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Michaels swings to Q2 loss on costs; 21 new stores on tap
Irving, Texas – The Michaels Companies Inc. on Wednesday reported a net loss of $48 million in the second quarter of fiscal 2014, compared to net income of $17 in the year-ago period, as $68 million in costs associated with debt-extinguishment and drove the retailer into the red. Its results, however, beat analysts estimates, and the company raised its full-year outlook. It was Michaels’ first earnings report since it went public again at the end of June.
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Newgistics adds omnichannel muscle to board
Newgistics, a leading provider of end-to-end e-commerce solutions for top retailers and brands, has added Andrea Weiss and Robert Rosenblatt to its board of directors.
The company said that it plans to leverage the duo’s first-hand knowledge of what retailers need to compete in an increasingly omnichannel environment.
