Finance & Capital Management

New York -- After almost 93 years, off-price specialty retailer Loehmann's is going out of business.

On Jan. 7, the U.S. Bankruptcy Court in Manhattan approved an order authorizing a joint venture formed by SB Capital Group, LLC, Tiger Capital Group, LLC, and A & G Realty Partners, to conduct "Going Out of Business" sales in each of Loehmann's 39 locations in 11 states and the District of Columbia.  

The phrase “massive data breach” is the last thing any retailer wants to see their name associated with, but when bad things happen to good retailers Target's response to the situation is a blueprint for other retailers.

Oak Brook, Ill. -- Ace Hardware Corporation has appointed Tom Knox, 59, as president and CEO of Westlake Ace Hardware, Ace’s largest cooperative comprising 85 stores. Knox will be leaving his role as VP, retail business development, training & supply at Ace’s corporate offices and relocating to the Kansas City area to pursue his new role.

New York -- Hess Retail Corporation, a wholly-owned subsidiary of global energy company Hess Corporation, has filed a Form 10 Registration Statement with the U.S. Securities and Exchange Commission. The form contains a preliminary information statement about the potential terms and conditions of a spin-off of Hess Retail Corporation to the stockholders of Hess Corporation.

Atlanta – Havertys reported partial financial results for the fourth quarter and fiscal year 2013, with sales for the fourth quarter increasing 7.6% to $196.2 million, compared with $182.3 million for the fourth quarter of 2012. On a same-store basis, sales for the quarter increased 9.5%.

Sales for the 12 months of 2013 totaled $746.1 million, compared with $670.1 million in 2012, representing an increase of 11.3%. On a same-store basis, sales increased 11% for the 12 months.

Tampa, Fla. — RMC Property Group has announced plans to redevelop the Publix-anchored Indian Rocks Shopping Center in Largo, Fla. Bealls Outlet and Dollar Tree also serve as co-anchors at the center.

Publix recently signed a new lease and plans to completely redevelop a 45,000-sq.-ft. store. The existing Publix closed in December 2013. Plans call for the redeveloped store to open this fall.

Secaucus, N.J. – The Children’s Place Retail Stores has expanded its existing franchise agreement with Fawaz A. AlHokair & Co. SJSC covering retail stores in Saudi Arabia, to include opening a total of approximately 25 stores in Egypt and the Commonwealth of Independent States (C.I.S. Region) of Armenia, Azerbaijan, Belarus, Georgia and Kazakhstan, beginning in mid-2014.

Soft sales at leading home goods retailer Bed Bath & Beyond led to a puny comp increase of 1.3%, lower than expected third quarter profits and a downward revision to fourth quarter expectations.