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  • INDUSTRY NEWS

    • On August 23, 2019, it was reported, Overstock.com CEO Patrick Byrne resigned from the company on Thursday, saying in a statement that he had become "far too controversial to serve as CEO." The resignation follows official statements Byrne released last week confirming that he had assisted in federal investigations into former presidential candidate Hillary Clinton and President Donald Trump. The statement, titled "Overstock.com CEO Comments on Deep State," followed a media report that Byrne provided documents to the Department of Justice. Stepping in as interim CEO is Jonathan Johnson, a board member and president of Overstocks's Medici Ventures subsidiary, which invests in numerous blockchain applications.
    • On August 19, 2019, it was reported, Canadian private equity firm Catalyst Capital Group announced the purchase of 18,491,502 shares of Hudson's Bay Company (about 10.05% of HBC's total shares outstanding) for some 187 million Canadian dollars ($140.77 million as of the exchange rate at press time). The purchase will be completed within three business days, according to a company press release. That reflects a per-share purchase price of C$10.11 in cash, a premium well above the C$9.45 per share offered by a take-private group led by HBC Gov. Richard Baker and above Friday's closing market share price in Toronto of C$7.03. That group, which collectively owns about 57% of outstanding shares and also includes private equity firms Rhne Capital L.L.C., Hanover Investments (Luxembourg) S.A. and Abrams Capital Management, L.P.; as well as coworking startup WeWork Property Advisors,submitted their proposal to take the department store company private.
    • On August 19, 2019, it was reported, Avenue Stores filed for Chapter 11 late on Friday, outlining its plans to close its physical retail footprint and sell its e-commerce business in bankruptcy. All remaining 222 stores are expected to close by the end of September, the plus-size women's apparel retailer said in a press release. Avenue previously opted to liquidate and started the going-out-of-business sales before publicly announcing its plans. To fund it through the Chapter 11 process, Avenue has a commitment of $11 million for debtor-in-possession financing from the retailer's primary lender (PNC Bank), Avenue said.
    • On August 14, 2019, it was reported that Purple Innovation, producer of a range of mattress, bedding and cushioning products, posted fiscal net revenue of $103 million for the second-quarter ending on June 30, a 36% increase over the $75.8 million revenue in the prior-year second quarter. The company reported a gross profit of $42.8 million compared with $31.8 million in the second quarter of 2018.