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  • INDUSTRY NEWS

    • On November 25, 2014, it was reported, two-store Jilka Furniture will close next month after more than 90 years in business. Lynch Sales is handling the closing sale. The liquidation sale began Nov. 7 at Jilka's two stores on Santa Fe Avenue and South Fifth Street, which total 30,000 square feet. Bud Jilka, co-owner of the second-generation business with his wife Loretta Jilka, turns 89 early next month and said "it was time to fully retire." The business was started in 1923 by siblings Edward and Jerry Jilka. (Edward is Bud Jilka's father.)
    • On November 24, 2014, it was reported, after defaulting on its roughly $93.85 million in debt, denim apparel maker Joe's Jeans Inc. is in talks with its lenders in the hopes of reaching an amendment or waiver to avoid an immediate debt repayment. The Los Angeles designer, producer and seller of apparel and apparel-related products under the Joe's and Hudson brands disclosed in a filing with the Securities and Exchange Commission that it failed to comply with the Ebitda covenant on its term loan as of Sept. 30, causing a default on its debt. The company's $60 million term loan with administrative agent Garrison Loan Agency Service LLC was priced at 12%, but the interest rate increased by 200 basis points, to 14%, due to the default, the Nov. 14 SEC filing said. The company owes roughly $59.93 million on the term loan, which is set to mature on Sept. 30, 2018. Joe's Jeans also is in default on its revolving credit facility and factoring facility with CIT Commercial Services Inc. About $33.93 million is outstanding on the financing, and $13.73 million is available to borrow, the SEC filing said.
    • On November 24, 2014, it was reported, Fab.com is in discussions to be sold to manufacturing company PCH International for $15 million in a 50-50 stock-cash deal, several sources say. Founder Jason Goldberg's project Hem, which he describes as a sort of "upscale Ikea," would not be part of the deal. The company had a valuation of $1 billion a little over a year ago. The company, which began as a gay dating site and later morphed into a furniture flash-sales site, has battled rumors of its demise for months. Fab recently acquired a Finnish furniture company and announced layoffs a few times in the last year.
    • On November 21, 2014, it was reported, bankrupt retailer Alco Stores is going out of business, and closing its 198 stores, a victim of both the economy and the changing retail landscape. The company was founded 113 years ago and, over time, evolved into a full-line discounter serving primarily smaller communities. In recent years, it had faced increasing tough competition from deep-discount and dollar stores as well as online players. Alco was also hard hit by the recession, from which many of its customers have yet to fully recover. The company filed Chapter 11 bankruptcy protection in October, with plans to either sell or liquidate its business. In the filling, Alsoc cited a "lingering economic slowdown" for its situation, and said it hoped to sell better-performing stores while liquidating the rest. But in court papers filed this week, Alco said it has been unable to find any buyers to keep the stores open. On Thursday, the federal bankruptcy court "approved an order yesterday authorizing Tiger Capital Group LLC, SB Capital Group LLC and Great American Group LLC to conduct liquidation sales in each of Alcos stores. . More than $260 million of inventory, fixtures and equipment will be liquidated during the sale, which begins Friday, Nov. 21. "Alco's humble beginning as a single variety store in 1901 began a path of growth fueled by a strategy of focusing on smaller communities throughout the Midwest, Southeast and Southwest while offering a wide selection of products at heavily discounted prices," said Daniel Kane, managing member of Tiger Capital Group. "In addition to the convenience of being able to shop locally, the chain distinguished itself by emphasizing the kind of friendly, personal service that small-town consumers