The Detroit News
Saab Auto AB, owned by Spyker Cars, N.V., has lost a badly needed source of capital: the company's deal with Chinese automaker Hawtai Motor Group has fallen through. Spyker said it is trying to put the deal back on track. Saab, which is cash starved, thought it had a sure thing last week when Spyker announced that Hawtai would provide $172 million in return for a 29.9% stake in the company.
Chain Store Age
Sears Holding Corp. is looking to move headquarters and 6,200 jobs out of Illinois. The company is looking at Ohio, North Carolina, South Carolina, Texas, Georgia and New Jersey.
Yahoo News
Korean Airlines has been at pains to position itself as a hip luxury carrier, so perhaps it's not surprising that it didn't let a terminally ill cancer patient on the plane who was cleared by her doctor to return home to Korea to live out her remaining days. That wouldn't look good with the carrier's stylish high-fashion positioning, would it?
Los Angeles Business
Wolfgang Puck plans to bring his new iced-coffee brand to 35 states by June. Wolfgang Puck Iced Coffee launched in -- big surprise -- Beverly Hills two years ago. It will hit shelves at Fresh Market stores in June and at specialty retailers in New York. The beverage is a collaboration between Puck and Woodway Beverage Partners, LLC. It was initially brewed in the kitchen of Spago Beverly Hills.
The Wall Street Journal
Sears has apologized to customers after a religious group found that pornographic movies could be bought by minors through Sears.com. The company said the videos violated the Sears' standards for online merchandise. The corporate parent of Sears and Kmart stores lets other companies sell through its web channel and takes a cut. The strategy works for Amazon and others are trying to follow it.
Chain Store Age
Kohl's Corp. is expanding across the country, but with a smaller footprint. The company wants to open 40 stores this year, with 30 of them smaller models, about 60,000 square feet instead of the usual 90,000-square-foot retail space. The company's CEO said the move was driven by a rise in online shopping and a focus on more efficient operations.
The New York Times
The founder of the "office superstore," Leo Kahn, passed away in Boston on Wednesday. He was 94. The big-box pioneer who founded Staples brought a Toys "R" Us mantra to office supply retailing by stocking the stores with a vast array of products from computers to paper clips (and even Pepto-Bismol) and pricing them at a steep discount.
USA Today
Toyota's getting back in the left lane sooner than expected, as it plans to boost production here to 70% of usual levels by June, up from 30% this month. The company hadn't expected to reach that level of production output until August. Some models will be up to 100% next month, including Corolla, Avalon, Camry, crossovers and SUVs like the Highlander. The company posedt a big drop in fiscal fourth-quarter profit.
Supermarket News
The Food Marketing Institute's 2011 Trends survey has good news for food retailers: consumer satisfaction with their primary store rose to 8.4 on a 1-10 scale, and 95% of shoppers in the survey said they would recommend the store they shop at. They are also confident in the safety of the food they buy at their stores.
Adweek
A new study by Wong, Doody, Crandall, Wiener shows that people love the Facebook pages of luxury brands (those in Interbrand's 2010 Best 100 Global Brands) but the brands like the attention about as much as box turtles. In most cases, they don't even let people post to their Facebook pages at all. The agency compared luxury brands like Giorgio Armani, Burberry, Cartier and Gucci with mass-market goods. Luxury brands had far more fans than non-luxury goods, but only Tiffany & Co. let fans post to its page, or engage with the brand in other ways. That actually makes sense, …