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    • On June 10, 2024, it was reported, Express landlords Simon Property Group and Brookfield Properties are closer to acquiring another one of their tenants, after the U.S. Bankruptcy Court for the District of Delaware on Thursday said bidding could move forward. The mall REITs in April joined with private equity-backed brand licensing firm WHP Global to acquire the apparel retailer, along with its UpWest brand and Bonobos. WHP Global first took a stake in Express in late 2022 and in Bonobos last year. Their stalking horse bid includes about $160 million in cash and $38 million of assumed liabilities. If a higher bid comes in by June 11, an auction is scheduled for June 12. Simon and Brookfield have been here before, mulling an acquisition via bankruptcy court. In 2020 the two mall REITs teamed up to acquire J.C. Penney during its Chapter 11 process. Simon, Brookfield and/or brand management firm Authentic Brands Group have bought up other retailers, too, including Forever 21 and Brooks Brothers, whose IP is owned by Authentic. Victoria's Secret this week said most new stores opening this year will be off-mall locations. More recently, though, Simon began divesting instead, citing the volatility in the retail business. Last month CEO David Simon told analysts that the company would not have to put up any capital to invest in Express. In addition to the assets of Express and its sister brand UpWest, the pending deal includes Bonobos, which WHP Global acquired from Walmart last year. The sale would include intellectual property as well as retail stores and operations, per court documents. WHP Global is backed by private equity firms Solus, Ares Management and Oaktree Capital Management.
    • On June 5, 2024, it was reported, Hanesbrands agreed to sell its Champion business to Authentic Brands for 1.2 Billion dollars with a possibility of reaching 1.5 Billion. Hanes will use the proceeds to paydown a significant amount of debt. Hanes will then focus on it core underwear business brands. The trans action is sheduled to be finalized in the third or fourth quarter.
    • On June 4, 2024, it was reported, -Citi Trends, Inc. (NASDAQ: CTRN), a leading specialty value retailer of apparel, accessories and home trends for way less spend primarily for African American and multicultural families in the United States, today reported results for the first quarter ended May 4, 2024. Financial Highlights First Quarter 2024 Total sales of $186.3 million increased 3.7% vs. Q1 2023; comparable store sales, calculated on a shifted 13-week to 13-week basis, increased 3.1% compared to Q1 2023 Gross margin of 38.7% vs. 36.7% as reported and 37.0% as adjusted* in Q1 2023 Operating loss of $7.0 million, or $5.6 million as adjusted*, compared to an operating loss of $9.5 million or $7.9 million as adjusted* in Q1 2023 Adjusted EBITDA* loss of $0.8 million compared to an adjusted* loss of $3.2 million in Q1 2023 Net loss per share was ($0.42), or ($0.32) as adjusted*, compared to ($0.81), or ($0.66) as adjusted* in Q1 2023 Closed 3 stores and remodeled 20 stores to end the quarter with 599 locations; remodeled an additional 15 stores Q2 2024 to date, resulting in 21% of the fleet in CTx format Cash of $58.2 million at quarter-end, with no debt and no borrowings under a $75 million credit facility Exited Q1 2024 with an inventory increase of 4% vs. Q1 2023 Capital Return Program Update In the first quarter of fiscal 2024, the Company did not repurchase any shares of its common stock. At the end of Q1 2024, $50.0 million remained available under the Company's share repurchase program.
    • On May 31, 2024, it was reported, Dollar General CEO Todd Vasos said Thursday that the company plans to remove self-checkout from "the vast majority of stores" as part of larger overall shrink reduction efforts that include changes in supply chain and merchandising. Dollar General has already removed self-checkouts from 12,000 of its more than 20,000 stores, Vasos said. The discount retailer also said it plans to increase the number of store remodels but reduce planned store openings for fiscal year 2024. Dollar General said it now expects to open 730 new stores down from 800 previously planned. It also plans 1,620 remodels, up from 1,500. It's maintaining plans to relocate 85 stores. Dollar General's first quarter net sales rose 6.1% year over year to $9.9 billion, driven by sales contributions from new stores and growth in same-store sales, the company said in a Thursday earnings announcement. Net income fell 29.4% to $363.3 million from $514.4 million a year ago, while same-store sales rose 2.4% for Q1 year over year. Vasos said self checkout will remain in a limited number of higher volume stores. He added that the shift away from self checkout will drive increased customer engagement and should position the company to begin reducing shrink in the second half of 2024 with a material impact expected in 2025. For Q2, the company's outlook is for same-store sales growth in the low 2% range. Dollar General reiterated its full-year guidance with net sales growth ranging from 6% to 6.7% and same-store sales growth ranging from 2% to 2.7%.