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Finance & Capital Management

  • Deb Shops files Chapter 11, citing “old, tired stores”

    New York - Deb Stores Holding LLC, owner of Deb Shops, has filed for Chapter 11 bankruptcy protection in Delaware, with plans to close  stores and sell inventory if it can’t find a buyer for the business.   

  • Starbucks’ five-year plan heavy on new store formats, food growth and mobile

    Seattle - Starbucks Coffee Company isn’t resting on its laurels. The chain’s five-year strategic growth plan—unveiled Thursday at its biennial Investor Day—includes new store formats,  expanded food offerings, and digital initiatives.  

  • Best Buy says goodbye to China stores

    Minneapolis –  While some retailers, including Wal-Mart Stores, are ramping up their store presence in China,  Best Buy Co. is pulling up stakes. The consumer electronics chain has entered into a definitive agreement for the sale of its Five Star business to the Jiayuan Group, a China-based real estate firm.   

  • Barnes & Noble Q3 profit slips, ends Nook deal with Microsoft

    New York – Consolidated net earnings dropped 8% at Barnes & Noble Inc. in the third quarter of fiscal 2015, to $12.3 million from $13.2 million. An increase in selling, general and administrative (SG&A) expenses helped drive the drop in profit.   Second quarter consolidated revenues decreased 3% to $1.69 billion from $1.75 billion.   

  • Hudson’s Bay launches credit card agreement with Capital One

    Toronto, Canada – Hudson’s Bay Company is launching a new credit card program with Capital One Financial Corp. that includes the Saks Fifth Avenue banner. The agreement is also planned to add the Lord & Taylor credit card program in June 2015, subject to certain closing conditions.  

  • Sears loss widens but beats estimates; doubles 2014 store closings

    Hoffman Estates, Ill. – Sears Holdings Corp. reported a third quarter fiscal 2014 net loss of $548 million, up from the $534 million loss it reported in the year-ago period but smaller than its previously estimated. Cost-cutting measures helped Sears reduce its net loss growth. The discounter also revealed that  it plans to close a total of 235 underperforming stores in 2014, which is nearly double the projection of 130 it made in August.  Sears said eliminating those stores should boost EBITDA by $50 million.  

  • Aeropostale closing 75 stores as Q3 loss widens and same-store sales fall 11%

    New York - On the heels of its eight straight quarterly loss, Aeropostale said it would close about 75 stores in the current quarter, and could close 50 to 75 more namesake locations in 2015, and 126 P.S. from Aeropostale stores by the end of January.   The struggling teen retailer reported a net loss of $52.3 million in the third quarter ended Nov. 1,  up from $25.6 million, in the year ago period. It also forecast a bigger-than-expected fourth-quarter loss.  

  • PacSun beats Street; 11th quarter of same-store sales increases

    Anaheim, Calif. – Pacific Sunwear of California Inc. reported a $469,000 net loss in the third quarter of fiscal 2014, compared to net earnings of $17.7 million the same period the prior year. The loss, which included a charge stemming from a $60 million term loan with Golden Gate Capital, was smaller than expected by Wall Street and driven by one-time charges.   Net sales were $212.3 million, up 4.4% from $202.8 million.    Same-store sales rose 4%.   

  • New York & Company to enhance efficiencies after tough Q3

    New York – An increase in selling, general & administrative (SG&A) expenses helped increase net loss at New York & Company Inc. to $9.7 million in the third quarter of fiscal 2014, up from $3.4 million a year earlier. Net sales declined 3% to $210.6 million from $217.3 million, and same-store sales dropped 3.4%.   New York & Company cited soft performance in its wear-to-work category and the impact of product delays resulting from West Coast port labor issues as negatively impacting sales. 

  • Destination Maternity swings to Q4 loss on higher costs

    Philadelphia – Destination Maternity Corp. swung to a net loss of $2.48 million in the fourth quarter of fiscal 2014 from net earnings of $5.63 million in the same quarter last year. Higher cost of goods sold, as well as higher selling, general and administrative (SG&A) charges and other charges, helped push Destination Maternity out the black and into the red.   Net sales fell 5% to $122.05 million from $128.25 million. Same-store sales dropped 5%.  
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