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  • INDUSTRY NEWS

    • On October 20, 2020, it was reported, True Religion has officially exited Chapter 11 bankruptcy. CEO Michael Buckley said in a press release that the in-court restructuring "allowed the company to reduce its operating costs and lower its debt load, and emerge a profitable, lean operating company with a healthy balance sheet." Backing the denim specialist's reorganization were lender and equity holder Farmstead Capital Management, as well as Crystal Financial, another lender, and landlord Simon Property Group, True Religion said.
    • On October 14, 2020, it was reported, Brad Cates has been named CEO of Sarreid Ltd., following one year as chief operating officer of the company. Partners Alex Sarratt, Charles A. Hoffman Jr. and Charlie Mauze will continue to serve as the Wilson, N.C.-based company's board of directors. They say the move is the culmination of a succession plan.
    • On October 14, 2020, it was reported, On October 14, 2020, it was reported, Bennington Furniture purchased The Old Brick Furniture Co. and plans to merge the two businesses in the coming months. The new eight-store chain will be called The Old Brick Furniture Co. "We have always looked at The Old Brick as a scalable model with an authentic brand and heritage that the Bennington Furniture brand is very compatible with," said Michael Fiacco, Bennington Furniture president and owner. "We're excited for this new chapter and what it means for our future." Bennington Furniture includes six retail locations across Vermont, western Massachusetts and the southern Adirondack region of upstate New York. The Old Brick Furniture Co., a two-store chain based in Albany, N.Y., was founded in the late 1980s and most recently was owned by Henry Terk and his family. Fiacco said The Old Brick Furniture Co. has become a well-known and trusted furniture retailer in the Albany region. It started as wholesaler C. and D. Distributors Inc. in the 1960s. In the late 1980s, the organization changed its name to The Old Brick Furniture Co. and changed its business model to become a direct-to-consumer retailer. The company said the Bennington Furniture brand will live on within The Old Brick stores through Bennington Custom, a design-oriented, custom furniture line that is popular with its current customer base.
    • On October 14, 2020, it was reported, Bed Bath & Beyond continues to pare down its portfolio of businesses. The company announced today that it has entered into agreements to sell its Christmas Tree Shops/And That off-price chain as well as Linens Holdings and a distribution center. The transactions are separate agreements and expected to generate $250 million. The Christmas Tree Shops/And That business is being acquired by Handil Holdings LLC and includes all 80 brick-and-mortar locations and a distribution center in Middleborough, Mass. Handil Holdings expects to operate Christmas Tree Shops as a stand-alone retail brand. The transaction is expected to close next month. There is little public information available about Handil Holdings. According to a filing with the SEC, the company is incorporated in Delaware. Its principals are Marc and Pamela Salkovitz, both based in Sudbury, Mass., in the greater Boston area. Marc Salkovitz is listed on LinkedIn as executive chairman for the business and Pamela Salkovitz is CEO. He is also chairman of Vibella Holdings, formerly Marian Heath Greeting Cards. When BBB acquired Christmas Tree Shops in 2003, the chain consisted of 23 stores in six northeastern states. The company paid $200 million in cash for the operation. Bed Bath & Beyond is selling its Linen Holdings hospitality business to The Linen Group LLC, an affiliate of Lion Equity Partners. Linen Holdings will be merged with Riegel Linen, which Lion acquired last year. BBB acquired the linens distributor eight years ago in an all-cash transaction for $105 million. The sale of Linen Holdings is expected to close this month. In addition, the retailer has agreed to sell its distribution center in Florence, N.J. to an