Thursday, April 24, 2014
Staff and news service reports
L.L. Bean to open another retail store in New Jersey
L.L. Bean plans to hire about 100 employees to work at its newest retail store, in New Jersey.
The Freeport-based outdoor gear and clothing company is accepting applications for its Freehold, N.J., store, which is set to open in mid-September. Spokeswoman Carolyn Beem said workers will be hired in late July and early August.
L.L. Bean has 18 retail stores in eight states outside of Maine, including two others in New Jersey. The company also has 10 outlet stores in four states.
The new 25,000-square-foot store in New Jersey will occupy the former home of a Borders bookstore in the Freehold Raceway Mall.
Barnes & Noble sales plummet in latest quarter
Sales plummeted at Barnes & Noble bookstores in the latest quarter and its Nook e-book devices failed to keep up with competitors, pushing the company to a net loss that more than doubled from a year ago.
The largest traditional U.S. bookseller said Tuesday that it will stop making its own Nook color touchscreen tablets as a result, a move intended to stem the losses it's suffering from its digital unit.
It said it will continue to make its more basic, black-and-white e-readers but farm out the tablet manufacturing to a third party.
Connecticut casino plans a $50 million expansion
Connecticut's Mohegan Sun casino announced Tuesday its first major expansion in five years with a $50 million project calling for more retail space, featuring a New England food market, a multiplex movie theater, bowling and clothing stores.
The Indian-run casino faces falling slot revenue and intense competition in the Northeast, but is betting on the improving economy as it prepares to break ground later this year on the 200,000-square-foot project it calls the Downtown District. The project is expected to open in 2015.
Mitchell Etess, chief executive officer of the Mohegan Tribal Gaming Authority, which also runs the Mohegan Sun at Pocono Downs in Wilkes Barre, Pa., said financing and tenants are in place. The project is intended to draw customers who want to shop as much as play the slots, he said.
SoftBank to pay $21 billion for most of Sprint Nextel
Sprint Nextel Corp.'s shareholders on Tuesday approved SoftBank Corp.'s acquisition of the bulk of the wireless carrier company.
SoftBank had been competing with Dish Network Corp. since April to acquire Sprint. Sprint opted for SoftBank's $21.6 billion offer for 78 percent of the company, versus Dish's $25.5 billion bid for all of Sprint.
CEO Dan Hesse said it was a historic day for the company and said the deal should enhance Sprint's long-term value and competitive position by creating a company with greater financial flexibility.