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  • INDUSTRY NEWS

    • On May 02, 2016, it was reported, the first Party City location has opened in Mexico and with the help of strategic franchise partner Grupo Oprimax a total of 80 locations are planned. Party City parent company, Party City Holdco Inc., currently operates about 900 stores under the banners of Party City and Halloween City, but is intent on expanding its global retail presence. Its partner in that endeavor, Grupo Oprimax, is said to have extensive experience in developing and managing leading retail brands throughout Mexico and possesses a deep understanding of the Mexican consumer. Party City already distributes party supplies to department and specialty retail stores throughout Mexico. Party City's first store in Mexico is in the city of Metepec in the Pabelln Metepec shopping center. A second location is set to open June 20 in the city of Interlomas, located just west of Mexico City. The stores are designed much like their U.S. counterparts in terms of appearance and product presentation.
    • On May 02, 2016, it was reported, privately owned fast-fashion retailer Forever 21 is having trouble paying its bills and isn't clearly communicating with vendors or lenders, sources told the New York Post. Last year reports said Forever 21 would ease up on its swift and massive expansion while seeking to re-negotiate some leases for smaller spaces and closing two of its biggest stores in California. The retailer at that time was also working to secure a $150 million loan. Experts say Forever 21's massive expansion and its 2014 move to create an even lower-priced brand, F21 Red, have hobbled its financial stability. Forever 21 did not respond to the New York Post's requests for comment.
    • On April 28, 2016, it was reported, HanesBrands Inc. plans to acquire Pacific Brands Ltd., an Australian maker of underwear and intimate apparel. The all-cash transaction is valued at approximately US$800 million on an enterprise-value basis, or slightly more than 10 times projected calendar 2016 EBITDA (earnings before interest, taxes, depreciation and amortization). It would pay Pacific Brands shareholders AUD1.15 per share. Hanesbrands announced the definitive agreement in a news release Wednesday evening. The deal is expected to close in the third quarter. The acquisition would be the sixth in the past three years for Winston-Salem-based Hanesbrands and would add Australia and New Zealand to the list of countries where the company holds the No. 1 or No. 2 market share position for underwear, intimate apparel or hosiery. Those countries include the U.S., Canada, Mexico, Brazil, France, Germany, Italy, Spain, and South Africa.
    • On April 27, 2016, it was reported, Barnes & Noble's founder and chairman Leonard Riggio will retire following the book seller's annual shareholders meeting, which is planned for September. Riggio began Barnes & Noble from the ground up, starting with a single college bookstore in 1965. He also founded Barnes & Noble College Bookstores, a contract operator of bookstores on college and university campuses, and videogame retailer GameStop. The company announced Wednesday that director Paul Guenther will serve as non-executive chairman. Guenther has served as a Barnes & Noble Inc. board member since last year and is chair of the audit committee. Riggio intends to stay on the company's board and said in a written statement that he plans to remain a Barnes & Noble shareholder "for years to come."