News

Norwalk, Conn. -- GE Capital said Friday that it is serving as administrative agent on a $150 million senior secured credit facility to support the combination of Golf Town and Golfsmith, owned by parent company Golfsmith International. 

GE said the credit facility will be used to support working capital and to refinance existing debt.
 
"GE Capital structured the financing that will enable us to make … our ongoing operations a success," said Sue Gove, president and COO of Golfsmith International. 

Toys "R"Usenhanced its layaway program by dropping some fees and Walmart quickly responded.

Toys "R" Us dropped the $5 service fee and minimum purchase requirement from its layaway program in a bid to capture sales of those who begin their holiday shopping early.The company said it changed the rules for its layaway program, instituted in 2009, to waive the $5 upfront service fee and eliminate the minimum purchase requirement for all orders created in stores through October 31.

New York -- The Thomson Reuters/University of Michigan consumer sentiment index climbed to a better-than-expected 74.3, compared to 72.3 in July and representing a three-month high.

Aggressive retail discounting and record-low interest rates boosted the results, but unemployment remains a big concern. 

“Confidence is lackluster,” Jim O’Sullivan, chief U.S. economist for High Frequency Economics Ltd., told Bloomberg. “It typifies the economy right now. It’s not strong, but not collapsing either.”

CAMDEN, N.J. — Campbell's has expanded its V8 100% vegetable juices with the addition of two new varieties.

V8 100% vegetable juice Hint of Lime adds just a touch of lime for a crisp and refreshing taste, while V8 100% vegetable juice Hint of Black Pepper includes a dash of black pepper for a delicately spicy flavor.

Bensalem, Pa. -- SB Capital Group, Tiger Capital Group and Great American Group jointly announced Tuesday that, in tandem, they will begin to sell off all of the inventory in the 568 Fashion Bug stores in the United States.

The Charming Shoppes unit will be divested and fully closed.

As part of the process, Fashion Bug has retained more than 5,900 store and district personnel to assist in operating the stores through the completion of the sale process.
 

MODESTO, Calif. — Save Mart Supermarkets has appointed a new chief human resources officer and chief legal officer, as well as a new CFO.

In the newly-created role of CHRO/CLO at Save Mart, Eric Nadworny is responsible for leading the human resources, labor relations, risk management, compliance and legal functions for the Modesto, Calif.-based grocer. Nadworny has worked at such companies as Ross Stores, BJ's Wholesale Club and Shaw's Supermarkets.

Houston -- Francesca's Holdings Corp. said Tuesday that net income for the quarter ended July 28 topped expectations by nearly doubling to $12.7 million, from $5.5 million in the same quarter last year. Sales leaped nearly 50% to $25.1 million, and same-store sales surged $20.7%.

The company said it is on track to open 76 stores and one outlet this fiscal year, two of them in the third quarter.

Angela Myers was named SVP of retail consulting at Spire, a quantitative shopper intelligence firm.