FINANCE

Aéropostale has received final approval for $160 million in debtor in-possession financing provided by Crystal Financial LLC.

Specialty apparel retailer Christopher & Banks Corp. is not out of the red, but headed in the right direction during the first quarter of fiscal 2016.
 
The company reported net loss of $0.2 million, down from a net loss of $1.4 million the same quarter the previous fiscal year. Improved gross margin helped shrink the loss. Net sales totaled $100 million, an increase of 9%, compared to $91.6 million.

Investors in Target Corp. decided on several important issues at the retailer’s 2016 annual meeting.

Shareholders elected 14 members of the board of directors, ratified the appointment of Target’s independent registered public accounting firm, approved proposal on compensation for executives and rejected one shareholder proposal.

Jane Hamilton Nielsen, who just left her position as CFO of Coach Inc. to pursue other opportunities, is not waiting long to make her new role known.

According to Fortune, Ralph Lauren is expected to announce Nielsen’s hiring as its new CFO. She would replace current Ralph Lauren CFO Robert Madore, who has held that title since April 2015.

Francesca’s Holdings Corp. saw net income decline, but still beat Wall Street predictions, in the first quarter of fiscal 2016.
 
The specialty apparel retailer reported net income of $7/08 million, down 2% from $7.24 million the same quarter a year earlier. Higher selling, general and administrative (S,G&A) expenses offset improvements in gross profit.
 

Consumers are being choosy about where they are spending extra money that is becoming available with the end of the recession.
 
According to a new study from Mintel, more than two in five (44%) Americans describe their financial situations as "healthy" in 2016, compared to 37% in 2015 and 33% in 2013, indicating that improvements in the economy are being felt at a household level. However, different retail categories are receiving the benefit more than others.
 

Specialty home furnishings retailer Restoration Hardware Holdings Inc. (RH) had what could be termed a messy start to the fiscal year.
 
RH swung to a net loss of $13.5 million in the first quarter of fiscal 2016, compared to net earnings of $7.2 million the prior year period, falling short of Wall Street expectations. Revenue grew 8% to $455.5 million from $422.4 million, but also missed projections. Increases in cost of goods sold and selling, general and administrative (S,G&A) expenses helped push the retailer into the red despite improving sales.

Fairway Group Holdings Corp., the parent company of Fairway Market, has received a verdict on its May 2016 bankruptcy filing.

The iconic New York food retailer had its Chapter 11 bankruptcy reorganization plan unanimously accepted by 100% of voting secured lenders and confirmed by Bankruptcy Judge Michael E. Wiles. Fairway is expected to emerge from bankruptcy during the week of June 20, 2016 with approximately $50 million in cash, a $140 million reduction of its debt and a reduction of annual debt service obligations by up to $8 million.