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Retail Roundup: Foot Locker CEO Quits, Sears Lays Off 112

Foot Locker's CEO resigns -- Richard Mina resigned from his post as CEO of Foot Locker's U.S. division after five years at the helm of the athletic retail behemoth, according to a U.S. Securities and Exchange Commission filing. The company requested that Mina resign immediately, stating that his position would be terminated in the end of October. Mina's exit came amid steady profits for the retailer; Foot Locker's 2008 second quarter sales climbed to $1.3 billion compared with $1.28 billion during the same period in 2007. [Source: U.S. Securities and Exchange Commission and The Herald Tribune]

Sears lays off 112 employees, more on the way -- The Sears Holdings Corp. hasn't been immune to the economic woes department-store chains across the nation have been feeling lately, and in the latest round of job cuts, the company announced it's shearing 112 accounting positions at its national support center in Dallas. The layoffs begin next month, and Sears is planning similar cuts at offices in Florida and Ohio as jobs in human resources, payroll, tax, and finance are being outsourced. [Source: The Dallas Morning News]

Neiman Marcus cuts catalog distribution, focuses on e-commerce -- Neiman Marcus plans to trim costs by reducing the number of catalogs it mails in 2009, focusing instead on its Web site, which dominates the retail chain's direct-marketing segment. "We still believe in catalogs," says CFO James Skinner, adding that while the traditional marketing medium will continue to play a role, the company won't distribute 90 million catalogs like it did in fiscal 2008. Direct-segment sales for fiscal 2008 hit $747.5 million, only $187 million of which was accounted for by catalog sales. [Source: Internetretailer]

KB Toys follows Wal-Mart's suit, chops toy prices -- Just one day after Wal-Mart began campaigning for holiday shoppers by lowering the price of 10 toys to just $10, KB Toys retaliated, announcing it would cut the price of more than 200 toys to $10 or less. Crayola craft kits, Leap Frog Dominoes, and My Little Pony are among the items the toy store is planning to sell at reduced prices. [Source: San Francisco Business Times]

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