Retail

Norwalk, Conn. -- GE Capital announced it is administrative agent on a $550 million senior secured credit facility for Lord & Taylor, a leading North American retailer. The proceeds will be used to refinance debt, support ongoing working capital needs and for other corporate purposes.  

GE Capital also provided the company with interest rate risk management products and services.  GE Capital Markets served as joint lead arranger and book runner.
 

Merrimack, N.H. -- Brookstone announced the appointment of William E. Watts as the company's new executive chairman of the company's board of directors, effective immediately.

Watts has been a partner of J.W. Childs Associates since June 2001. Previously, he was president and CEO of GNC from 1991 until 2001.

New York -- Rue21 shareholder Apax Partners will acquire the teen apparel retailer in a deal valued at about $1.1 billion. The private equity firm, which has a 30% stake in rue21, also owns Cole Haan and Takko Fashion as part of its retail portfolio.

Rue21 said it has set up a special committee of independent directors to solicit and evaluate higher bids during a 40-day go-shop period.

 

Charlotte, N.C. – Specialty women’s apparel and accessories retailer Cato Corp. reported declining sales and net income during first quarter 2013. Sales dropped 2% from $272.8 million to $267.2 million, while net income fell 3% from $31.7 million to $30.8 million. Same-store sales also declined compared to the same quarter a year earlier, by 5%.

Chesapeake, Va. – Dollar Tree reported record net sales for first quarter 2013, with consolidated net sales of $1.87 billion, an 8% increase from $1.72 billion during the same quarter of the prior year. Net income totaled $133.5 million, and same store sales grew 2.1%, on top of a 5.6% increase recorded during first quarter 2012. Dollar Tree estimates full fiscal year net sales will range from $7.81 billion to $7.97 billion.

Dollar Tree president and CEO Bob Sasser said he is pleased with the first quarter results.

Chicago -- Leading retailers are much better than other retailers at collecting data, measuring activities, acting on their insights, and measuring again to see the results, according to A.T. Kearney’s 2013 Achieving Excellence in Retail Operations (AERO) Study.

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