Report: Sears to spin off Hometown, Outlet into separate public company
A report released Monday by the Associated Press said that Sears Holdings Corp. would be spinning off its Hometown and Outlet stores, along with some hardware stores, into a separate, publicly traded company.
Earlier this year, Sears had revealed it would split the companies but had not indicated the new organization would be a separate public entity.
There are approximately 1,238 Hometown, Outlet and hardware stores. Five Hometown stores have been closed, along with eight hardware stores and one Outlet unit.
Sears has not disclosed how much money it expects to raise with the spinoffs, but had projected earlier the deal would raise between $400 million and $500 million. Sears chairman Edward Lampert’s ESL Investments will own a majority stake in the business being spun off.
IKEA Canada adds interactive element to catalog
IKEA Canada has announced that its new catalog, debuting Aug. 13, has incorporated a host of interactive elements designed for smartphones and tablets.
When holding a smartphone or tablet over a page, users are able to access films about IKEA products, experience 3-D models, look behind closed doors with an X-ray function or change curtains and get creative.
Users will access the bonus material by downloading the IKEA app to smartphones or tablets, or by visiting Ikea.ca.
A selection of preview pages from the 2013 catalog will be posted on Pinterest, to allow viewers to “pin” favorite items and enter to win IKEA gift cards.
New digs for Home Depot in Orange County
Home Depot is closing the oldest store in its western division and moving into a new building down the street, according to an article in the Orange County Register.
The original Fullerton, Calif., location, now 27 years old, is having a close-out sale, as the Atlanta retailer plans to open its replacement on Oct. 23 with new merchandise.
The new store will measure 150,000 sq. ft., approximately 20,000 sq. ft. smaller than the old store. But the lawn and garden section will be expanded, along with the appliance department, which will double in size to 3,100 sq. ft. Major appliances will feature 200 displays versus 125 displays in the old Fullerton store. Whirlpool, Electrolux and Frigidaire, the newest additions to Home Depot’s appliance assortment, will be available for purchase.