Gymboree Corp. could be filing Chapter 11 sooner than expected.   Struggling to manage its debt and churn a profit, Gymboree missed an interest payment due June 1, for its outstanding 9.125% senior notes due 2018. The missed payment was reported in a filing on Thursday, June 1, by the Securities and Exchange Commission, according to CNBC.   

Duluth Holdings is losing its finance chief.    Mark DeOrio, the company’s CFO, will retire at the end of 2017. DeOrio will remain in his role until the next finance chief is appointed, and he will then assist with his successor’s transition until his retirement. DeOrio has held the role since August 2010. He also served as senior VP of operations from 2010 to January 2015.   

Wages

Federal $15/Hr Minimum Wage . As promised, U.S. Senator Bernie Sanders with support from Democratic Leadership introduced a bill this week to raise the federal hourly minimum wage to $15 by 2024 to index it to inflation starting in 2025. Passage is highly unlikely, although Democratic leadership has vowed to make the Fight for $15 a larger focus of the party platform.
 

RadioShack Corp. has entered into the newest chapter of its financial saga.   The company, which recently filed for bankruptcy protection, closed 1,000 stores over the Memorial Day weekend. This move leaves the chain with a mere 70 company-owned stores and 500 dealer stores in operation across the U.S., according to Fortune.  

As retail operators return to work this week after what was hopefully a busy Memorial Day weekend for them, they should be encouraged by some rare good news out of Washington, D.C. The industry had some big wins last week on very important issues. Republican House leaders wisely decided to remove language from the popular CHOICE Act that would have repealed the debit card swipe fee reforms the industry fought hard to pass in 2010.  

Despite the rash of recent store closings, leasing activity is strong at malls and shopping centers as retailers take advantage of favorable terms.   That’s the take of Mizuho Securities analysts following conversations with major broker organizations at the International Council of Shopping Centers RECon Show in Las Vegas last week.   

Staples Inc. has rejected a buyout offer.   The company turned down a takeover offer from Cerberus Capital Management, saying it was too low, Bloomberg reported. However, another private equity firm, Sycamore Partners, is still in the running to acquire Staples.      The bid from Cerberus valued the retailer at more than its current market value of about $5.8 billion, according to Bloomberg.   

Costco Wholesale Corp. came roaring back in its third quarter as it topped analysts' earnings and sales expectations amid strong U.S. sales.