FINANCE

Luxury department store retailer Neiman Marcus is looking for relief from its heavy debt.   The company has hired Lazard Ltd. to explore debt restructuring options, but it is no immediate risk of bankruptcy, reported Reuters.   

A value-oriented regional department store chain could be the latest retail casualty.   Gordmans Stores Inc. is preparing to file for bankruptcy, Bloomberg reported, saying the filing could occur as soon as this month.    Founded in 1915, the Omaha-based retailer operates 106 stores in 22 states.  

Every company has liquidation inventory: returned, excess, obsolete or damaged merchandise that can’t go back on store shelves. Though most organizations would rather not admit they have a need for it, liquidation is the rule – not the exception – in retail.  

Big Lots on Friday posted an unexpected decline in total revenue in its fourth quarter as a reduced store count cut into its sales. But the chain’s earnings topped the Street.      The close-out retailer also boosted its dividend and initiated a new share buyback program.  

Wet Seal was acquired at a bankruptcy auction by a firm that plans to rebuild the brand.    Gordon Brothers announced it is acquiring the Wet Seal brand and its related intellectual property. The transaction is pending final court approval.   The acquisition includes the other brands within the Wet Seal portfolio, including Arden B, Blink, Chic Boutique and several others.   

Abercrombie’s efforts to revive its namesake brand still have a ways to go judging by its fourth quarter performance. But Hollister is on the upswing.    Abercrombie & Fitch Co.’s total revenue in the quarter, ended Jan. 28, fell 7% to $1.04 billion, slightly below expectations.   

Costco Wholesale Corp.’s second quarter profit took a hit amid higher costs. And for the first time since 2011, the retailer is raising the cost of entry into its stores.   As of June 1, Costco’s annual fee for individual and business members will increase by $5.00, to $60. The executive membership fee will go up $10, to $120.    Costco’s net income for the quarter, ended Feb. 12, fell 5.7% to $515 million, or $1.17 per share, below Wall Street expectations.  

Hhgregg is cutting lose its weakest locations.    The struggling chain said it plans to close three distribution facilities and 88 stores as part its effort to improve liquidity and return to profitability. The closings, expected to be completed by mid-April, will leave the retailer with 132 stores.   The announcement comes just days after the New York Stock Exchange delisted Hhgregg for failing to meet the minimum listing requirement, and amid rumors the chain plans to file for bankruptcy protection.