S&K menswear seeks Chapter 11
Menswear chain S&K Famous Brands Inc. filed for Chapter 11 bankruptcy protection on Monday. The Richmond, Va.-based chain sells value-priced clothing in more than 130 stores throughout the East Coast and Midwest. The company's Lexington stores at Hamburg Pavilion and Fayette Mall are open for business as usual, said a store manager. "Lexington's always been a really good market for them," said Paula Steiner of the Hamburg location. "They'll pull through this." Two other Kentucky stores are in Louisville. S&K, which has 1,095 full- and part-time employees, said it had $41.4 million in assets and $35.5 million in liabilities as of Jan. 1, according to its initial filings. As part of a financing agreement, S&K is to sell its headquarters by mid-May for a minimum of $5.5 million, attorneys said at the hearing. The company also plans to close more stores that are not doing well.
FedEx to lay off 900
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FedEx's freight unit says it will lay off 900 employees because sluggish demand has declined further so far this year.FedEx Freight, a subsidiary of FedEx Corp., said the unit is not gaining market share fast enough to offset the steep declines in customer demand.
Starbucks Corp., which is trying to refashion its image as a more recession-friendly coffeehouse, offered more details Monday on the breakfast "pairings" it will sell beginning March 3. The gourmet coffee chain said it will introduce value-meal type options for $3.95 each in its U.S. company-owned stores. Customers can order a tall latte and an oatmeal or a slice of reduced-fat cinnamon swirl coffee cake. Drip coffee drinkers can get a tall brewed coffee with a breakfast sandwich at the same price. Starbucks said it also will launch two new breakfast sandwiches — a bacon sandwich with egg and gouda cheese and a ham sandwich made with egg and cheddar.
Magazine figures flat
Sales of U.S. magazines at newsstands and other retail outlets dropped during the second half of 2008 as readers looked for ways to trim discretionary spending, but overall circulation was largely flat, according to the the Audit Bureau of Circulations.
U.S. Nissan jobs safe
Nissan said Monday it does not expect more job cuts in the United States after its announcement of 20,000 cuts worldwide. On Monday, Nissan Motor Co. in Tokyo said it expected a $2.9 billion loss for the fiscal year that ended in March, and said it planned to cut 8.5 percent of its global workforce by March 2010. Some 12,000 of the job cuts will be in Japan.