Retail roundup: Borders bankruptcy update, J.C. Penney hires Apple exec as its new CEO, BJ’s gets buyout offer, Costco workers win lottery
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-- Bankrupt bookstore chain Borders said it may have a deal with lenders and creditors to avoid closing as many as 51 stores and canceled an auction, according to a bankruptcy court filing. The company, which is the second-largest book chain after rival Barnes & Noble, had said June 9 that it would close 51 stores.
-- J.C. Penney Co. has hired the head of Apple Inc.'s successful retail stores as its new chief executive. Ron Johnson, 52, will replace current J.C. Penney CEO Myron E. Ullman III on Nov. 1, the company said.
-- Leonard Green & Partners has offered to buy BJ’s Wholesale Club in a move to add another chain to its growing list of major retailers. At least one analyst thinks a buyout by Leonard Green could help the warehouse club become a national chain. The firm made the proposal with CVC Capital Partners.
-- Speaking of warehouse clubs, 20 workers at a Costco in Long Island, N.Y., saw their $5 weekly investments in a Powerball pool pay off big time this week, with a $201.9-million winning ticket bought by 73-year-old co-worker Anthony Manzolillo. The group will split a lump-sum payout of $70.2 million.
-- Andrea Chang