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  • INDUSTRY NEWS

    • On July 30, 2014, upholstery producer Lazar Inds. said it will shut down its factory in Los Angeles and shift all production to its plant in Siler City, N.C. The Siler City facility is in the final phase of an expansion project, which will enable the company to make the move. Lazar President Rob Luce said the production shift has not altered the company's commitment to its retail customers in the western U.S., where the company got its start in 1983.
    • On July 29, 2014, it was reported, financial woes continue for RadioShack, which was recently notified it is in danger of being delisted by the New York Stock Exchange. According to a new report from Moody's Investor Service, RadioShack is likely to run out cash by the end of October 2015. Although RadioShack has no debt maturities coming due in the next year, the company's cash balance at the end of its fiscal first quarter 2014 was $62 million, compared to $180 million at the end of calendar year 2013. Moody's expects RadioShack to rely increasingly on its unrestricted cash balances as operating losses will likely continue for the rest of the year and free cash flow remains negative during the next 12 months.
    • On July 29, 2014, it was reported, Crown Crafts Inc. has signed an agreement through its subsidiary Crown Crafts Infant Products to acquire the Kidsline and CoCaLo brand names from subsidiaries of Kid Brands Inc. for a cash price of $1.35 million . Kids Brands is currently in of Chapter 11 bankruptcy proceedings and the transaction is subject to approval by the U.S. Bankruptcy Court for the District of New Jersey. The arrangement covers brand names and associated trademarks and rights. No physical assets will be included in the acquisition.
    • On July 28, 2014, it was reported, in a merger that will shake up the dollar store retail vertical, Dollar Tree is acquiring Family Dollar for $8.5 billion in cash and stock. The resulting company will operate more than 13,000 locations in the U.S. and Canada, with an annual sales volume of $18 billion. The deal was unanimously approved by the boards of both companies and involves Dollar Tree paying Family Dollar shareholders $59.60 in cash and $14.90 in equivalent Dollar Tree shares. Including debt, the deal is worth about $9.2 billion and comes in about 23% above Family Dollar's closing stock market value on July 25.