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Company newsMinnesotaNewsRetailers

Target Releases First-Quarter Earnings, Experiences Surge in Digital Sales

by Alex Tostado

Minneapolis — Target Corp. (NYSE: TGT) has released its first-quarter 2020 results for the period ending May 2. The Minneapolis-based company’s total sales grew 10.8 percent, reflecting digital sales growth of 141 percent. Total revenue of $19.6 billion grew 11.3 percent compared with last year. However, operating income was $468 million in the first quarter, down 58.7 percent from first-quarter 2019. Target says it experienced a slowdown in apparel and accessories sales as guests stocked up on categories like essentials and food and beverage. It also experienced “unusually strong digital …

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Company newsNewsRetailersTexas

Pier 1 Imports Announces Intent to Close All Remaining Stores, Liquidate Assets

by Alex Tostado

Fort Worth, Texas — Pier 1 Imports Inc. has filed a motion in U.S. Bankruptcy Court to begin the process of closing all of its remaining stores and liquidating its assets, including its intellectual property and e-commerce business, the Fort Worth-based home goods retailer said on Tuesday. Pier 1 closed about 450 stores in January and filed for Chapter 11 bankruptcy in mid-February prior to the outbreak of COVID-19. However, CEO Robert Riesbeck said in the statement that the pandemic had amplified the company’s struggles to restructure debt and secure investment that would …

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ArkansasCompany newsGeorgiaNewsRetailers

Retailers Walmart, The Home Depot Report Increased Sales in First Quarter Despite Pandemic

by Alex Tostado

Bentonville, Ark. and Atlanta — Retailers Walmart and The Home Depot have reported increased sales during their respective first quarters. Bentonville-based Walmart, which operates on a fiscal year calendar running from Feb. 1 to Jan. 31, reported a spike of 74 percent in its e-commerce department, and an overall growth of 10 percent. Walmart’s total revenue reached $136.4 billion, which was 8.6 percent higher than first-quarter 2019. The uptick from e-commerce was mostly due to grocery pick-up and delivery services. Additionally, overall sales for Sam’s Club was up 12 percent …

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Company newsNewsRetailersWisconsin

Kohl’s Reports 43.5 Percent Drop in Net Sales for First Quarter

by Alex Tostado

Menomonee Falls, Wis. — Kohl’s Corp. (NYSE: KSS) has reported a 43.5 percent decrease in its first-quarter net sales. The company’s fiscal first quarter ended May 2. The Menomonee Falls-based retailer has reopened about 50 percent of its stores across the country after stay-at-home orders have been lifted from COVID-19. Kohl’s says it has decreased planned capital expenditures by approximately $500 million as part of its financial response to COVID-19. The company operates roughly 1,160 stores across the U.S.

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Company newsNewsRetailersTexas

J.C. Penney Files for Chapter 11 Bankruptcy, Secures $900 Million for Debt Restructuring

by Alex Tostado

Plano, Texas — J.C. Penney Co. (NYSE: JCP) has filed for Chapter 11 bankruptcy protection in a bid to strengthen its finances through an extensive debt restructuring. The company filed on the evening of Friday, May 15 in the U.S. Bankruptcy Court for the Southern District of Texas, located in Corpus Christi. The Plano-based retailer has secured $900 million in debtor-in-possession financing from its existing first-lien lenders that is expected to knock several billion dollars off its total debt load. J.C. Penney, a company with a 118-year operating history, said …

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Company newsIndianaMallsNewsRetailers

Out of the Box Ventures Reopens Indiana’s Haute City Center

by Alex Tostado

Terre Haute, Ind. — Out of the Box Ventures LLC has reopened its Haute City Center in Terre Haute within western Indiana. The following stores opened Friday, May 15: Amazing Comfort, Buckle, Cellular Concepts, Dakota Watch, Encore-Shoe Dept, Finish Line, Francescas, Frontier, Glik’s, Hibbett Sports, Journey’s, LA Nails, Maxx E-Cig, Pizza diRoma, Second Cup Café, Seno Formal Wear, Shewey’s Paint Your Own Pottery, TGI Friday’s, TradeHome Shoes and Verizon Wireless. The 676,322-square-foot mall has reduced hours and limited entrances. The children’s play area, photo booths and massage chairs will remain …

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AlabamaCompany newsFloridaGeorgiaGrocery-anchoredNewsNorth CarolinaRetailersSouth CarolinaTennessee

Sprouts Farmers Market Expands Grocery Pick-Up Service to 46 Stores Across Southeast

by Alex Tostado

Phoenix — Sprouts Farmers Market has expanded its grocery pick-up service to 46 stores in Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee as the grocer faces heightened demand amid the COVID-19 outbreak. The service allows customers to plan grocery pick-up for the same day or to schedule several days in advance. Their personal shopper will bring the groceries to a designated pickup parking spot when the customer arrives and checks in. A list of specific stores offering the service was not disclosed. The Phoenix-based grocer recently expanded this …

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Company newsNewsRestaurantsRetailersWashington DC

Peterson Cos. Unveils Plans for Reopening Shopping Centers Around Washington, D.C.

by Alex Tostado

Washington, D.C. — In the midst of the COVID-19 pandemic, Peterson Cos. has unveiled its plans for welcoming back tenants and customers, once permitted to do so. Peterson owns and operates open-air, mixed-use and power center properties. The company will implement the plan across several of its properties, including at National Harbor, Downtown Silver Spring, Rio in Gaithersburg, Fairfax Corner and Fair Lakes. Virginia Gov. Ralph Northam says he wants to slowly begin reopening retail businesses in the state, but he will allow northern Virginia to move at its own …

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CaliforniaCompany newsGrocery-anchoredNewsRetailers

NewMark Merrill Gives Away $14,000 in Groceries Amid COVID-19 Crisis

by Alex Tostado

Woodland Hills, Calif. — NewMark Merrill Cos. has launched Waves of Kindness, a program to aid communities during the COVID-19 crisis. NewMark Merrill began the program earlier this month, working with its grocery partners to give over $14,000 in groceries to more than 380 families. Customers were given $50 vouchers as they checked out. “While the retail industry is experiencing its challenges, it is our communities that need our help and support first and foremost during this crisis,” said Sandy Sigal, NewMark Merrill Chief Executive Officer. “We will continue to implement …

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Company newsLouisianaNewsRestaurants

Raising Cane’s Restaurant Crew Members Sew Masks for Local Hospitals

by Alex Tostado

Baton Rouge, La. — While the majority of its 500 restaurants are open and serving customers through its drive-thrus, Raising Cane’s dine-in only restaurant has shifted operations to make masks instead of its signature chicken fingers. Raising Cane’s crew members have begun sewing three-ply cloth masks to ease the shortage at local hospitals, donating more than 600 masks after the first week of production. As crew members get more proficient, the numbers are expected to grow significantly in coming weeks. “I can’t tell you how proud I am of our crew …

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