News

Rite Aid same-store sales up 4.3% in March
Camp Hill, Pa. – Rite Aid’s positive momentum continued in March, with the drugstore chain reporting a 4.3% increase in March overall same-store sales.

Total drugstore sales for the four-week period increased 4.1% to $2.026 billion, compared to $1.947 billion for the same period last year. Prescription sales accounted for 69.9% of sales.
Belk confirms it is exploring strategic alternatives, hires Goldman Sachs
New York -- Belk Inc., the largest family owned and operated department store chain in the United States, is exploring strategic alternatives. The news was first reported by Reuters on Thursday, and was confirmed later in the day by the retailer in a statement issued to media outlets.

It’s official: Standard General affiliate buys 1,743 RadioShack stores

Fort Worth, Texas - General Wireless Inc., an affiliate of Standard General LP, has officially received U.S. Bankruptcy Court approval to acquire the inventory and assume leases of 1,743 RadioShack stores following a bankruptcy auction. The company operates a long-term partnership with Sprint, and Sprint will provide services, products and accessories at some stores.

The stores will feature emerging technologies, as well as the traditional accessories and DIY for which RadioShack is known. Approximately 1,440 stores will be co-branded with Sprint.
Lumber Liquidators Q1 sales top estimates

Toano, Va. – Despite bad publicity from a March 2015 “60 Minutes” report alleging carcinogenic materials in the laminate of some Chinese hardwood it sells, Lumber Liquidators beat Wall Street sales estimates in first quarter 2015. In a sales update, Lumber Liquidators said sales were $260 million, an increase of 6% from first quarter 2014.
Gordon Bros., AccuVal-LiquiTec form new appraisal group

Boston - Gordon Brothers Group’s Valuation & Advisory Services Division and AccuVal-LiquiTec have entered into a merger to form Gordon Brothers-AccuVal. The new group will operate as a wholly owned subsidiary of Gordon Brothers Group.
Study: Retail top mobile advertising vertical

Baltimore - Retail was the largest vertical on the Millennial Media mobile advertising platform in 2014, followed by telecommunications and entertainment. According to the Millennial Media Scorecard for Mobile Advertising Reach and Targeting (S.M.A.R.T.) report, retail saw 49% year-over-year growth on the Millennial Media platform in 2014.
Nordstrom refinances credit

Seattle - Nordstrom Inc. has completed a new five-year, $800 million senior unsecured revolving credit facility. The new facility replaces an $800 million senior unsecured revolving credit facility that was scheduled to mature in March 2018.

The revolving credit facility may be used for general corporate purposes and is scheduled to mature in April 2020. At present, there are no outstanding borrowings under the revolver.
Talbots extends private label credit agreement with Alliance Date

Hingham, Mass. – Talbots Inc. has signed an extension to a long-term agreement to continue receiving private label credit card services from Alliance Data Systems Corp. Talbots operates nearly 500 stores throughout the U.S. and Canada.
Jamba refranchises 100 California stores

Emeryville, Calif. - Jamba, Inc. has entered into an asset purchase agreement with Vitaligent LLC to refranchise 100 company-owned restaurants in the San Francisco, Sacramento and San Diego markets. Under the terms of the agreement, Jamba will receive a purchase price of $36.0 million in cash.
Papa Murphy’s serves up mobile promotions

Vancouver, Wash. – Papa Murphy’s Holdings Inc. is running enhanced mobile marketing campaigns using the Waterfall cloud mobile messaging platform. Papa Murphy's in-store promotions, supplemented with text alerts and calls to action that offer coupons and other incentives, are driving more in-store sales and Web traffic.

Optimizing mobile campaigns at both national and franchise levels is an integral part of the company's technology strategy to meet customer needs
Report: Private equity group may acquire Bass Pro Shops stake

Springfield, Mo. – Los Angeles-based private equity group Leonard Green & Partners is reportedly in talks to acquire a stake in specialty outdoor retailer Bass Pro Shops. According to the Wall Street Journal, Leonard Green may make an offer that would value the privately-held Bass Pro at between $4 billion and $5 billion, including debt.
Target to close its remaining Canadian stores by April 12

Minneapolis — Target Canada announced that it will complete its inventory liquidation efforts and close the last of its 133 Canadian retail stores to the public on April 12.