Corporate Governance

Another mall-based retailer has announced that it is in default and struggling for survival.

Body Central Corp. announced that it is in default on $18 million in debt and is exploring strategic alternatives, the Jacksonville, Florida-based company said in a statement.

The company also said it is experiencing “significant liquidity problems,” and is exploring options, including a possible bankruptcy filing.

Minneapolis -- Supervalu Inc.’s third-quarter profit more than doubled as the supermarket chain experienced sales growth in all three of its business segments. Its results beat analysts' expectations.

Supervalu reported an overall profit of $79 million for the quarter ended Nov. 29, up from $31 million a year earlier. Revenue rose 4.8% to $4.2 billion.

Things are not looking up at Wet Seal, which has announced that it will close 338 stores, or about 66% of its total portfolio, “on or about” Jan. 7, resulting in the termination of some 3,695 full- and part-time employees.

The struggling teen apparel retailer said the decision to close the stores was based on its overall financial condition and an inability to negotiate meaningful concessions from its landlords.

The company said the 338 stores represented approximately 48% of its sales for the nine months ending on November 1, 2014.

Reston, Va. -- Retail e-commerce spending from desktop computers for the entire November-December 2014 holiday season totaled $53.3 billion, up 15% from the corresponding days last year.

Plano, Texas  -- J.C. Penney is reflecting in a post-holiday glow and feeling bullish about its business going forward after reporting a 3.7% increase in same-store sales during the holidays (the nine week period from November through December). The retailer also said that it expects its fourth-quarter comparable sales will be at the top end of its forecast range of a 2% to 4% gain.

Leonard Lieberman, former chairman and CEO of Supermarkets General, which owns Pathmark, died at his home in Hoboken, N.J., on Jan. 2, according to an obituary on NJ.com. He was 85.

According to the obituary, his wife, Arlene, said the cause of death was heart failure.

Burlington, Mass. -- Demandware said that Abercrombie & Fitch Co. is using Demandware Commerce to power global expansion across Asia. The retailer recently launched 10 new e-commerce sites for its Abercrombie & Fitch and Hollister brands with the Demandware platform, serving China, Hong Kong, Japan, Singapore and Taiwan. All of the sites are mobile-optimized through responsive web design.

While retailers are sorting how to capitalize on wearable technology, Intel is betting that that smart glass manufacturer Vuzix will play a role.

Vuzix began selling its flagship M100 Smart Glasses on Amazon prior to the holiday and more recently Intel invested $24.8 million in the company. The investment gives Intel 48,626 shares of Vuzix’ preferred stock and the opportunity to convert those shares into common stock that would give Intel a 30 percent ownership stake in the company.