Department Store

New York - Shack Corp. on Monday denied that it  defaulted on a loan from its term lenders—Salus Capital Partners and Cerberus Capital Management—less than a week after the chain initially disputed the allegations as “wrong and self-serving,” the Wall Street Journal reported.  

New York — Teen retailer Delia’s Inc. plans to liquidate operations as it prepares to file Chapter 11 bankruptcy protection "in the very near term." The struggling retailer has been hurt by sluggish mall traffic, evolving fashion trends and weak online sales. It said it has  unable to find a merger partner, or get an acquisition or financing proposal that would allow it to remain a viable concern.  

Pittsburgh — American Eagle Outfitters’ profit fell 63% in the third quarter, to $9.03 million from $24.9 million in the year-ago period. The drop was partially driven by costs related to a restructuring program that includes closing underperforming stores and reducing headquarters headcount.  

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.

New York — Swedish fashion giant H&M’s higher-end brand COS will make its New York debut on Friday, in the SoHo section of Manhattan. It’s the brand’s second U.S. store—the first, in Los Angles, opened in October. 
  COS,  known for its clean lines and minimalist look, targets a more sophisticated customer than the more value-priced H&M.  The SoHo store has a upmarket feel and gallery-like look, enhanced by the use of glass and white-washed wood.
 

Houston — In its surprise change of leadership, Francesca's Holdings Corp. named Michael W. Barnes as chairman, president and CEO, effective immediately. He joins Fancesca's after serving as CEO of Signet Jewelers since 2011, and leading the company’s $1.46 billion acquisition of Zale Corp. Barnes left the Ohio-based Signet in October, saying he wanted to be closer to his family in Dallas.  

A cruise industry executive is the newest member of the board of directors for Sears Holdings Corp.

"I am very pleased to welcome Kunal S. Kamlani to our board," said Sears Holdings Chairman and CEO Edward S. Lampert. "His broad-based financial services expertise coupled with leading a company with a strong focus on its customers make him a great fit for our board as we continue our transformation to a member-centric company that leverages Shop Your Way and Integrated Retail."

Menomonee Falls, Wis. — Kohl’s Department Stores had a tough third quarter that included a 20% drop in profits, but the retailer reportedly sees its loyalty program and mobile wallet as important competitive assets. According to the Wall Street Journal, a 300-store pilot program of the new Kohl’s loyalty program garnered 10 million enrollees, and another 10 million shoppers have joined since the program went nationwide in October.