Finance & Capital Management

Fort Worth, Texas -- There was good news in Pier 1 Imports’ first quarter performance, including a 2% increase in same-store sales.

The retailer reported net income of $6.9 million for the quarter, ended May 30, down from $15.1 million in the year-ago period. Its results were in line with expectations.  

Seattle – Starbucks Corp. is taking the bakery store brand it acquired in 2012 in house. The coffee giant said it plans to close all 23 La Boulange retail (bakery café) locations, as well as the two baking facilities serving the locations, by the end of September. The retailer said it determined that La Boulange stores are “not sustainable for the company’s long-term growth.”

Pier 1 Imports reported same store sales growth for the first quarter, which the company’s CEO credited to the completion of an omnichannel transformation.

Farmingdale, N.Y. -- Ferrandino & Son, Inc. has been named one of the largest landscape companies in North America by Lawn & Landscape magazine.
 
Ferrandino & Son, Inc. ranked within the top 10 on the 2015 Lawn & Landscape Top 100 list, which was published in May.
 
“Ranking in the top 10% of the largest landscaping companies in North America is a major accomplishment for us,” said Kevin Smith, COO, Ferrandino & Son,
 

A disruption in product flow because of the West Coast port dispute led to a drop in same store sales for Hancock Fabrics in the first quarter.

The company had net sales of $61.7 million for the first quarter ended May 2, compared to $63 million in the first quarter of the prior year. Same store sales declined by 1.9%.

Aliso Viejo, Calif. — Johnny Rockets plans to open 25 new domestic stores during 2015 and 100 new domestic stores by 2017 via franchise expansion.

The casual dining chain is targeting the following U.S. cities for franchise growth in its Johnny Rockets, Johnny Rockets Express and Johnny Rockets Route 66 banners: Tucson, Arizona; Houston, Bridgewater, New Jersey., Gainesville, Florida; and Bakersfield and Fresno, California.

Costa Mesa, Calif. — Anna's Linens Inc. announced it filed for  Chapter 11 bankruptcy court protection on June 14. The retailer said it is working to negotiate a sale to DW Partners, a multi-strategy fund manager with $6 billion in assets.

The asset management firm would become “the stalking horse” bidder, and make the initial bid in a bankruptcy auction sale.

New York — Authentic Brands Group LLC (ABG) , whose brands include Jones New York and Juicy Couture, has closed on its purchase of Frederick's of Hollywood Group for an undisclosed sum. Previous reports indicated the acquisition agreement, announced in April 2015, was for $22.5 million.