Business

RadioShack to close 1,100 stores

Tuesday, March 4th, 2014, 5:13pm

(USA TODAY) -- After reporting dismal fourth-quarter earnings, RadioShack said Tuesday that it would close about 1,100 poorly performing stores, roughly 20% of the electronic retailer's locations.

The store closings will leave about 4,000 locations in the U.S. The company has been struggling to revamp its stores for the past year.

Total net sales and operating revenues were $935.4 million in the fourth quarter, vs. $1,171.4 million last year, a 20% decline. Comparable store sales were down 19%, which the company blames on poor performance in its mobile phone business.

RadioShack stock was down more than 20% in premarket trading.

"Even in this environment, we're continuing to make progress on the five pillars of our turnaround plan: repositioning the brand, revamping the product assortment, reinvigorating the stores, operational efficiency and financial flexibility," CEO Joseph C. Magnacca said in a statement.

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Best Buy to cut hundreds of jobs

Submitted by Atlanta Busines... on Thursday, February 27th, 6:15 am

(BUSINESS JOURNAL) -- Best Buy Co. Inc. plans to cut hundreds of jobs throughout its U.S. store operations, according to a report in the New York Post.

The article, citing anonymous insiders, says the "layoffs could affect upwards of 2,000 managers," though the exact scope isn't known. The retailer does not plan to close any of its 1,055 U.S. stores at this time.

Best Buy, which reports its fourth-quarter earnings on Thursday, declined to comment. The chain has 19 stores in metro Atlanta.

Late last month, Best Buy announced it was laying off roughly 950 full-time employees at its Best Buy and Future Shop stores in Canada as part of a store-restructuring initiative. The company said it will consolidate sales departments and reduce management layers in an effort to "streamline its store operating model as part of the company's long-term growth strategy in Canada."

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Submitted by Associated Press

Friday, February 14th, 2014, 8:13am

Jos. A. Bank buying Eddie Bauer in $850M deal

HAMPSTEAD, Md. -- Jos. A. Bank Clothiers Inc. is buying the parent company of Eddie Bauer in a cash-and-stock deal valued at $850 million.

The men's clothing company, which itself is being pursued by Men's Wearhouse Inc., made the deal with Everest Topco LLC to buy Everest Holdings LLC, Eddie Bauer's parent company.

Jos. A. Bank said Friday that the transaction includes $564 million in cash and about 4.7 million new shares of Jos. A. Bank stock issued to Everest Topco at $56 per share.

Everest Topco may also earn up to an additional $50 million in cash based on Eddie Bauer's adjusted earnings for fiscal 2014.

Jos. A. Bank may end the deal if it receives an acquisition offer for its company that it feels is superior.

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Tin Lizzy's could double its number of locations

Submitted by Atlanta Busines... on Monday, February 10th, 5:57 pm

ATLANTA -- Atlanta-based Tin Lizzy's Cantina is in a growth spurt.

The chain of "Flex-Mex" taquerias looks to more than double its number of locations over the next two years, according to Chief Operating Officer Tory Bartlett.

Tin Lizzy's today has six locations: Buckhead, Midtown, Grant Park, Perimeter, Emory Point and Mall of Georgia.

But, it wants to grow to 15 locations by the end of 2016.

That could bring the brand to new markets, such as Augusta, Ga. or Charleston, S.C. The company hopes to open its first restaurant outside of metro Atlanta in 2015.

"We want to grow the brand through the Southeast," said Bartlett, who was brought on late last year to aid Tin Lizzy's growth. He previously worked for Hooters of America LLC. In his 20-year tenure, he worked his way from dishwasher to director of operations, opening more than 120 Hooters locations.

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RadioShack to close 500 stores

Submitted by Atlanta Busines... on Wednesday, February 5th, 6:42 am

(ATLANTA BUSINESS CHRONICLE) -- RadioShack scored big points with its comedic 1980s-themed Super Bowl ad that poked fun at the retailer's outdated image, but the mood was more somber on Tuesday when news broke that around 500 stores will close in the coming months.

WATCH | RadioShack Super Bowl ad

The Wall Street Journal says it isn't clear which of the Fort Worth, Texas-based company's 4,300 stores will be closed or when.

The closings are part of a restructuring. Says the WSJ, "The retailer has struggled to reverse a string of losses deepened by a sales strategy focused around smartphones, which failed to improve revenue over the past two years."

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Ga.'s largest movie studio could open by summer

Submitted by Atlanta Busines... on Friday, January 10th, 8:34 am

GWINNETT COUNTY, Ga. -- Jacoby Development says it could have Georgia's largest movie studio open by this summer in Gwinnett County.

PHOTOS | Movies filmed in the Atlanta area

Company President Scott Condra told Gwinnett Village Community Improvement District leaders on Thursday that the first phase of the $1 billion investment -- opening up seven sound stages in a building once used to manufacture fiber optic cables -- could be complete three to six months after the April closing with OFS.

The project, at the OFS site along Interstate 85, has the potential to transform the Jimmy Carter Boulevard corridor.

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Bowling for Education fundraiser a striking success

Submitted by Atlanta News on Thursday, January 2nd, 1:43 pm

ATLANTA -- The lanes at 300 Atlanta were packed with nearly 35 Atlanta-area companies for the fifth annual “Bowling For Education” fundraiser, held on Thursday, Nov. 5. The event, which supports the Simon Youth Foundation, raised a record-breaking $112,250 this year, exceeding the initial fundraising goal of $100,000.

“We could not be more thrilled about the success of this year’s Bowling for Education event,” said Leslie Bland, co-chair of Bowling for Education in Atlanta and Director of Marketing and Business Development for Phipps Plaza. “We’re so grateful for the incredible enthusiasm from our Simon family and for the generous donations from all our committed partners. The immense support for this annual event has helped Simon Youth Foundation provide more and more educational opportunities for our future Georgia leaders.”

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