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OfficeMax Q4 Misses Expectations
OfficeMax reported lower-than-expected quarterly results Wednesday largely as a result of small-business customers' cutting spending.It reported a net loss of $396 million in Q4 (ended Dec. 27), or $5.21 a diluted share, compared with net income of $70.5 million, or 92 cents a share, a year earlier.
Excluding one-time items, OfficeMax earned $0.02 a share; analysts had expected $0.18, Grocery Chain, Unilever Battle over Pricing
As the global recession advances and consumers pinch their pennies, tensions between retailers and suppliers are escalating.Within days of Unilever's reporting of strong quarterly profits resulting from its ability to keep prices up, the Belgium-based operator of the US Food Lion chain has emptied its grocery isles in Belgium of some 300 Unilever products, reports the Wall Street Journal...Continue Reading »
Mall Owners Seek to Escape Debt
It was a bad day for mall owners: On Monday, Developers Diversified Realty Corp.--owner and manager of more than 700 shopping centers--failed to seal a deal that would sell 13 assets to an institutional investor for $890 million, Reuters reports. Also on Monday, General Growth Properties announced that it had not yet reached an agreement to further extend the maturity date on $900...Continue Reading »
Global Companies to Up Commercial Card Usage
More than seven in ten (74%) financial, treasury and cash management executives from 11 countries polled are satisfied with their commercial payment card programs, according to Visa Inc.'s Visa Global Cash Management Survey.Half (50%) of respondents currently use commercial payment cards to make payments as part of their overall cash management strategies. Moreover, in the next 12-18...Continue Reading »
Amazon Shares Payment Service
Online shoppers with an Amazon account will be able to take their account with them when shopping on other retail sites, reports the New York Times. A new payment service called Checkout by Amazon allows the 81 million customers to use payment details (e.g., credit card numbers, shipping addresses) already submitted to Amazon to buy products on other sites that use the same service.They...Continue Reading »
Best Buy Expands Globally, Starting With the UK
Best Buy will acquire half of Carphone Warehouse's retail business and eventually open up to 200 shops in the UK, according to The Retail Bulletin.The joint venture is the result of a four-year relationship during which Carphone Warehouse gave mobile phone expertise to Best Buy, allowing it to grow to double-digit market share in the US, said Bob Willett, chief executive of Best Buy...Continue Reading »
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Amazon Flexes Its ‘Buy’ Button Muscles
Amazon is using its "buy now with 1 click" button as leverage in negotiations with publishers, disabling the icon for certain titles if their publishers do not comply with its demands, writes the New York Times.The British unit of Hachette Livre - a subsidiary of French media company Lagardère and the second-biggest English-language trade publisher in the world - is the latest...Continue Reading »