Retail News

Desperate for cash and struggling to survive, Virginia Beach -based Lillian Vernon laid off about 185 employees today. via Hampton Roads Daily Press

Coupons days are here for owners of outdated analog televisions. The federal government said Friday it will begin mailing out $40 coupons next week to consumers to help pay for converter boxes that will save ... via The Times

“No other enterprise collects, confirms, accredits and presents world record data with the same investment in comprehensiveness and authenticity”

The British company that produces the "Bob the Builder" children's TV show said Friday it sold the Guinness World Records business to a Canadian company that owns Ripley Entertainment, The Jim Pattison Group. via San Diego Union-Tribune

“We expect the cost reduction initiative will enable us to reduce our working capital needs and strengthen our business, as well as provide capital for our remodel efforts to convert all remaining mall stores into our new 'Studio”

MINNEAPOLIS -- Wilsons The Leather Experts Inc. will close the majority of its 260 mall locations and cut more than 1,000 jobs, the clothing retailer said Friday. via PressConnects.com

Abercrombie & Fitch Co. said Friday that its fourth-quarter earnings rose 9 percent on increased sales from its expanding Hollister Co. chain that cater to teens and its abercrombie stores for children.

The apparel retailer said it earned $216.8 million, or $2.40 per share, for the quarter ended Feb. 2, compared with a profit of $198.2 million, or $2.14 per share, a year ago. Fourth-quarter sales rose 8 percent to $1.23 billion, from $1.14 billion. The year-ago quarter had an extra week.

Analysts surveyed by Thomson Financial expected profits of $2.36 per share excluding one-time items on revenue of $1.25 billion. Read more

Best Buy says it will earn less than expected in fiscal 2008 due to weak January sales and a difficult retail environment.

The consumer-electronics retailer now expects earnings to be $3.05 to $3.10 per share, from previous guidance of $3.10 to $3.20 per share. Analysts polled by Thomson Financial expect $3.16 per share.

The company said it expects fourth-quarter revenue will fall short of expectations, hurt partly by weak January traffic.

Minneapolis-based Best Buy Co. expects revenue of nearly $40 billion for the year ended March 1. Analysts expect revenue of $40.2 billion. Read more

“We've stayed true to what our customers have always loved about Borders -- deep and intelligent selection, knowledgeable staff, and a comfortable, welcoming atmosphere.”

Borders' new concept store gives shoppers a lot more to do than browse books and drink lattes. via Detroit Free Press

Authorities issued a safety alert Thursday after a Valentine's Day lollipop was found with a blade-like piece of metal in it, and the store chain that sold it pulled similar items from its shelves nationwide. via KSHB-TV Kansas City

Specialty retailer Sharper Image Corp. has named a new chief executive officer to replace Steven Lightman. via KESQ-TV Palm Desert

“Everything is going up. I have a big vehicle and I am paying $80 (weekly) on gasoline”

NEW YORK - Next holiday, that toy that was supposed to talk for a minute will talk for 40 seconds, and that portable electronic quiz game will ask fewer questions. via Lansing State Journal

A lost laptop could end up costing Best Buy lots of loot.

A Washington D.C. resident has sued the Richfield-based company for $54 million, claiming employees lost her laptop computer while it was in for repairs.

Raelyn Campbell says she knows $54 million is a ridiculous amount -- but she had to come up with something to make the nation's largest consumer electronics retailer take notice.

She says the point of the lawsuit is to get the company to change its practices and policies. Read more

Filmmaker Spike Lee, right, receives the Wexner Prize from Abigail Wexner Monday, Feb. via Kansas.com

HOFFMAN ESTATES, Ill. - Sears Holdings Corp., which owns the Kmart and Sears retail chains, has announced it is cutting about 200 headquarters jobs as chairman Edward Lampert tries to bring its overhead costs ... via Canadian Business Magazine

“We have made a commitment to employ the very highest standards at Pebble”

ANCHORAGE, Alaska - Just in time for Valentine's Day, five of the leading U.S. jewellers have sworn off gold that someday could come from the Pebble Mine, a huge deposit being scoped out by a subsidiary of a ... via Canadian Business Magazine

Puget Sound Business Journal Online jeweler Blue Nile Inc. reported fourth-quarter sales and earnings grew but added that net sales for next quarter will be flat. via Bizjournals

“Defendant (Sharon Bush) has failed and refused, despite due demand, to return the ring to plaintiff (Tsai)”

A multimillionaire financier once engaged to marry President Bush's former sister-in-law is suing her for the return of an 11-carat diamond engagement ring that he says is worth $434,000. Gerald Tsai Jr., 78, ... via El Paso Times

Sherwin-Williams Co. has signed a definitive agreement to acquire the Liquid Coatings subsidiaries of Inchem Holdings International Ltd. via Crain's Cleveland Business

A judge has thrown out Fisk University's $30 million proposal to share an art collection with a museum founded by a Wal-Mart heiress in Arkansas. via Beep!