News

San Jose, Calif. – RetailNext Inc., a provider of Big Data analysis solutions for physical retail, has completed $30 million in growth financing. The company drew strategic investments from Qualcomm Inc. through its venture investment group Qualcomm Ventures, Tyco and American Express.

Nokia Growth Partners (NGP) led the round which included new investor Activant Capital Group and existing shareholders August Capital, StarVest Partners and Commerce Ventures. The financing brings the total capital raised by RetailNext to $59 million.

With back to-school season underway, many retailers are already offering deals and discounts to drive traffic to their online and brick-and-mortar stores. Staples is no different.

The retailer’s price-match program, launched a little more than a week ago, gives shoppers incentive by promising to match a competitor’s price — including prices on Amazon and any retailer with both online and brick-and-mortar stores — on any items sold in Staples stores or on Staples.com. Customers will then receive 10% off the difference.

New York -- ImagineX Group, Asia’s leading retail, brand management and distribution company, and Authentic Brands Group, LLC, the new owner of Juicy Couture, today announced a long-term franchise partnership to drive Juicy’s market expansion and category development in China. The partnership will provide the momentum to add more Juicy Couture stores throughout Asia; expand the brand’s reach with new product lines; and support further regional growth initiatives.
 

Target has added three new external senior-level hires, who will have responsibility for leading teams across information technology, e-commerce and digital products.

New York -- Crumbs Bake Shops on Monday closed its 48 stores. The cupcake store chain has been struggling for some time. In a May filing with the Securities and Exchange Commission, it warned that it "may be forced to curtail or cease its activities" if its operations didn't generate enough cash flow.

Last week, Nasdaq suspended the trading of Crumbs shares on the grounds that the company no longer had at least $2.5 million in shareholder equity, or met benchmarks for an annual net profit.

Coppel, Texas -- The Container Store on Tuesday posted a 0.8% decline in same-store sales in the first quarter, its first decline in the metric in 16 quarters.

“We thought our sluggish sales were all because of weather and calendar shifts that began last November and continued into the spring, but now we’ve come to realize it’s more than weather and calendar. Consistent with so many of our fellow retailers, we are experiencing a retail ‘funk,’” said Kip Tindell, chairman and CEO.

South American citrus, grapes and blueberries will arrive sooner and last longer for consumers in the Southeastern U.S. thanks to the Georgia Ports Authority’s participation in a USDA pilot program.

“South American fresh fruit destined to the Southeast market has traditionally been shipped to Northern U.S. ports,” said GPA executive director Curtis Foltz. “Delivery to Savannah means fruits won’t have to be trucked as far to reach Southeastern markets, allowing fresher offerings for stores and longer shelf life for consumers.”

New York -- The American Apparel saga continues, with the beleaguered chain receiving a notice of default from its longtime lender, Lion Capital.
   
The default notice was based on the claim that founder Dov Charney ceased to be CEO of the company, according to a regulatory filing with the Securities and Exchange Commission today. (Lion had a stipulation in its loan agreement, which was signed last year, stating that if Charney left the company, it would be in default.)