By Jason Long @ jlong@eyeonretail.net

 

J.C.Penney cuts nearly 9% of workforce at HQ by Maria Halkias at Dallas Morning News. “J.C. Penney laid off 300 of its 3,400 headquarters employees in Plano Thursday…In the reorganization, some people are being offered different jobs with lower-ranking titles. Some could face pay cuts, Avilas said. People who don’t want to take new jobs will be offered severance packages.” Read more

 

Amazon’s sales rise 23% by Allison Enright at Internet Retailer. “Amazon.com Inc. has pulled in $25.36 billion in revenue in the third quarter, up 23.2% from $20.58 billion a year earlier. Almost three-fourths of that revenue (72.8%) came from the sale of products on Amazon sites globally, down from 77.8% in Q3 2014.” Read more  Read the company press release

 

Amazon reaches 222,400 employees, hires 39,000 in last quarter alone by Taylor Soper at GeekWire. Read more

 

Costco just sold a $5.5M Boeing Field hangar to Jeff Bezos by Marc Stiles at Puget Sound Business Journal. “Jeff Brotman, chairman of Costco, on Thursday confirmed that Costco sold the Boeing Field hangar but offered no details. “It was sold in accordance with our original plan for the space,” he wrote in an email.” Read more

 

Best Buy to offer free online shipping starting this Sunday by Kavita Kumar at Star Tribune. “Jeff Haydock, a company spokesman, acknowledged that most orders on BestBuy.com are priced over $35. So the question is how many shoppers, who are usually deterred from buying cheaper items online because they don’t want to pay shipping, will take advantage of the promotion.” Read more

 

Cabela’s Q3 Comp Sales Decreased 4.2% Read the release

 

Cabela’s Massive Superstores Are Cannibalizing Each Other by Kyle Stock at Bloomberg. “In a note to investors this morning, Goldman Sachs analysts said cannibalization among the company’s stores “looks severe.”…Cabela’s said this morning that it will slow its expansion schedule. At the moment, it is calling for seven new stores next year and no more than that in 2017.” Read more

 

Lumber Liquidators concedes timber-sourcing crimes in U.S. court via Chicago Tribune. “The admission before U.S. District Judge Raymond Jackson in Norfolk, Virginia, on Thursday comes two weeks after the hardwood flooring retailer said it will pay $10 million in fines, forfeiture and community service contributions to end a two-year federal criminal investigation.” Read more

 

General Mills will start investing in small food companies by Mike Hughlett at Star Tribune. “If a venture target succeeds, “it can provide a direct path to acquisitions,” Haugen said. “It’s something we will consider in many of these cases.” Read more

 

Waco: Hosts of HGTV’s Fixer Upper open store in old grain barn complete with silos by Maria Halkias at Dallas Morning News. “The surprise soft opening about a week ago attracted about 1,000 people, The Waco Tribune reported.” Read more

 

Home Depot opening 800-worker online customer service center in Tempe by Mike Sunnucks at Phoenix Business Journal. “The Tempe back office center will provide customer support for products bought on HomeDepot.com.” Read more

 

Why Walgreens uses interactive maps plus analytics to evaluate store locations by Heather Clancy at Fortune. “Ten years, our teams had to print out a map and take it with them. Now they can bring their mobile device, and have access to updated sales, demographics and other targeted information,” said Jillian Elder, director of enterprise location intelligence for Walgreens.” Read more

 

Kellogg nears $1B merger with snack-maker Diamond Foods by Josh Kosman at NY Post. “Diamond, whose stable of brands includes Kettle potato chips, Emerald nuts and Pop Secret popcorn, put itself on the block earlier this year and last week asked for final bids.” Read more

 

Amazon’s Jeff Bezos is the third-richest man in the nation by James Covert at NY Post. “The Amazon founder’s net worth surged to more than $55 billion late Thursday after the Seattle Web giant posted surprisingly strong quarterly results.” Read more

 

Study reveals cheese is as addictive as drugs by Jenn Harris at LA Times. “Cheese happens to be especially addictive because of an ingredient called casein, a protein found in all milk products. During digestion, casein releases opiates called casomorphins. “[Casomorphins] really play with the dopamine receptors and trigger that addictive element,” registered dietitian Cameron Wells told Mic.” Read more

 

Build-A-Bear recalls 33,600 stuffed dragons over choking hazard by Lisa Brown at St. Louis Post Dispatch. Read more

 

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Eye-on-Retail Tipsheet is created early every weekday morning and read by retail merchants and executives worldwide. We love data, earnings reports, executive presentations and stories off the beaten path that get at what’s really happening in the world of retail. See our website at www.eyeonretail.net