BusinessThe Street•9 hours ago22 Large Retailers Besides J.C. Penney Are Closing Waves of Stores
The Great Restructuring in retail continues. In the wake of a disappointing holiday season, J.C. Penney (JCP) said recently that it will close 138 stores stores by the end of the summer. The store closures represent 13% to 14% of the company's current store base and less than 5% of annual sales. They have a negligible impact on net income. J.C. Penney said same-store sales at the locations were "significantly below" the remaining store base and operate at a much higher expense rate due to poor productivity. The company expects $200 million in annual costs savings from the efforts. "We believe closing stores will also allow us to adjust our business to effectively compete against the growing
- Finance24/7 Wall St.•yesterday
What Analysts Have to Say About Walgreens Ahead of the Merger Deadline
The Walgreens Boots Alliance Inc. (WBA) and Rite Aid Corp. (RAD) merger has been the subject of much controversy over whether the deal actually will go through. Analysts have taken the perspective that this deal might be too difficult to call correctly, and those covering it generally have created two scenarios about what could happen. 24/7 Wall St. has examined a recent report from Jefferies that has a fairly optimistic view on Walgreens, win, lose, or draw on the deal.
BusinessThe Street•2 days agoWalmart Workers to Executives: We Can't Pay Our Bills
At Walmart's (WMT) annual shareholders meeting on Friday, some employees took the stage to voice their grievances against the company about pay and advancement. "Today, I make over $10 an hour, and I appreciate that Walmart took this small step, but still too many of us are part-time, too many of us can't plan our lives or find the time to line up a second job or pay our bills," a three-year Walmart associate from North Carolina said at the meeting. The associate argued that many employees who work part-time wish to increase their hours and advance their career at Walmart with a full-time position, but the company instead hires more part-time workers. A Walmart spokesman said hourly full-time associates can earn as much as $24.70 an hour and on average full-time employees make $13.70 an hour.
