Wards Getting Monkey off its Back

The Chicago-based retail chain formerly known as Montgomery Wards remodeled almost a quarter of its 250 stores, attempting to compete more aggressively with Target and Kohl's.Known affectionately as “Monkey Wards” by its audience, Montgomery Wards dropped the “Montgomery” a few years ago to adopt a more modern identity. This is not the first time the 128-year-old retailer has hit the comeback trail. The company emerged from Chapter 11 bankruptcy protection last year, fueled by a $150 million trade credit infusion from GE Capital in July. Wards reports that it has seen positive results since Labor Day. If the momentum continues, Wards'executives say, G.E. may decide to invest even more capital.Roger Goddu, chair and ceo, predicted “low-to-mid single-digit increases” in fourth-quarter sales, with half of the volume coming from the 76 remodeled stores. Revamped at $1.5 million per unit, the wider-aisled stores are better lit. Apparel is merchandised on newly designed pear-wood racks, tables and modular fixtures. A number of new stores are also being planned, at a minimum cost of $15 million per unit.