Private equity funds poured an eye-popping $36 billion in brick-and-mortar retail chains before 2007, hoping good return on their investments. But the reality turned out to be entirely different. The company that showed the most faith in the future of U.S. retailers is Bain Capital LLC. The Mitt Romney-led private equity firm acquired a stake in four retailers between 2004 and 2007 for $17 billion, according to Bloomberg estimates. Bain Capital’s biggest bet, Toys “R”...
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On Wednesday, Toys ‘R’ Us announced that its Chief Executive Officer, Gerald L. Storch, will leave his role but remain as the Chairman of the Board. The company will start a search for his successor and during the interim period, Storch will continue as the company’s CEO. In a corporate press release, The Toys ‘R’ Us, Inc. Board of Directors said: “Jerry has done an exceptional job in rebuilding the company, while successfully leading...
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Best Buy Co., Inc. (NYSE:BBY) along with Toys “R” US Inc and several regional supermarket chains accused Wal-Mart Stores, Inc. (NYSE:WMT) of inaccurate pricing and false advertising, according to a report by The Wall Street Journal. Best Buy Co., Inc. (NYSE:BBY) raised the complaint about an ad in which Walmart had offered Apple’s 16-gigabyte iPhone 5 for about $150, far from its regular $199 price. The ad campaign reportedly brought Best Buy Co., Inc. (NYSE:BBY) a loss of...
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With the holiday season nearing, Macy’s, Inc. (NYSE:M) announced on Monday it is getting ready, by hiring 80,000 seasonal workers. The company said this represents a 2.5% rise from 2011, when it added 78,000 workers. Macy’s, Inc. (NYSE:M) plans to utilize the extra staff to work on its sales floors, store operations, call centers, and shipping centers for online orders, reported CNN. The company also owns Bloomingdale stores, and the temporary staff–the majority of which...
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Global investment company KKR & Co. L.P. (NYSE:KKR) defied the negative impacts of the crisis in the European region, and the weakening economic growth worldwide. The company’s second quarter economic net income (ENI) increased to $546.1 million from the $315 million during the same period last year. After tax, its ENI was $0.74 per adjusted unit, up from $0.36 in 2011. The company beat the $0.16 cents average analysts’ estimate. Based on the second quarter result...
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