News

Another sporting goods retailer calling it quits
It’s closing time for MC Sports. The chain, which filed for Chapter 11 bankruptcy protection on Feb. 14, is closing all 66 of its stores across the Midwest. A joint venture between Tiger Capital Group and Great American Group is conducting the going-out-of-business sales, which are now underway.
Report: Fragrance retailer exploring options
Declining mall traffic is taking a toll on Perfumania. Perfumania Holdings Inc. has hired advisers to explore strategic alternatives, including a debt restructuring, Reuters reported. It also plans to negotiate with landlords to exit some of its 313 Perfumania stores. The company recorded debt of approximately $164 million on Oct. 29 and $2.1 million in cash and cash equivalents, the report said.

Report: Man charged with attempting to plant bombs in Target stores

Target Corp. is the central player in a drama that even Hollywood wouldn’t dream A Florida man has been charged with plotting to bomb Target stores along the East Coast — an attempt to cheapen the company’s stock.
NRF: The nation’s labor secretary must ‘put the American economy ahead of partisan politics’

The National Retail Federation has high expectations for the nation’s next secretary of labor. On the heels of Alexander Acosta’s nomination to head the federal Department of Labor on Thursday, Feb. 16, the retail trade association’s senior VP for government relations David French released the following statement:
VF Corp. sales slip in Q4

An inconsistent U.S. marketplace and the sale of one of its business units contributed to lower fourth quarter sales for VF Corp. The company, whose brands include The North Face and Timberland, reported that its net sales fell 0.1% to of $3.2 billion, for the quarter ended Dec. 31, 2016. Total revenue came in at $3.3 billion, down 0.2%.
Study: A majority of millennials shop online for groceries

When it comes to shopping for groceries, millennials are apparently no fan of supermarkets. Nearly two-thirds of millennials shop online weekly for groceries, and this demographic has the potential to transform the retail grocery business, according to new research released by Clavis Insight.
Round 1 to take Macy’s Space at Northwoods Mall

Round 1, the retail center amusement concept from Japan, has signed a lease for the vacated Macy’s anchor space at Northwoods Mall in Peoria, Illinois. Washington Prime Group, the mall’s owner, purchased the store from Macy’s last month. Washington Prime CEO Lou Conforti hailed the singing as an example of a corporate objective to use redevelopment to foster “differentiated tenancy, especially dining and entertainment alternatives.”
Target to give a top-performing store a total makeover

Target plans to renovate its downtown Minneapolis flagship, adding an array of new features. The discounter will invest $10 million in a full-store remodel for the location, which opened in 2001, reported The Journal. Less ambitious updates are planned for other Target stores in the Twin Cities area.
Report: Apparel company makes a play for bankrupt specialty retailer

A new company is interested in The Limited. Sunrise Brands LLC has bid for the bankrupt apparel retailer’s e-commerce business and intellectual property, a move that challenges a $26.3 million offer from private equity firm Sycamore Partners, Reuters said.
Early Internet sensation goes private

The $500 million sale of online diamond and jewelry retailer Blue Nile has been completed. The company was acquired by an investor group comprised of Bain Capital Private Equity, Bow Street and Adama Partners for $40.75 per share in cash. The transaction, first announced on Nov. 7, 2016, was approved by shareholders on Feb.2, 2017.