Content about Citigroup

October 17, 2013

RadioShack and Citi Retail Services announced a long-term agreement to extend their 28-year consumer credit relationship.

Atlanta -- RadioShack and Citi Retail Services announced a long-term agreement to extend their 28-year consumer credit relationship. Under the agreement, Citi will continue to provide service-enhancing solutions and analytics in support of RadioShack’s targets for growth. RadioShack customers will continue to enjoy comprehensive financing programs and top-tier customer service.

August 26, 2013

Hedge fund manager and activist investor William Ackman is selling his entire stake in J.C. Penney.

New York -- Hedge fund manager and activist investor William Ackman is selling his entire stake in J.C. Penney.

Ackman's Pershing Square Capital Management, Penney’s single biggest shareholder with an approximate 18% stake, is offering its roughly 39.1 million shares for sale and used Citigroup as the bookrunner for the deal, Reuters reported. Penney filed a prospectus for the sale.

August 26, 2013

Hedge fund manager and activist investor William Ackman is selling his entire stake in J.C. Penney.

New York -- Hedge fund manager and activist investor William Ackman is selling his entire stake in J.C. Penney.

Ackman's Pershing Square Capital Management, Penney’s single biggest shareholder with an approximate 18% stake, is offering its roughly 39.1 million shares for sale and used Citigroup as the bookrunner for the deal, Reuters reported. Penney filed a prospectus for the sale.

August 21, 2013

Citi Trends Inc. lost $5.5 million for the period ended Aug. 3, compared to a loss of $7.9 million in the same quarter a year earlier.

Savannah, Ga. -- Citi Trends Inc. lost $5.5 million for the period ended Aug. 3, compared to a loss of $7.9 million in the same quarter a year earlier.
 
Revenue rose 4%, to $137.8 million from $132.3 million, nearly matching Wall Street’s prediction of $138.1 million. Same-store sales were up 1.7%.

 

July 24, 2013

Paul Rutenis, the top buyer for J.C. Penney's newly made-over home department, has left the company, according to a report by Citigroup.

New York -- Paul Rutenis, the top buyer for J.C. Penney's newly made-over home department, has left the company, according to a report by Citigroup.  

According to Citigroup analyst Deborah Weinswig, the prices of many of the home items have reduced consumer demand.

In related news, Penney has decided not to renew its contracts with marketing consultants Sergio Zyman and Jeff Herbert, which expire this month, Weinseig noted.  

 

July 24, 2013

Paul Rutenis, the top buyer for J.C. Penney's newly made-over home department, has left the company, according to a report by Citigroup.

New York -- Paul Rutenis, the top buyer for J.C. Penney's newly made-over home department, has left the company, according to a report by Citigroup.  

According to Citigroup analyst Deborah Weinswig, the prices of many of the home items have reduced consumer demand.

In related news, Penney has decided not to renew its contracts with marketing consultants Sergio Zyman and Jeff Herbert, which expire this month, Weinseig noted.  

 

July 8, 2013

Jones Group Inc. has tapped Citigroup Inc. to explore a possible sale, according to Reuters.

New York -- Jones Group Inc. has tapped Citigroup Inc. to explore a possible sale, according to Reuters.
 
In April, Jones Group said that it would close 170 stores and cut 8% of its workforce after first-quarter profit was less than analysts’ estimates. The news comes just months after activist hedge fund

The company, whose brands include Stuart Weitzman, Jones New York, Easy Spirit, and Nine West, had a market value of about $1.2 billion as of July 5.

June 7, 2013

Another executive hired by former J.C. Penney CEO Ron Johnson has apparently left the chain. Kristen Blum, executive VP and chief technology officer, is no longer with Penney, according to various reports that cited a note to investors by Citi analyst Deborah Weinswig.

Plano, Texas -- Another executive hired by former J.C. Penney CEO Ron Johnson has apparently left the chain. Kristen Blum, executive VP and chief technology officer, is no longer with Penney, according to various reports that cited a note to investors by Citi analyst Deborah Weinswig. Penney has yet to officially announce her departure, which was also reported by Women’s Wear Daily.

March 15, 2013

Citi Trends reported a fourth quarter loss of $704,000, narrowed from a $5.3 million loss in the same period last year.

Savannah, Ga. -- Citi Trends reported Friday a fourth quarter loss of $704,000, narrowed from a $5.3 million loss in the same period last year.

Revenue slipped 2% to $175.7 million, meeting Wall Street forecasts. Same-store sales plummeted 11.8%.

 

February 19, 2013

Office Depot and OfficeMax are in talks to merge, according to reports by the Wall Street Journal and Bloomberg.

New York -- Office Depot and OfficeMax are in talks to merge, according to reports by the Wall Street Journal and Bloomberg.

The retailers are discussing as potential stock swap that would result in a single company with nearly $18 billion in revenue, reports said. The combined company would be better positioned to take on Staples, Walmart and other competitors.

October 1, 2012

Research released by Citigroup and published by Wall Street Journal’s MarketWatch found that digital sales for the holiday 2012 shopping season are expected to increase at least 20%, thanks to two additional shopping days and amped-up retail marketing efforts.

New York -- Research released Monday by Citigroup and published by Wall Street Journal’s MarketWatch found that digital sales for the holiday 2012 shopping season are expected to increase at least 20%, thanks to two additional shopping days and amped-up retail marketing efforts.

October 1, 2012

Research released by Citigroup and published by Wall Street Journal’s MarketWatch found that digital sales for the holiday 2012 shopping season are expected to increase at least 20%, thanks to two additional shopping days and amped-up retail marketing efforts.

New York -- Research released Monday by Citigroup and published by Wall Street Journal’s MarketWatch found that digital sales for the holiday 2012 shopping season are expected to increase at least 20%, thanks to two additional shopping days and amped-up retail marketing efforts.

August 15, 2012

Despite narrowing its loss in the second quarter from $10 million to $7.9 million this quarter, Citi Trends still missed Wall Street expectations.

Savannah, Ga. -- Despite narrowing its loss in the second quarter from $10 million to $7.9 million this quarter, Citi Trends still missed Wall Street expectations.
 
Revenue edged up 2% to $132.3 million, which also missed analysts’ forecast. Wall Street expected sales of $133.9 million.
 
Same-store sales slipped 4%.
 

January 26, 2012

Citi Trends said that its president and CEO David Alexander has resigned the company, effective immediately, and will be replaced by prior CEO Ed Anderson, who led the retailer from 2001 to 2009.

Savannah, Ga. -- Citi Trends said Thursday that its president and CEO David Alexander has resigned the company, effective immediately, and will be replaced by prior CEO Ed Anderson, who led the retailer from 2001 to 2009.

Anderson is currently the chairman of the board and will continue to serve in that capacity.

The company also announced that it has hired Jason Mazzola as executive VP and chief merchandising officer. He was previously chief merchandising officer for an internet flash sales company.
 

November 22, 2011

Citi Trends reported a loss of $6.8 million in the third quarter, compared with a loss of $0.4 million a year earlier.

Savannah, Ga. -- Citi Trends reported Tuesday a loss of $6.8 million in the third quarter, compared with a loss of $0.4 million a year earlier.

Sales increased 2.2% to $143.1 million, from $140 million. Same-store sales decreased 9.3%.

The company opened 26 stores, relocated or expanded four others and closed one store in the third quarter.
 

November 2, 2011

Citi Trends said it has secured a new, five-year, $50 million credit facility through Bank of America to replace its prior $20 million credit facility.

Savannah, Ga. -- Citi Trends said Wednesday it has secured a new, five-year, $50 million credit facility through Bank of America to replace its prior $20 million credit facility.

The new facility includes a $25 million uncommitted “accordion” feature that under certain circumstances could allow the company to increase the size of the facility to $75 million.
 

October 25, 2011

Citi Trends announced the resignation of Elizabeth R. Feher, the company’s executive VP and chief merchandising officer.

Savannah, Ga. -- Citi Trends announced the resignation of Elizabeth R. Feher, the company’s executive VP and chief merchandising officer.

Ed Anderson, the company’s board chairman, will temporarily resume his previous role as executive chairman and, in that capacity, oversee merchandising and marketing while the retailer searches for a chief merchant.
 

October 3, 2011

Starbucks Coffee Company is teaming up with the Opportunity Finance Network (OFN) to launch a “Create Jobs for USA” fund.

Seattle -- Starbucks Coffee Company is teaming up with the Opportunity Finance Network (OFN)  to launch a “Create Jobs for USA” fund. 

Starting Nov.1, the new initiative will pool donations from Starbucks customers, partners (employees) and citizens into a nationwide fund for community business lending. One-hundred percent of the donations will go toward loans for firms and organizations that can add jobs or stem job losses, Starbucks said. 

September 23, 2011

Citi Trends said Friday that it would cut jobs and open fewer stores than it planned in an effort to save money after losing $10 million in the second quarter.

Savannah, Ga. -- Citi Trends said Friday that it would cut jobs and open fewer stores than it planned in an effort to save money after losing $10 million in the second quarter. The company said it would open new stores only where it had already made commitments, resulting in about 55 new locations in 2011 and five in 2012.

The company also said it would cut 40 jobs at its stores, distribution centers and corporate offices in Savannah, Ga.

September 16, 2011

Centro Properties Group US announced the recent lease executions of two Citi Trends locations.

New York City -- Centro Properties Group US announced the recent lease executions of two Citi Trends locations. A 13,500-sq.-ft. lease has been executed at Lehigh Shopping Center, in Bethlehem, Pa., and a 12,000-sq.-ft. location will open at Kline Plaza, located in Harrisburg, Pa.

Both Lehigh Shopping Center and Kline Plaza are owned by Centro Properties, based in New York City.
 

August 31, 2011

Zale Corp. reported Wednesday that its loss for the quarter ended July 31 widened to $32.6 million from $28.5 million a year earlier.

Dallas -- Zale Corp. reported Wednesday that its loss for the quarter ended July 31 widened to $32.6 million from $28.5 million a year earlier. Its results were impacted by increased inventory charges and absent a one-time gain recorded a year ago.

Revenue rose 9% to $377.3 million, compared with $345 million in the year-ago period. Wall Street expected higher losses on revenue of $360.4 million.

Same-store sales increased 9.8% in the quarter.

July 14, 2011

A Wednesday report by the Financial Times said that Citigroup Inc. may retain its store credit card unit, after trying to divest it earlier.

London — A Wednesday report by the Financial Times said that Citigroup Inc. may retain its store credit card unit, after trying to divest it earlier.

The $41 billion unit could be moved out of Citi Holdings, according to the report, over to its core credit card operations.

Citi, whose store credit card unit has such clients as Zale, Home Depot, Macy’s and Sears, has not commented on the reports.

July 7, 2011

Citi announced Thursday that it has renewed its U.S. private-label credit card partnership with Office Depot.

Atlanta -- Citi announced Thursday that it has renewed its U.S. private-label credit card partnership with Office Depot.
 
“The Office Depot Business Credit Card and the Office Depot Personal Credit Card both provide our customers with the increased spending power they need in these economic times,” said George Hill, senior VP store operations, Office Depot.

May 31, 2011

Search engine giant Google announced the launch of Google Wallet, a mobile payment service that allows consumers to pay for goods via their smartphones.

New York City -- Search engine giant Google announced the launch of Google Wallet, a mobile payment service that allows consumers to pay for goods via their smartphones. The application is currently being field-tested in San Francisco and New York, and will be available to consumers in the summer.

May 31, 2011

Search engine giant Google announced the launch of Google Wallet, a mobile payment service that allows consumers to pay for goods via their smartphones.

New York City -- Search engine giant Google announced the launch of Google Wallet, a mobile payment service that allows consumers to pay for goods via their smartphones. The application is currently being field-tested in San Francisco and New York, and will be available to consumers in the summer.