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  • INDUSTRY NEWS

    • On August 26, 2015, it was reported, The RoomStore is asking its suppliers for patience as it works out of an over-inventoried position, the company said. In a letter sent to about 30 to 35 suppliers last week, Alan Levitz, managing member of the 12-store Top 100 company, acknowledged the retailer has been slow paying its vendors. "We find ourselves in trouble. We are over inventoried and do not have the sales to back it up," Levitz said in the letter. He also said Dan Selznick, a cousin and partner in the business, has stepped down from his longtime role as merchandising manager, while Levitz is stepping into the role in addition to his other operations duties.
    • On August 26, 2015, it was reported, Versa Capital Management is putting its Avenue plus-size clothing stores chain up for sale. The private equity firm buys out distressed companies and steadies them for a sale; Versa bought Avenue Stores LLC three years ago.
    • On August 24, 2015, it was reported, Nine West Holdings Inc. is taking ownership of its Canadian brand assets, including 45 store leases. The company has acquired the business operations of Sherson Group Inc., which previously held the exclusive rights to the Nine West, Anne Klein and Easy Spirit brands in Canada. Nine West intends to continue providing these brands to customers across Canada at Nine West mall-based locations and Shoe Studio outlet stores, as well as at department stores. Under the terms of an asset purchase agreement, a newly formed subsidiary of Nine West Holdings expects to continue operating the retail locations and to offer continued employment to a majority of Sherson's employees.
    • On August 24, 2015, it was reported, family-owned Belk Inc., operator of nearly 300 department stores in 16 southeastern states, has signed into a definitive agreement with private equity firm Sycamore Partners for the sale of the company. Under the terms of the agreement, Sycamore will acquire 100% of the company for approximately $3 billion, with shareholders receiving $68 per share in cash. Tim Belk is to remain ceo of the 127-year-old enterprise. "We plan to grow Belk by executing our current strategic initiatives and undertaking new growth initiatives together with Sycamore. This transaction is an across-the-board win for our stakeholders," he said. The company will continue to be headquartered in Charlotte. The transaction must be approved by shareholders.