Our network

Business

RadioShack to close 1,100 stores

(USA TODAY) -- After reporting dismal fourth-quarter earnings, RadioShack said Tuesday that it would close about 1,100 poorly performing stores, roughly 20% of the electronic retailer's locations.

The store closings will leave about 4,000 locations in the U.S. The company has been struggling to revamp its stores for the past year.

Total net sales and operating revenues were $935.4 million in the fourth quarter, vs. $1,171.4 million last year, a 20% decline. Comparable store sales were down 19%, which the company blames on poor performance in its mobile phone business.

RadioShack stock was down more than 20% in premarket trading.

"Even in this environment, we're continuing to make progress on the five pillars of our turnaround plan: repositioning the brand, revamping the product assortment, reinvigorating the stores, operational efficiency and financial flexibility," CEO Joseph C. Magnacca said in a statement.

Best Buy to cut hundreds of jobs

(BUSINESS JOURNAL) -- Best Buy Co. Inc. plans to cut hundreds of jobs throughout its U.S. store operations, according to a report in the New York Post.

The article, citing anonymous insiders, says the "layoffs could affect upwards of 2,000 managers," though the exact scope isn't known. The retailer does not plan to close any of its 1,055 U.S. stores at this time.

Best Buy, which reports its fourth-quarter earnings on Thursday, declined to comment. The chain has 19 stores in metro Atlanta.

Late last month, Best Buy announced it was laying off roughly 950 full-time employees at its Best Buy and Future Shop stores in Canada as part of a store-restructuring initiative. The company said it will consolidate sales departments and reduce management layers in an effort to "streamline its store operating model as part of the company's long-term growth strategy in Canada."

Jos. A. Bank buying Eddie Bauer in $850M deal

Jos. A. Bank buying Eddie Bauer in $850M deal

HAMPSTEAD, Md. -- Jos. A. Bank Clothiers Inc. is buying the parent company of Eddie Bauer in a cash-and-stock deal valued at $850 million.

The men's clothing company, which itself is being pursued by Men's Wearhouse Inc., made the deal with Everest Topco LLC to buy Everest Holdings LLC, Eddie Bauer's parent company.

Jos. A. Bank said Friday that the transaction includes $564 million in cash and about 4.7 million new shares of Jos. A. Bank stock issued to Everest Topco at $56 per share.

Everest Topco may also earn up to an additional $50 million in cash based on Eddie Bauer's adjusted earnings for fiscal 2014.

Jos. A. Bank may end the deal if it receives an acquisition offer for its company that it feels is superior.

RadioShack to close 500 stores

(ATLANTA BUSINESS CHRONICLE) -- RadioShack scored big points with its comedic 1980s-themed Super Bowl ad that poked fun at the retailer's outdated image, but the mood was more somber on Tuesday when news broke that around 500 stores will close in the coming months.

WATCH | RadioShack Super Bowl ad

The Wall Street Journal says it isn't clear which of the Fort Worth, Texas-based company's 4,300 stores will be closed or when.

The closings are part of a restructuring. Says the WSJ, "The retailer has struggled to reverse a string of losses deepened by a sales strategy focused around smartphones, which failed to improve revenue over the past two years."

Michael Merlin named to 'On Wall Street' magazine's Top Advisors Under 40

ATLANTA -- Morgan Stanley (NYSE: MS) today announced that Michael Merlin, an Executive Director, Financial Advisor in the Firm’s wealth management office in Atlanta, GA, has been named to On Wall Street Magazine’s 2013 listing of “Top 40 Advisors Under 40.”

This listing is a select group of individuals who are 39 years of age or younger, as of December 31, 2013. Individuals are recognized based on their trailing 12-month production (T-12) and assets under management (AUM) as of September 30, 2013. This listing also takes into consideration the overall business mix of practices and adherence to high standards of industry regulatory compliance. Investment performance is not a criterion.

“To be named to this annual listing is an impressive honor, and we are extremely proud to have Michael represent Morgan Stanley on this list,” commented Michael Outlaw, Branch Manager of Morgan Stanley’s Buckhead Wealth Management office.

Grocery is the #1 holiday purchase! Research shows where consumers are spending this holiday season

Grocery is the #1 holiday purchase! Research shows where consumers are spending this holiday season

With all the hype and Black Friday campouts at Best Buys and Toys R Us, you'd guess that the majority of holiday shopping budgets go to purchases like electronics, toys and clothing. But according to new research, the biggest share what comes out of your holiday wallet actually goes to ... groceries and restaurants.

New data from Card-Linked Marketing leader Cardlytics -- collected from millions of U.S. households over the past two years -- shows what consumers actually spend their money on during the holiday season.  When it comes to holiday shopping Americans are spending 24% of their budget on groceries followed by restaurants and apparel.  Toy purchases are actually at the bottom of the list.

The Top 10 Share of Wallet (see link/attached for graphics and pie charts for 2011 and 2012 holiday spending):

1. Groceries - 24%

LittlePINKBook.com invites women to join conversation Nov. 12 with top female executives

LittlePINKBook.com invites women to join conversation Nov. 12 with top female executives

ATLANTA -- LittlePINKBook.com, America’s No. 1 digital platform for career women, will host its 9th Annual Fall Empowerment Event on Tuesday, Nov. 12. Top-level female executives will share their experiences with rising through the corporate ranks to an audience of like-minded, successful women motivated to get there.  

Executives on the panel will be asked questions from the event’s moderator, Carol Costello, anchor at CNN Newsroom, Little PINK Book’s CEO and Founding Editor Cynthia Good as well as attendees. Panelists include: