known for his stint as the assistant general manager for the Oakland A's under GM Billy Beane. Beane became fascinated by the young Harvard grad with an economics degree, who was toiling anonymously for the rival Cleveland Indians, after DePodesta sat in on trade talks between the two teams. Beane hired him away immediately.
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