Financial/Banking

Wet Seal may file for bankruptcy protection if it fails to immediately resolve its liquidity issues, the company said.

Fort Worth, Texas - There’s no quick turnaround in sight for RadioShack. On Thursday the struggling chain reported a wider-than-expected third-quarter loss and detailed cost costs that include staff reductions and more store closings to boost earnings by some $400 million annually.  

Foothill Ranch, Calif. -  The troubles keep mounting for teen retailer Wet Seal Inc., which reported a wider loss for the third quarter amid lower revenues and fees related to its exit from its former Arden B business.  The retailer posted a loss of $35.9 million in the quarter emded Nov.1, up from a loss of $12.5  million the previous fiscal year.    

New York - Stonehenge Partners announced that Wells Fargo has officially opened its 1,375-sq.-ft. space at 120 Ninth Avenue. Wells Fargo is the first tenant to take occupancy at the retail property, which offers almost an entire block of frontage on 9th Avenue between 17th and 18th streets.  

Arlington, Va. - Gift cards will surpass $124 billion in sales in 2014, up 5% from 2013. According to from advisory firm CEB TowerGroup, the gift card market should undergo an annual growth rate of 5-6% through 2017, but double-digit growth rates experienced in recent years have peaked and subsided.

Arlington, Va. - Gift cards will surpass $124 billion in sales in 2014, up 5% from 2013. According to from advisory firm CEB TowerGroup, the gift card market should undergo an annual growth rate of 5-6% through 2017, but double-digit growth rates experienced in recent years have peaked and subsided.  

Michaels is partnering with a new ad agency on a $180 million marketing plan as the arts and crafts retailer looks to weave a quilt of higher sales and market share.

Zimmerman Advertising will perform a range of key functions for Michaels, working with a total marketing budget of $180 million and focusing on strategic planning, analytics, digital media planning and buying and social media.

Chicago - Nearly half of CFOs expect the U.S. economy to improve during the next six months and only 9% expect it to worsen, according to the Grant Thornton LLP 2014 Fall CFO Survey. The biannual survey reflects the insights of more than 1,000 CFOs and other senior financial executives across the United States.