Retail Rundown: Chain changes may affect area stores
There's upheaval at several major retailers, but it's still unclear how the changes will affect stores in East Central Illinois. Here's a rundown of recent developments, courtesy of Don Dodson:
— RadioShack: Disclosed March 4 that it plans to close up to 1,100 stores, leaving it with more than 4,000 locations. At its website, the Fort Worth-based chain lists stores in Champaign, Urbana, Savoy and Danville, as well as inside the Tuscola Home Center and Arcola True Value.
— Staples: Announced on March 6 that it will close up to 225 of its 1,846 stores in North America by the end of next year. It also said it plans to shrink the size of stores as leases come up for renewal. Staples has stores in Champaign, Mattoon and Decatur.
— Men's Wearhouse/Jos. A. Bank: Men's Wearhouse announced Tuesday it will acquire Jos. A. Bank for $1.8 billion. In October, Bank offered to buy Wearhouse for $2.3 billion, and Wearhouse refused, making a counteroffer to buy Bank for $1.54 billion. Bank tried to fend off a takeover attempt by agreeing to buy Eddie Bauer. Now that a deal has been struck with Wearhouse, Bank plans to abandon the bid for Bauer. Wearhouse, Bank and Bauer each has a store in Champaign.
— Bon-Ton/J.C. Penney: Brendan Hoffman, CEO of Bon-Ton Stores, will leave the company when his contract expires next February. He has been considered a potential replacement for J.C. Penney CEO Mike Ullman, but according to The Wall Street Journal, Hoffman's employment agreement with Bon-Ton keeps him from working for certain competitors — including J.C. Penney — for 12 months after his agreement is terminated. Area Bon-Ton stores include Bergner's in Champaign and Carson's in Danville and Mattoon.