Content about Chicago metropolitan area

May 9, 2013

Sears Holdings announced that Jeff Balagna will join the company as executive VP and CIO.

Hoffman Estates, Ill. -- Sears Holdings announced that Jeff Balagna will join the company as executive VP and CIO. In his new role, Balagna who most recently served as CIO at Eli Lilly, will be responsible for all technology and infrastructure initiatives for the company in its support centers and in-store.
   

April 1, 2013

An SEC filing revealed that Sears Holdings Corp. former CEO Louis D’Ambrosio, who stepped down in February citing family health issues, saw his total compensation package shrink nearly 90% from the prior year.

Hoffman Estates, Ill. -- An SEC filing on Thursday revealed that Sears Holdings Corp. former CEO Louis D’Ambrosio, who stepped down in February citing family health issues, saw his total compensation package shrink nearly 90% from the prior year.

According to the proxy statement filed with the Securities and Exchange Commission, Sears said D’Ambrosio's salary rose to $1 million in 2012 from $930,769 in 2011. However, the value of his perks, such as corporate housing and travel, shrank to $278,741 from $852,037 in 2011.
 

March 27, 2013

Lemont, Ill.-based Englewood Construction said that its restaurant group has begun work on four new projects, including a food court in New Jersey’s largest outlet mall, a steakhouse in a downtown Chicago luxury hotel and two suburban Chicago mall restaurants.

Chicago -- Lemont, Ill.-based Englewood Construction said Wednesday that its restaurant group has begun work on four new projects, including a food court in New Jersey’s largest outlet mall, a steakhouse in a downtown Chicago luxury hotel and two suburban Chicago mall restaurants.

“As we head out of the recession, we’re seeing more importance placed on dining and entertainment, and the focus is on redevelopment,” said William Di Santo, president, Englewood Construction.

March 21, 2013

Eddie Lampert, chairman of Sears Holding Corp., has signed a contract to remain as CEO of the retail company at a salary of $1 per year, the Associated Press reported.

New York -- Eddie Lampert, chairman of Sears Holding Corp., has signed a contract to remain as CEO of the retail company at a salary of $1 per year, the Associated Press reported. Sears announced in January that Lampert would take over as CEO after Louis J. D'Ambrosio stepped down due to family health issues.
    
Lampert’s new contract is effective Feb. 1, according to a regulatory filing yesterday. Lampert also has the opportunity for a bonus of up to $2 million in cash or stock and up to $4.5 million in stock per year.

March 21, 2013

Supervalu announced the completion of the sale of its Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market stores and related Osco and Sav-on in-store pharmacies to AB Acquisition LLC, an affiliate of a Cerberus Capital Management-led investor consortium.

New York -- Supervalu on Thursday announced the completion of the sale of its Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market stores and related Osco and Sav-on in-store pharmacies to AB Acquisition LLC, an affiliate of a Cerberus Capital Management-led investor consortium. The stock deal is valued at $3.3 billion, including $100 million in cash and $3.2 billion in debt assumption.

March 15, 2013

Is it just me, or does it seem like the past two months or so have seen an unusually high level of turnover at the top? It's gotten so that you need a scorecard to keep up with all the comings and goings, as chief executives are forced out, jump ship, retire or move on.

This year's changing of the guard is bittersweet because it includes the retirement of two veteran retailers, Steve Burd of Safeway and Maxine Clark of Build-A-Bear Workshop.

February 28, 2013

Sears Holding Corp. said its net loss for the quarter ended on Feb. 2 narrowed to $489 million from $2.4 billion a year earlier.

Hoffman Estates, Ill. -- Sears Holding Corp. said its net loss for the quarter ended on Feb. 2 narrowed to $489 million from $2.4 billion a year earlier. Total costs dropped 2.2% to $12.88 billion in the fourth quarter.

Revenue declined 1.8% to $12.26 billion, but beat analysts' average estimate of $11.77 billion.

Sears results came weeks after the company’s chairman and largest shareholder, Edward Lampert, took the reins as CEO in the wake of the departure of Louis D'Ambrosio, who resigned for a family-related health problem.

February 27, 2013

Sears Canada Inc. reported that profit for the fourth quarter dipped 3% to $38.8 million on weakened hardware and electronics sales.

Toronto -- Sears Canada Inc. reported Wednesday that profit for the fourth quarter dipped 3% to $38.8 million on weakened hardware and electronics sales.

Revenue fell 5% to$1.25 billion in the period, and same-store sales dropped 3.8%.

Parent Sears Holdings Corp., which cut its stake in Sears Canada from 90% to 51% last year, said in January that Sears Canada's fourth quarter adjusted earnings would fall by about half.

 

February 21, 2013

Check out the video of the latest jewel in Simons' department store portfolio.

Check out the video of the latest jewel in  Simons' department store portfolio. The 118,00-sq.-ft. store, in West Edmonton Mall,  Edmonton, Alberta (Canada) took top honors in Chain's Store Age's Retail Store of the Year Design competition.

Click here

 

 

 

January 29, 2013

ECOtality said that it has expanded its current relationship with Sears Holdings Corp. by unveiling the Blink Direct Current Fast Charger stations at Sears stores in Tennessee and Arizona.

San Francisco -- ECOtality said Tuesday that it has expanded its current relationship with Sears Holdings Corp. by unveiling the Blink Direct Current Fast Charger stations at Sears stores in Tennessee and Arizona.

The stations enable Sears customers to charge an electric vehicle battery up to 80% capacity in less than 30 minutes.

January 29, 2013

Bloomberg reported Tuesday that Supervalu Inc. has set the rate it will pay on $2.4 billion of loans to fund the sale of five supermarket chains to a Cerberus Capital Management LP-led investor group.

Eden Prairie, Minn. -- Bloomberg reported Tuesday that Supervalu Inc. has set the rate it will pay on $2.4 billion of loans to fund the sale of five supermarket chains to a Cerberus Capital Management LP-led investor group.

A six-year, $1.5 billion term will pay interest at 5.75 percentage points more than the London interbank offered rate with a 1.25 percent minimum, reported Bloomberg, citing an unnamed source.

January 10, 2013

In the much-watched deal between Supervalu and a consortium of investors led by Cerberus Capital Management, Kimco Realty Group – along with several other real estate companies — has emerged as a player.

New Hyde Park, N.Y. — In the much-watched deal between Supervalu and a consortium of investors led by Cerberus Capital Management, Kimco Realty Group – along with several other real estate companies — has emerged as a player.

January 10, 2013

Supervalu Inc. announced that it has reached a deal to sell its Albertsons, Acme, Jewel-Osco, Shaw's and Star Market stores and related Osco and Sav-on in-store pharmacies to a private equity group in a transaction valued at $3.3 billion.

Minneapolis -- Supervalu Inc. announced Thursday that it has reached a deal to sell its Albertsons, Acme, Jewel-Osco, Shaw's and Star Market stores and related Osco and Sav-on in-store pharmacies to a private equity group in a transaction valued at $3.3 billion.

AB Acquisition, a consortium of investors led by Cerberus Capital Management, will get 877 stores across the various banners in the deal. The investor group also includes Kimco Realty Corp., Klaff Realty LP, Lubert-Adler Partners and Schottenstein Real Estate Group.

January 8, 2013

In a surprise move, Sears Holdings Corp. announced that CEO Louis J. D'Ambrosio will step down as CEO, effective Feb. 2, for family health reasons.

New York -- In a surprise move, Sears Holdings Corp. announced that CEO Louis J. D'Ambrosio will step down as CEO, effective Feb. 2, for family health reasons. D'Ambrosio will be replaced by the company's chairman and its largest shareholder, Edward Lampert.

January 4, 2013

Simon Property Group and Institutional Mall Investors (the co-investment venture owned by an affiliate of Miller Capital Advisory and The California Public Employees' Retirement System [CalPERS]), announced that they have formed a joint venture to own and operate The Shops at Mission Viejo in the Los Angeles suburb of Mission Viejo, Calif., and Woodfield Mall in the Chicago suburb of Schaumburg, Ill.

Indianapolis -- Simon Property Group and Institutional Mall Investors (the co-investment venture owned by an affiliate of Miller Capital Advisory and The California Public Employees' Retirement System [CalPERS]), on Thursday announced that they have formed a joint venture to own and operate The Shops at Mission Viejo in the Los Angeles suburb of Mission Viejo, Calif., and Woodfield Mall in the Chicago suburb of Schaumburg, Ill.

December 27, 2012

When it comes to mobile commerce and digital solutions, Sears Holdings has evolved into a best-in-class company, one that has truly embraced the cross-channel shopping experience. Seeking ways to make shopping more convenient for its customers, the chain was among the first to offer visibility to in-store inventory, as well as the ability to buy online and pick up in-store.

November 27, 2012

By many accounts, Walgreens is already a mobile retailing veteran. But eager to keep its service exciting and valuable, the drug store chain recently added a new product-mapping service within its mobile strategy.

Walgreens began its mobile journey in September 2009, when it launched an app designed to “improve the way our customers interact with us,” explained Tim McCauley, senior director, mobile commerce for Deerfield, Ill.-based Walgreens.

November 2, 2012

Sears Holdings Corp. said it has named Ryan Vero senior VP and president, Grocery, Drug and Pharmacy.

Hoffman Estates, Ill. -- Sears Holdings Corp. said Friday it has named Ryan Vero senior VP and president, Grocery, Drug and Pharmacy.

Vero most recently served as the executive VP and chief merchandising/marketing officer for OfficeMax. He spend 17 years with the office supply retailer and was most recently responsible for merchandising, marketing, new channels, and e-commerce business, in addition to global sourcing, private brands, product development and pricing.
 

November 1, 2012

Sears Holdings announced that both Sears and Kmart stores will be open on Thanksgiving Day.

Hoffman Estates, Ill. -- Sears Holdings announced that both Sears and Kmart stores will be open on Thanksgiving Day. The company said its made the decision based in part on feedback from members of its Shop Your Way loyalty program, who sought more flexible Black Friday in-store shopping times and eagerness to shop doorbuster deals.

October 12, 2012

Sears Hometown and Outlet Stores Inc. is set to begin trading on the Nasdaq Capital Market after Sears Holdings Corp. completed a spin-off transaction of the home appliances, hardware, tools and garden equipment retailer.

New York -- Sears Hometown and Outlet Stores Inc. is set to begin trading on the Nasdaq Capital Market on Friday after Sears Holdings Corp. completed a spin-off transaction of the home appliances, hardware, tools and garden equipment retailer.

Sears Holdings received $446.5 million in proceeds in the transaction, including a $100 million dividend paid by Sears Hometown prior to the separation and about $347 million from a rights offering.

 

October 11, 2012

Sears Holdings received a SmartWay Excellence Award from the U.S. Environmental Protection Agency for being an industryleader in freight supply chain environmental performance and energy efficiency.

Hoffman Estates, Ill. -- Sears Holdings received a SmartWay  Excellence Award from the U.S. Environmental Protection Agency for being an industryleader in freight supply chain environmental performance and energy efficiency.

In addition, 100% of Sears Holdings more than 20+ freight carriers are SmartWay program partners as well.

October 9, 2012

Sears Holdings Corp., which in February announced it would spin off its Hometown and Outlet businesses as a separate publicly traded entity, said it expects to receive about $446.5 million in gross proceeds from an offering tied to the spinoffs.

Hoffman Estates, Ill. -- Sears Holdings Corp., which in February announced it would spin off its Hometown and Outlet businesses as a separate publicly traded entity, said Tuesday it expects to receive about $446.5 million in gross proceeds from an offering tied to the spinoffs.

The offering of rights to purchase shares of the spinoff debuted on the Nasdaq under the "SHOSR" ticker symbol in September. According to Sears, the rights offering expired on Monday; preliminary results show that more than 95% of the options were exercised.

October 8, 2012

Kmart and Sears are gearing up for the holiday shopping season with the elimination of layaway service fees, a new layaway home delivery service and an enhanced in-store mobile experience.

Hoffman Estates, Ill. -- Kmart and Sears are gearing up for the holiday shopping season with the elimination of layaway service fees, a new layaway home delivery service and an enhanced in-store mobile experience.

October 3, 2012

Sears Holdings Corp. said Wednesday that its namesake and Kmart stores will offer ship-to-home delivery for items purchased through online layaway.

Hoffman Estates, Ill. -- Sears Holdings Corp. said Wednesday that its namesake and Kmart stores will offer ship-to-home delivery for items purchased through online layaway.

The new service, which comes at a time when many major retailers are amping up shopper-centric programs for the holiday selling season, is also available on store kiosks, said Sears, enabling customers to bypass the layaway line and select, purchase and have items delivered directly to their homes.

Both retailers will launch the service on Nov. 7.

 

September 28, 2012

Sears Holdings Corp. strengthened its environmental commitment with the rollout of 27 new Roush CleanTech Ford E-250 cargo vans fueled by propane autogas, to be deployed in the Sears Home Services fleet in Seattle for in-home service and repair visits.

Seattle -- Sears Holdings Corp. strengthened its environmental commitment with the rollout of 27 new Roush CleanTech Ford E-250 cargo vans fueled by propane autogas, to be deployed in the Sears Home Services fleet in Seattle for in-home service and repair visits.