Dillard's Jax locations are at the Orange Park, Avenues, Regency Square Malls and SJTC. Will any local outlets end up on the chopping block?
QuoteDillard’s Inc. said it plans to close additional stores in 2009, on top of 20 it shuttered in 2008, following mounting pressure from investors to replace its CEO and change its overall management.
The Little Rock, Ark.-based retailer, which is largely managed by descendants of the founder, also said it will open just two stores in 2009, in Texas and Louisiana, compared with 10 in 2008.
That will result in a 40 percent reduction in expected capital expenditures, to $120 million.
Dillard’s operates six department store locations in Greater Cincinnati, having entered the market through its 1998 acquisition of the former Mercantile Stores Co. Inc.
The chain hasn’t announced which stores it will close related to the newest cuts.
Quote“The performance of the company over the past 10 years has been atrocious,†the investment group leaders wrote in their letter, which was filed with the Securities and Exchange Commission.
“Since Mr. Dillard was appointed CEO in May 1998, the company’s market capitalization has plummeted from over $4.36 billion to less than $246 million.â€
Dillard’s also has not posted a same-store sales increase since 1999, the group said. In mid-October, Standard & Poor’s replaced the company on the S&P 500 Index of large companies.
full article: http://jacksonville.bizjournals.com/jacksonville/othercities/cincinnati/stories/2008/11/10/story15.html?b=1226293200%5E1729497&brthrs=1