Montgomery Ward closes doors

Article Abstract:

Montgomery Ward has filed its third bankruptcy filing in three years. Its last bankruptcy protection filing from creditors was in 1997. Once again, the embattled retailer is planning to shut its doors, this time, for good. The Chapter 11 bankruptcy protection filing is being blamed on competition from discount stores such as Wal-Mart and Target and more fashionable midpriced department stores. The cmpetition and overall weak holiday sales prevented Montgomery Ward from achieving the turnaround that might have been possible in a thriving economy.

Retail Stores, Montgomery Ward and Company Inc.

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CEO abruptly quits beleaguered Toys R Us

Article Abstract:

Paramus, NJ-based Toys 'R' Us Inc CEO Robert Nakasone stepped down. His departure comes at a time when the company is still struggling to regain its identity despite cutting inventory, slashing jobs and closing stores. Nakasone, who became CEO 18 months ago, will be replaced by chairman and former CEO Michael Goldstein. The $11-billion firm, formed in 1957, lost its hold of the market where which is dictated by consumers' demand for more sophisticated products.

Game, Toy, and Children's Vehicle Manufacturing, Executive changes & profiles, Toys, Toys "R" Us Inc.

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Nordstrom to make Web site separate

Article Abstract:

Nordstrom Inc is spinning off its Internet site, Nordstrom.com, to distinguish it from the other operations. The Web site will become a separate unit, dedicated solely to the high-end retailer's online and catalog businesses and led by its own board of directors and management. Nordstrom Inc will hold the majority interest in the new division, which will be headed by Dan Nordstrom, co-president of the parent firm.

Asset sales & divestitures, Department Stores, Video Retailing Service, All Other Information Services, Home shopping, Nordstrom Inc. Nordstrom.com

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