Electronics retailer TigerDirect is closing all but three of its 34 stores in the U.S. and internationally. The Miami-based company will keep serving customers online but will close its brick-and-mortar locations. The only stores it's keeping open are its flagship store in Miami, one in its technology products distribution center in Georgia and one in Puerto Rico, which has a significant business-to-business operation in that market. The 31 other stores are expected to be shuttered by the end of June. Each store that's closing is eliminating about 40 jobs, according to TigerDirect.
A little more than a month after filing for Chapter 11 bankruptcy protection, specialty women's apparel retailer Cache is throwing in the towel. Advisory and valuation services provider Great American Group, which won a bid for Cache's assets at a March 3 bankruptcy auction, has begun "going out of business" sales for all Cache's retail locations in the U.S., the Virgin Islands and Puerto Rico. The sale will offer significant discounts on the retailer's inventory of women's apparel and accessories. Select furniture, fixtures and equipment at stores, warehouses and corporate offices will also be for sale.
Costco announced that its credit card network will be handled by Visa next year, an announcement that comes weeks after it sideswiped Visa rival American Express in a move that ended a 16-year relationship with the retailer. Costco said Citigroup would be the exclusive issuer of the retailer's co-branded credit cards, while Visa will be replacing American Express as the credit card network for Costco in the U.S. and Puerto Rico beginning April 1, 2016.
J.C. Penney will close about 40 stores over the next year, according to a company spokesman. The closures will impact less than 4 percent of Penney's total store base and approximately 2,250 associates, according to spokesman Joey Thomas. Most locations will close on or about April 4, Thomas said. Penney's currently operates about 1,060 stores in the U.S. and Puerto Rico. "We continually evaluate our store portfolio to determine whether there's a need to close or relocate underperforming stores," Thomas said. "Reviews such as these are essential in meeting our long-term goals for future company growth."
Effective Dec. 29, 2014, the published rates for UPS services will increase. UPS Ground, Air and International rates will increase an average net of 4.9 percent. UPS air freight rates within and between the U.S., Canada and Puerto Rico will increase an average net 4.9 percent. UPS freight tariffs for shipments rated on the current UPS Freight 560 (U.S. 48), 525 (to and from Canada) and 570/571 (to and from Mexico) will increase an average net 4.9 percent. However, average increases can be misleading.