Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Holiday sales expected to rise 3.6 percent * Americans are expected to spend at a faster clip than last year for the critical holiday season, the nation's largest retail industry trade group said Tuesday. The National Retail Federation, based in Washington, is forecasting holiday sales for the November and December period to rise 3.6 percent to $655.8 billion, better than the 3 percent growth seen in the year-ago period. The figure also is much higher than the 10-year average of 2.5 percent and above the 3.4 percent growth seen since the recovery began in 2009. The dollar figure excludes sales from autos, gas and restaurants but includes online spending and other non-store sales. The group estimates that non-store sales should rise by 7 percent to 10 percent to as much as $117 billion. Last year, that rate was 9 percent.

Craftsman brand attracts bidders * Sears Holdings Corp.'s sale of its Craftsman tool business has attracted bidders including Stanley Black & Decker Inc. and Hong Kong's Techtronic Industries Co., Bloomberg News reported Tuesday, citing unnamed sources. Other companies such as U.S.-based Apex Tool Group and Sweden's Husqvarna have also explored potential offers for Craftsman, Bloomberg reported. Final bids, which may value the brand at about $2 billion, are due at the end of the month.

ThreeSixty buys FAO Schwarz brand * Toys R Us has sold its FAO Schwarz brand to Irvine, Calif.-based ThreeSixty Group, a company that designs and sells toys, home goods and other products. ThreeSixty said Tuesday that it planned to design a collection of toys under the FAO Schwarz brand and create in-store experiences for other retailers.

MaritzCX cuts 40 employees * MaritzCX laid off 40 employees at its headquarters in Salt Lake City and its offices in Fenton on Monday. Chris Cottle, chief marketing officer for the software and market research company, confirmed the layoffs on Tuesday and said 24 full- and part-time employees were laid off in Fenton and 16 employees were laid off in Salt Lake City, in addition to a few layoffs in other cities. …

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