Hastings Making Product Shifts
For the full year at Hastings Entertainment, sales fell 4.7%, to $496.4 million, and the retailer had a net loss of $17.6 million compared to earnings of $1.7 million in 2010. Hastings said the company “will shift our business model more toward lifestyle products and become less dependent on entertainment products.” The book category had a good fourth quarter, with comp sales up 2.4%, but comps finished down 4.8% for the year.
Schnittman to Hachette
Hachette has appointed Evan Schnittman to the newly created role of executive v-p, chief marketing and sales officer.
Ingram Agrees With CUP, EPAC
Ingram has signed an agreement with Cambridge University Press that will give Ingram management responsibility for CUP’s North American warehousing and fulfillment functions. Ingram has also reached an agreement to acquire two EPAC plants and POD technology.