News

Softness in electronics hits Toys ‘R’ Us in Q3
Toys "R" Us Inc.’s sales fell in the third quarter amid weakness in the electronics and entertainment category. The company reported a loss of $156 million for the October quarter, compared with a loss of $167 million in the year-ago period. The latest period included a net gain of $45 million related to the sale of its FAO Schwarz brand. Revenue fell 2.3% to $2.28 billion, from $2.33 billion in the year-ago period.
Gap exec joining parent company of Men’s Wearhouse
The new year will bring a new finance chief to Tailored Brands.

Owner of Famous Footwear acquires made-in-the U.S. footwear retailer

Allen Edmonds, the nearly 100-year-old men’s footwear and accessories brand whose products are handmade in Port Washington, Wisconsin, has a new owner. Caleres announced it has acquired Allen Edmonds from private equity firm Brentwood Associates for $255 million. In addition to operating stores under the Famous Footwear banner, Caleres has a diverse portfolio of footwear brands.
Shovels to hit ground on giant Nashville project in 2017

Construction on Fifth+Broadway, a $430 million mixed use project destined for the former site of the Nashville Convention Center, will get underway in second quarter 2017, according to co-developers OliverMcMillan and Spectrum Emery. It will include 183,000 sq. ft. of retail space. The mixed-use project will house the National Museum of Africa American Music and feature 345,000 sq. ft. of high-rise residential and 350,000 sq. ft. of offices. A 16,000-sq.-ft. roof-top event deck is also in the blueprints.
Sears Canada banks on a new category to boost sales

To inject new life into its struggling chain, Sears Canada is hopes its newest venture will lure in shoppers — especially foodies. A new partnership with two specialty supermarket operators is enabling Sears Canada to run high-end markets at dedicated locations. The chain is banking on grocery shoppers’ frequent store visits to bolster store visits, Canadian Grocer reported.
American Apparel gains court approval of bankruptcy loan

American Apparel witnessed a bright light in its ongoing financial saga. The beleaguered specialty retailer has court approval to use the remainder of its $30 million bankruptcy loan. American Apparel filed Chapter 11 in November, its second filing in 15 months.
Lidl’s U.S. launch gains momentum

Lidl has made bold moves this week in preparation of its upcoming United States launch. The company has acquired the site of an industrial building in Philadelphia’s Port Richmond neighborhood, which could be the chain’s first location in Philadelphia, according to philly.com.
Analysis: Neiman Marcus’ debt burden ‘completely unsustainable’ for firm of its scale

Neil Saunders, CEO of Conlumino, comments on Neiman Marcus’ first quarter results below:
Lowes Canada gives update on acquisition

Lowe's Canada has made some strides since it acquired RONA Inc. in May. At the time, the company had made a number of promises to RONA stakeholders, including that it would maintain RONA's multiple retail banner strategy, its local and ethical procurement strategy, and the vast majority of its employees and senior executives. It also promised to enhance distribution services to affiliate dealers, among other things.
Ulta Beauty CEO on company's growth and vision
Sears swaps discounts for donations

Sears is taking the saying, “it is better to give than to receive” to heart. Coinciding with its “Season of Wishes” holiday campaign, the department store chain is rewarding shoppers at Sears Hometown and outlet stores who donate $5 to Make-A-Wish with a “Very Merry Santa Sale” pass for an extra discount between Dec. 15 and Dec. 24.
FTD names new executive VP, CFO

Stephen Tucker has been appointed as FTD Companies’ new executive VP. Tucker will also serve as CFO, replacing Becky Sheehan, who is leaving the company to pursue other opportunities. He will take on the new role as of Jan. 1, 2017.