Sears Holdings axes 64 Kmart stores in latest round of closings
Sears Holdings has announced more than 100 store closings, which include 39 Sears locations and 64 Kmart stores as part of its latest round of efforts to shrink its footprint. The Hoffman Estates, Ill.-based company said that the stores would begin liquidation sales as early as January 12, with the first round of closings beginning in early March, continuing through early April.
“Sears Holdings continues its strategic assessment of the productivity of our Kmart and Sears store base and will continue to right size our store footprint in number and size,” the company said in a statement. “In the process, as previously announced we will continue to close some unprofitable stores as we transform our business model so that our physical store footprint and our digital capabilities match the needs and preferences of our members.”
Other efforts that Sears Holdings have undertaken lately as it weathers headwinds— most recently posting a net loss attributable to shareholders of $558 million in its third quarter 2017 — include reducing the number of pharmacies in open Kmart stores. The company has attributed this move as a contributor to revenue decline. For Q3 2017, Sears Holdings posted a $1.3 billion decline in revenue compared with the prior-year Q3. Kmart comparable-store sales declined 13% for the quarter, with Sears comps dropping 17%.
A call inquiring about the number of pharmacies on the chopping block as a result of these closings was not immediately returned.
Alexa Chung named spokesperson for L’Oréal Professionnel
L'Oréal Professionnel made a huge announcement with followers on social media. The hair care line revealed that it signed British writer and designer Alexa Chung to be the face of its Color Me French Parisian Nudes hair color collection and the Pro Fiber line.
New York City-based company shared the news by writing in an Instagram: “We are very happy to introduce @alexachung as our new L’Oréal Professionnel muse!” In another post, the company said, “Color Me French – Parisian Nudes technique is based on the combination of two shades for natural-looking, multidimensional, wearable and elegant color result!”
“A fashion designer, TV presenter, model, creative consultant and writer, Alexa Chung is one of the most recognizable style icons of her generation. She is the most Parisian of Londoners, and her effortlessly chic style strongly resonates with L’Oréal Professionnel’s fashion and Parisian anchorage,” the brand said in a statement to WWD.
Alexa also shared the news with her followers on social media by posting the first picture of her campaign with the caption, “Woop woop! Very happy to be joining the @lorealpro family this year. Presumably because I pretend to be French a lot, I am the muse for their #ParisianNudes collection.”
Dairy company Lactalis announces acquisition of siggi’s
It has been announced that Lactalis, a dairy company whose brand of products includes Galbani, Parmalat and Stonyfield Farm among others has acquired Siggi’s for an undisclosed amount.
Icelandic style skyr yogurts company, siggi’s will continue to operate out of its New York City office and remain as a standalone company under its current leadership team, which includes its founder and CEO Siggi Hilmarsson and Bart Adlam as president.
"We're excited to join the Lactalis family which offers the opportunity to further fuel our growth," Hilmarsson, said. "Our core values of clean ingredient label and less sugar will remain 100% unchanged. Consumers everywhere are actively trying to reduce sugar in their diets so our offering has a global relevance."
J.P. Morgan Securities acted as exclusive financial advisor and The Giannuzzi Group acted as legal counsel to Siggi's. Dentons US acted as legal counsel to Laval, France-based Lactalis Group on the sale.
"We are delighted to welcome Siggi's to the Lactalis Group, which further expands our yogurt platform in the U.S. with this unique and fast-growing yogurt brand. We look forward to supporting Siggi's as it continues to bring its retail partners exceptional dollar growth in the yogurt category," Emmanuel Besnier, president of the Lactalis Group, said.