Genesco is lowering its earnings forecast for the fiscal year despite a 3% increase in same-store sales over the holiday period.
The company said same-store sales increased 3% for the quarter-to-date period ended Jan.2. Sales for the company's e-commerce and catalog direct sales businesses increased 20% on a comparable basis for that period.
A decades-old apparel retailer finds itself no longer in fashion, undone by fast-fashion competition and a lack of e-commerce expertise.
Joyce Leslie filed for Chapter 11 bankruptcy court protection in White Plains, New York, and is a likely candidate for liquidation, Women’s Wear Daily reported. The chain, founded in 1945, operates 47 stores throughout the Northeast.
Virginia Beach, Va. -- Wheeler Real Estate Investment Trust announced Wilkes Graham will join the company as its CFO, effective Jan. 19. Graham will oversee corporate finance, accounting, investor relations and capital and financing strategies for the Company and will report to CEO and chairman, Jon Wheeler. He will succeed Steven Belote, who will remain with the Company as its COO.
American Apparel on Monday said that it has received unanimous approval of all voting classes for its reorganization plan. But also on Monday, the company received a $300 million buyout offer from an investor group that has the support of American Apparel founder and ousted CEO, the controversial Dov Charney.
The investor group, which is comprised of Hagen Capital Group and Silver Creek Capital Partners, said that its offer is superior to the company's reorganization plan, and has a valuation range of $180 million to $270 million.
Energy Design Service Systems (EDSS) has opened a new office in Mexico, representing the culmination of the company’s year-long efforts to expand its market reach internationally and increase exports to Mexico.
EDSS welcomes its new sales representative Yennise Garza, who brings more than a decade of experience in sales and market research to the EDSS team. With Garza’s help, EDSS expects to participate in Mexico’s increasing efforts to reduce the country’s energy consumption to meet their ambitious carbon reduction goals.
A drop in same-store sales led Bed Bath & Beyond to report a 21% decline in profit for the third quarter.
The retailer said same store sales in the third quarter ended Nov. 28 decreased by approximately 0.4%, compared with an increase of approximately 1.7% in last year's fiscal third quarter. Same-store sales from digital channels grew in excess of 25%.
Bed Bath & Beyond reported a profit of $177.8 million, or $1.09 a share, compared with $225.4 million, or $1.23 a share, a year earlier. Revenue rose 0.3% to $2.95 billion.
Toys “R” Us produced surprisingly strong results, especially online, in what is proving to be a holiday season characterized by mixed results from retailers who have disclosed results.
