Tom Edmonds -- Furniture Today, May 21, 2007
Vote Set on Dollar General Takeover
Dollar General will hold a special meeting of shareholders on June 21 to vote on approval of the merger agreement with affiliates of Kohlberg Kravis Roberts & Co. The 8,182-store deep discounter will host the event at 10:00 am at the Goodlettsville (Tenn.) City Hall Auditorium. The deal price is about $7.3 billion, including approximately $380 million of debt. HTT research pegged Dollar General's 2005 home textiles sales at $126.0 million.
JCP Chairman Lauds Window Team
Nancy Busher, buyer, and the ready-made draperies team were one of the seven team winners in the Chairman's Awards for the Home Division at JCPenney for 2007. Busher and her team were the only home textiles winners in either the Home Division or the JCP Direct and Product Development/Design teams in this year's awards. The awards for 2007 mark the change from individual awards to team awards based on performance vs. plan.
Jo-Ann 1Q Comps in Turnaround
Jo-Ann Stores reported that net sales for the first quarter decreased 0.1% to $424.2 million from $424.7 million in the prior year. However, same-store sales rose 1.8%, vs. a same-store sales decrease of 3.9% for the first quarter last year. The 794-store fabric and craft retailer will announce its fiscal 2008 first-quarter earnings on May 30.
ShopKo Readies Groundbreaking
Upper Midwestern mass merchandiser ShopKo is set to begin construction May 30 on an 80,000-square-foot store in Suamico in the metro Green Bay market. Planned for a spring 2008 opening, this will be the first new unit built in six years, said the $2.2 billion retailer. Chairman and ceo Mike MacDonald will join president and chief merchandising officer Paul White for the groundbreaking.
Bon-Ton to Expand Wyoming Unit
The Bon-Ton will expand its Herberger's store in Rock Springs, Wyo., from 37,000 square feet to 60,000 square feet, allowing for new businesses and expanded merchandise selection. Construction and remodeling will be done by November, the company said. Bud Bergren, president and ceo of the 277-unit department store operator, said the project "will allow us to increase the productivity of the store and enhance the shopping experience for our customers."
Hometextiles Show Goes to Shenzhen
The Hometextiles China (Guangdong) trade fair is relocating and changing its name to Hometextiles (Shenzhen). This year's event will take place Aug. 10-12 at the Shenzhen Conference and Exhibition Center, located in the city's CBD district. The fair will focus on bedding, curtain fabric, and accessories. As the show expands over the next three to five years, organizers will add upholstery fabrics, ready-made curtains, towels, and home accents. For information, call +86-0757-82249295 or e-mail email@example.com.
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