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  • INDUSTRY NEWS

    • On June 29, 2015, Boot Barn Holdings, Inc. announced the completion of its previously announced acquisition of Sheplers, Inc. ("Sheplers"), a 115-year old western lifestyle company with 25 retail locations across the United States and an industry-leading e-commerce business. The Company financed the acquisition and refinanced approximately $172 million of its and Sheplers' existing indebtedness with an initial borrowing of $57 million under a new $125 million syndicated senior secured asset-based revolving credit facility for which Wells Fargo Bank, National Association, acted as agent, and a $200 million syndicated senior secured term loan for which GCI Capital Markets LLC acted as agent.
    • On June 29, 2015, it was reported, the board of directors of Norwalk Furniture has named Dan White as interim CEO and Chris Price as interim president following the planned retirement of Mike Kenney. Kenney has served as president of Norwalk for two years. White and Price have an extensive history with Norwalk. Both were part of the local group of families that stepped forward in 2008 to revive the company as Norwalk Custom Order Furniture. White initially served as interim president of the company following the reorganization. Both have continually been board members, with Price recently serving as board chairman.
    • On June 26, 2015, it was reported, Bed Bath & Beyond plans to increase its footprints in both Canada and Mexico with new store openings during the current fiscal year. In the conference call detailing its first-quarter financial results, Steven Temares, the retailer's CEO, said the company will open at least three Bed Bath & Beyond stores in Canada in fiscal 2015. Currently, the retailer has 44 Canada locations, including one buybuy Baby store. In Mexico, where the company operates five Bed Bath & Beyonds in the Mexico City market through a joint venture, the plan is to open two additional stores outside of this market during this fiscal year
    • On June 26, 2015, it was reported, Sleep Country Canada solidified its position as this country's largest specialty bedding retailer in 2014 as revenues grew 11.9% to C$396.1 million, according to a prospectus issued last week in advance of its initial public offering. The company incurred a net loss of C$14.1 million, reversing the net earnings of C$1.8 million on revenues of C$353.9 million in 2013. The loss was attributed to accelerated interest expense attached to the early repayment of some of its debt. Same-store sales grew 8.3% in 2014, while gross margin gained 1.2% to 26.1% and operating EBITDA (earnings before interest, taxes, depreciation and amortization) was up 28.5% to C$50.6 million. The prospectus didn't give any indication of the asking price per share or when it would be listed on the Toronto Stock Exchange. In the prospectus, SCC reported for the three months ending March 31, 2015 revenue was C$91.6 million, up 12.6% over the C$81.3 million for the same period of 2014. The net loss was C$10.9 million, compared to net earnings of C$3.6 million. Once again, the loss was attributed to the early repayment of some its debt presumably in anticipation of the IPO. At the end of the quarter, SCC operated 215 stores, having opened three in New Brunswick in March. The count includes 47 stores in Quebec that operate under the Dormez-vous banner. The company said it had opened 78 stores since 2007. In January, SCC sold Sleep America, the Arizona-based sleep chain, as part of a strategy to focus on the Canadian market, for US$12.4 million to Top 100 company Mattress Firm, the largest mattress retailer in the United States. Sleep Country is the only specialty mattress retailer in Canada with a national and regionally diverse footprint," SCC