Coach Relaunches Its Fifth Avenue Flagship Store in NYC
Coach Inc. (NYSE:COH): Closing price $54.23
On Friday, the accessories firm reopens its flagship at 79 Fifth Avenue following close to three months of construction, during which time the store was closed. The unveiling represents the first step in a multitier plan to raise the brand’s retail experience. Coach President, North American Retail Francine Della Badia observed that, “People are shopping a lot more online — that’s real. So when they come to the store, they want the experience. They want the connection. They want to be able to touch and smell and see. So how do we think about next-generation design in retail?”
Green Dot Corp. (NYSE:GDOT): Closing price $23.34
Through a Friday statement, the Federal Reserve said that Green Dot will buy the Wal-Mart branded pre-paid debit card arm from General Electric Co’s GE Capital division. The Fed said it has okayed the deal, which includes $276 million in total deposits, more than doubling the total amount of deposits held at Green Dot’s bank unit. Green Dot will offer additional features to Wal-Mart Stores cardholders, including automated bill payment and check-writing.
Sony Corp. (NYSE:SNE): Closing price $18.34
Following Sony Chief Executive Kazuo Hirai’s strategy to boost profit and retain full ownership of the movie, TV, and music businesses, the firm will slash $250 million in costs at its entertainment units during the next two years. Sony is cutting the number of films from Columbia Pictures, shifting investment to television output and media networks, and identifying more savings. Hirai is presently under pressure to prove his One Sony plan linking entertainment to electronics can work, subsequent to a disastrous second-quarter that included a $181 million operating loss at Sony Pictures Entertainment.