Finance & Capital Management

In a not unexpected move, Fairway Group Holding Corp., operator of the Fairway Market supermarket chain, filed for Chapter 11 bankruptcy protection.

The company filed a “prepackaged” bankruptcy restructuring under which its lenders agreed to exchange existing debt for new equity and debt in a reorganized company. Supporting lenders agreed to vote in favor of the plan and exchange their loans for common equity and $84 million of debt of the reorganized company.

In a move rumored for weeks, Aéropostale on Wednesday filed for Chapter 11 bankruptcy protection.

The struggling teen apparel retailer said it would close 113 stores in the United States and all 41 of its stores in Canada. Store closing sales in the United States will begin this weekend (May 7-8), and in Canada during the week of May 9.

Target Corp. is getting tough with vendors as it works to improve its supply chain.

The retailer plans to tighten deadlines for deliveries to its warehouses, hike fines for late deliveries, and could institute penalties of up to $10,000 for inaccuracies in product information, according to a report by Reuters.

In a not unexpected move, Fairway Group Holding Corp., operator of the Fairway Market supermarket chain, filed for Chapter 11 bankruptcy protection.
   
The company filed a “prepackaged” bankruptcy restructuring under which its lenders agreed to exchange existing debt for new equity and debt in a reorganized company. Supporting lenders agreed to vote in favor of the plan and exchange their loans for common equity and $84 million of debt of the reorganized company.

David’s Bridal is expanding south of the border.

The bridal and special occasion retailer is partnering with Diltex, a leading manufacturer and retailer of intimate apparel in Mexico, to open its first franchise location, in Mexico City.

The store is expected to open by the end of 2016 with additional franchise locations planned to open over the next five years across the country.

Build-A-Bear Workshop on Tuesday said it has hired financial and legal advisers to help it explore strategic alternatives. The news came the day after General Nutrition Corp. (GNC) said it was doing the same.

While teen apparel retailers are feeling the heat from online and fast-fashion competitors, Five Below continues to move across the country.

The extreme-value brand for and pre-teens and teens will open its first store in Wisconsin, in Racine, on May 6, 2016.The Racine store is one of approximately 85 new Five Below locations opening in 2016, on top of 71 new stores that opened in 2015.