Apparel

Genesco lowers outlook, names new CFO
Genesco detailed succession plans for its CFO on a day that the company also reported weaker-than-expected earnings for the fiscal third quarter and lowered its outlook for the full year.
Delia's to liquidate, file for Chapter 11
Teen retailer Delia’s Inc. plans to liquidate operations and file for Chapter 11 bankruptcy protection "in the very near term."

The company has struggled with weak sales for years and has not reported an annual profit since 2007.

Several teen apparel retailers have been losing market share to fast-fashion brands such as H&M, Forever 21 and Zara.

Deb Shops files Chapter 11, citing “old, tired stores”

New York - Deb Stores Holding LLC, owner of Deb Shops, has filed for Chapter 11 bankruptcy protection in Delaware, with plans to close stores and sell inventory if it can’t find a buyer for the business.
Walgreens names Claire’s, Wal-Mart vet as merchandising head

Deerfield, Ill. – Walgreen Co. has named Linda Filler as president of retail products and chief merchandising officer, effective Jan. 1. Filler will be responsible for the vision, leadership, strategic direction and performance of all Walgreens merchandising activities.
Hudson’s Bay launches credit card agreement with Capital One

Toronto, Canada – Hudson’s Bay Company is launching a new credit card program with Capital One Financial Corp. that includes the Saks Fifth Avenue banner. The agreement is also planned to add the Lord & Taylor credit card program in June 2015, subject to certain closing conditions.
Aeropostale closing 75 stores as Q3 loss widens and same-store sales fall 11%

New York - On the heels of its eight straight quarterly loss, Aeropostale said it would close about 75 stores in the current quarter, and could close 50 to 75 more namesake locations in 2015, and 126 P.S. from Aeropostale stores by the end of January. The struggling teen retailer reported a net loss of $52.3 million in the third quarter ended Nov. 1, up from $25.6 million, in the year ago period. It also forecast a bigger-than-expected fourth-quarter loss.
PacSun beats Street; 11th quarter of same-store sales increases

Anaheim, Calif. – Pacific Sunwear of California Inc. reported a $469,000 net loss in the third quarter of fiscal 2014, compared to net earnings of $17.7 million the same period the prior year. The loss, which included a charge stemming from a $60 million term loan with Golden Gate Capital, was smaller than expected by Wall Street and driven by one-time charges. Net sales were $212.3 million, up 4.4% from $202.8 million. Same-store sales rose 4%.
New York & Company to enhance efficiencies after tough Q3

New York – An increase in selling, general & administrative (SG&A) expenses helped increase net loss at New York & Company Inc. to $9.7 million in the third quarter of fiscal 2014, up from $3.4 million a year earlier. Net sales declined 3% to $210.6 million from $217.3 million, and same-store sales dropped 3.4%. New York & Company cited soft performance in its wear-to-work category and the impact of product delays resulting from West Coast port labor issues as negatively impacting sales.
Destination Maternity swings to Q4 loss on higher costs

Philadelphia – Destination Maternity Corp. swung to a net loss of $2.48 million in the fourth quarter of fiscal 2014 from net earnings of $5.63 million in the same quarter last year. Higher cost of goods sold, as well as higher selling, general and administrative (SG&A) charges and other charges, helped push Destination Maternity out the black and into the red. Net sales fell 5% to $122.05 million from $128.25 million. Same-store sales dropped 5%.
Express Q3 net income falls, still tops Street

Columbus, Ohio – Express Inc. topped Wall Street expectations with net income of $14.6 million during the third quarter of fiscal 2014, a 24% decline from $19.3 million the same quarter the previous year. Increased buying and occupancy costs contributed to the decline in profits. Net sales decreased 1% to $497.6 million from $503.8 million. Same-store sales, including e-commerce sales, decreased 5%. E-commerce sales rose 11% to $79.1 million.
Cache has interested buyer

New York – Specialty retailer Cache Inc. has received an inquiry about a potential sale of the company to a third-party buyer. The Cache board will explore and evaluate strategic alternatives including a possible merger, sale or other form of business combination.
Avison Young completes $15 million sale of Brannon Crossing

Atlanta - Avison Young has completed the $15 million sale of Brannon Crossing, an upscale shopping center with 60,780 sq. ft. of leasable space located at 405-435 Peachtree Parkway in Cumming, Georgia, just outside of Atlanta. The transaction comes on the heels of the firm’s recent disposition of the 27,057-sq.-ft. Lindbergh Crossing Shopping Center in Atlanta for $7.06 million.