News

New York -- New York City metro area retailer Daffy’s is going out of business. The discount apparel chain will close all of its 19 stores (eight of which are in Manhattan) this fall, according to various reports.

The closings are not totally unexpected. In June, Crain’s New York Business reported that Daffy’s was having trouble paying its vendors.

New York -- Sycamore Partners extended the expiration date of its tender offer to buy The Talbots by 14 days. Sycamore said in May that it would buy the women's apparel retailer for $193.3 million, or $2.75 per share -- a price that was lower than its previous offers.

The tender offer was previously scheduled to expire at midnight, New York City time, on July 13. It now has been extended to July 27.
 

New York -- Barnes & Noble announced the appointment of Thomas Donohue as VP treasurer, and Kanuj Malhotra as VP corporate development.

The company also said it has promoted Andy Milevoj to VP investor relations, all reporting directly to Mike Huseby, CFO.
 

New York -- Retail sales fell 0.5% in June, the Commerce Department said on Monday, as consumer spending declined for the third consecutive month. The drop, which followed a 0.2% decrease in May, was unexpected as many economists were expecting growth.

Falling gas prices were attributed to some of the weakness. But even excluding sales at gas stations, retail spending fell 0.3% in June. Economists said weak job growth was making consumers cautious and eating away at consumer confidence.

By David Asselin, [email protected]

AMSTERDAM — A division of Ahold USA has completed its acquisition of stores in the greater Philadelphia area.

Giant-Carlisle officially closed its acquisition of 15 Genuardi's stores, a subsidiary of Safeway. The deal was previously announced in January and was approved by the Federal Trade Commission last month.

As previously reported, during the conversion process, five stores at a time will temporarily close for about a week. The three-phase staggered approach is expected to be completed on July 22.

NEW YORK — It seems that traditional grocery stores and established food brands may lose their position in the market due to a confluence of changing demographics, economic factors and customer preferences, according to new research from global investment bank Jefferies and global business advisory firm AlixPartners.

DOWNERS GROVE, Ill. — A Grocery Manufacturers Association executive is taking on a new role at Hillshire Brands.

Dennis Belcastro has been named VP government and industry affairs for Hillshire Brands and will be responsible for developing and implementing the company's engagement strategy with federal, state and local elected officials, regulatory agencies and key policy-makers, in addition to managing strategic customer and industry events. Belcastro officially steps into his new role on July 30.

Retailers can’t seem to get enough of partnerships these days…be it with hot designers, each other or television shows. Below is a quick recap of three new couplings that have the industry buzzing.

1. Nordstrom and Topshop: Looking to add more fashion sizzle to its offerings, Nordstrom has entered into a joint venture with Topshop, the British fast-fashion giant known for its runway-inspired threads and rock ‘n’ roll attitude.

New York -- Consumer confidence unexpectedly declined in July to the lowest level this year as Americans over concerns about the economy, Bloomberg reported.

The Thomson Reuters/University of Michigan index of consumer sentiment dropped to 72 this month from June’s 73.2 reading. The metric was projected to rise to 73.5, according to a economists surveyed by Bloomberg News.