News

Liquidation dream team gets shot at Target Canada
It’s the end of an era that never really began for Target Canada as three of the biggest names in the asset disposition world begin store closing sales at Target’s 133 Canadian locations. Gordon Brothers Group, Hilco Global and Great American Group were the successful bidders at a Jan. 27 auction and secured approval from Target Canada and an order from a Canadian court to manage the store closing process for Target’s 133 Canadian locations.
Retailers advance cyber crime agenda with key hire
The retail industry’s data security efforts were upgraded week when the Retail Industry Leaders Association named the former Texas chief information security officer to lead the trade group’s new intelligence sharing organization.

RILA said Brian Engle would serve as executive director of the Retail Cyber Intelligence Sharing Center (R-CISC) and be responsible for managing the organization’s daily affairs.

Boot Barn marches on in Q3

Boot Barn continued its march of success in the third quarter, which produced another round of positive financial results.

The company reported that for the third quarter ended Dec. 27, net sales increased 13.1% to $130.5 million; same store sales, which include e-commerce sales, increased 7.2%; and net income was $8.8 million, or $0.36 per diluted share, compared to a net income of $6.3 million or $0.33 per diluted share.
L Brands Q4 sales better than expected; increases dividend

Columbus, Ohio -- L Brands shareholders will receive a post-holiday gift in the way of a $2 a share special dividend. The news comes as the retailer, which also increased its ordinary annual dividend by 47% to $2 a share from $1.36 a share, reported significantly better than expected profits for its fourth quarter.

L Brands, whose brands include Victoria’s Secret, Bath & Body Works and La Senza, said same-store sales increased 7% and total sales for the four-week period ended Jan. 31 increased 7% to $783.1 million.
Kirkland’s names new CEO as sales accelerate

It was a happy holiday in the home décor category and Kirkland’s is celebrating with the appointment of a new CEO and an elevated profit forecast.
Report identifies online Canadian shoppers as top target for U.S. retailers

New York -- U.S. retailers seeking to grow business with online shoppers across country borders should look to Canada, according to a report by Borderfree, a provider of international cross-border ecommerce solutions.
Steinmart borrows millions to pay special dividend

Steinmart plans to pay a $5 special dividend thanks to the availability of low cost financing that allowed the company to more than double the size of its credit facility.
RadioShack files Chapter 11 but brand to live on in deal with Standard General and Sprint

New York -- In an indication that the end could be getting close, RadioShack Corp. will close its distribution center in Hagerstown, Maryland, the Dallas Business Journal reported.

The move will result in some 87 layoffs.

The report cited the Maryland Department of Labor, Licensing and Regulation, which said the facility will close March 11. The news of the closing follows reports that the struggling chain is near to filing Chapter 11 bankruptcy protection.
Cache files for Chapter 11

Cache on Wednesday said it had filed for Chapter 11 bankruptcy protection after running out of capital and time to complete its turnaround.

The women’s apparel retailer will continue to operate its business, but intends to continue to reduce its store count and sell and renegotiate some of its leases. Cache chairman and CEO Jay Margolis said the company filed Chapter 11 with the goal of “securing Cache’s future.”
Conn's comps jump 4.9% in Q4

Conn’s Inc. seemed to be putting their troubles behind them in the fourth quarter, as the company reported a modest increase in same store sales. The company posted a 4.9% increase in same store sales for January (in January 2014, the company posted an increase of 28.2% mostly due to softer underwriting guidelines). Same store sales for the quarter increased 1.3% and they increased 8% for fiscal 2015.