MARCHING ON: Swedish cheap-chic retailer Hennes & Mauritz on Tuesday reported revenue rose 8 percent in March compared with the same period last year. Sales in March 2002 increased 16 percent. H&M did not break down the numbers on a same-store basis.
SHUFFLE BOARD: Blair Corp. on Tuesday named a new chairman and reported other comings and goings to the board of directors. Craig Johnson, an incumbent director, was appointed chairman of the board, succeeding Murray McComas, who served on the board for 26 years. McComas, who retired as president of the Warren, Pa.-based direct marketer in 1999, will remain a director of the company. In the other moves, Michael Shuler, chief executive officer of Donerail Investments Ltd., was added to the board and four board members — David Blair, Robert Blair, Kent Sivillo and Blair Smoulder — retired. The changes reduce the number of directors to 11, five of whom are corporate officers, from 14. Johnson, a former managing director and partner of Glenthorne Capital in Philadelphia, now serves as advisory director for the investment firm. Prior to that, Johnson served in executive capacities in shipping and investment banking.
ON THE HOUSE: Saks Inc. closed the sale of its private label credit card business to Household International. The deal was worth $1.3 billion, including $300 million in cash for Saks and the assumption of $1 billion in liabilities. The retailer will continue to provide key customer service functions and receive compensation from Household under a 10-year deal.
KMART’S DAY IN COURT: Kmart Corp. spent two days in court in a drive to persuade Chicago bankruptcy judge Susan Pierson Sonderby to reject objections by some creditors to the firm’s reorganization plan. Proceedings were continuing at press time Tuesday.