News

Fort Worth, Texas – RadioShack Corp. is scaling back its plans to close 1,100 stores. In a regulatory filing with the Securities and Exchange Commission (SEC), the retailer said its lenders are offering unacceptable terms for RadioShack to proceed with that many store closures. However, the company will still shutter a number of locations as part of its turnaround plan.
 

Purchase, N.Y. -- After several months of sluggish retail sales, consumer shopping in the U.S. rebounded in April, according to the latest MasterCard SpendingPulse report, which aggregate national retail sales activity in the MasterCard payments network, coupled with estimates for all other payment forms, including cash and check.

Tuesday Morning Corporation’s turnaround efforts paid off in the third quarter ended March 31. The company reported strong comparable store sales performance, increased inventory turnover and improved cash position during the quarter.

The leading closeout retailer that operates 811 stores across the U.S. reported net sales of $182.8 million, an increase of 2.6% compared to $178.1 million for the third quarter of fiscal 2013.

Gap had a good April in terms of sales, and a large part of the reason is the company’s Old Navy banner.

The company reported that April net sales increased 10% to $1.33 billion for the four-week period ended May 3, versus $1.21 billion last year. Gap’s comparable sales for April 2014 were up 9% versus a 7% increase last year.

For the first quarter so far, Gap’s net sales have increased 1% to $3.77 billion versus $3.73 billion last year. The company’s comparable sales so far have decreased 1% versus a 2% increase last year.

Austin, Texas – Buffalo Americas, a provider of external storage, network attached storage and networking solutions, is releasing the TeraStation 5200 Network Video Recorder (NVR) series with embedded support for Axis Camera Companion. The TeraStation 5200 NVR provides a complete turnkey video surveillance network attached storage (NAS) solution, offering redundant managed storage and recording for use in conjunction with Axis Communications network cameras and the complimentary Axis Camera Companion software.

Bebe stores cited various factors, among them severe weather conditions that caused 136 store closures, the shuttering of 19 unproductive stores and the timing of Easter in late April, as contributing to its 17.2% net sales decrease in the third quarter from the prior-year quarter.  

Net sales dropped to $93.5 million from $112.9 million for the third quarter a year ago. Comparable store sales for the quarter decreased 5.7%. The sales decrease, according to the company, was also fueled by one fewer retail week in January in the current fiscal year.

New York -- Xcel Brands announced the launch of the first Isaac Mizrahi New York e-commerce website, IsaacMizrahi.com.

Phase one of the user-friendly website will offer a wide array of Isaac Mizrahi New York product offerings including women's sportswear, dresses, footwear, handbags, eyewear, watches, tech accessories and fragrance. Additionally, a dedicated section of the website will consolidate the brand's recent social media feeds, providing a view into what inspires Isaac's style.

Bentonville, Ark. – U.S. Magistrate Judge Erin Setser has recommended that Wal-Mart Stores Inc. and former Wal-Mart CEO Mike Duke face a shareholder lawsuit alleging they concealed corrupt activities at Wal-Mart’s Mexican operation.

The suit, filed by a Michigan pension fund, claims Wal-Mart knew of bribery allegations involving its Wal-Mart de Mexico business in 2005 and conducted an internal investigation in 2005 and 2006, but never notified shareholders.