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  • INDUSTRY NEWS

    • On January 15, 2019, it was reported, Pier 1 Imports received notification from the New York Stock Exchange on Jan. 11 that it's no longer in compliance with NYSE continued listing criteria requiring an average closing share price of at least $1.00 over a 30 trading-day period. "In accordance with NYSE rules, Pier 1 has a period of six months from receipt of the notice to regain compliance with the NYSE's minimum share price requirement, with the possibility of extension at the discretion of the NYSE," the retailer said in a press release. Pier 1's common stock will continue to be listed and traded on the NYSE during this period, according to the release. The company plans to notify the NYSE within 10 business days of its intent to cure the deficiency, and measures to regain compliance could include a reverse stock split, subject to shareholder approval, according to the release. The notification doesn't affect Pier 1's business operations or its Securities and Exchange Commission reporting requirements, and doesn't conflict with or cause default of its material debt or other agreements.
    • On January 14, 2019, it was reported, Gymboree is on the hunt for a bankruptcy loan in preparation for its second Chapter 11 in a year and a half, which could come as soon as January, according to a report from The Wall Street Journal citing people familiar with the situation. Gymboree did not immediately respond to Retail Dive's request for comment. While a Reuters report from November claimed that the children's retailer could be considering the closure of half its stores, sources told the Wall Street Journal that the retailer is looking to close the majority of its 900 stores, with the exception of a little over 100 well-performing locations mainly of the Janie & Jack branch, which it hopes to sell. If found, a bankruptcy loan would help Gymboree keep some of its stores open while it searches for a buyer, the report said, though the search may not result in a bankruptcy filing. Gymboree exited its first bankruptcy filing in October 2017, just over a year ago.
    • On January 14, 2019, Tempur Sealy International said that it has agreed, subject to bankruptcy court approval, to provide up to $14 million in debtor-in-possession financing to Innovative Mattress Solutions in connection with its Chapter 11 bankruptcy filing. The financing will facilitate the bankruptcy process of Innovative Mattress Solutions, which runs the Sleep Outfitters, Mattress Warehouse, and Mattress King brands, "and is anticipated to be completed during the first half of 2019," according to a company press release. The unit operates 142 specialty sleep retail locations primarily in the southeastern U.S. which for the year ended Dec. 31 represented less than 2% of the company's global net sales. As a result of the bankruptcy, the company will record a charge of about $21 million during the fourth quarter, Tempur Sealy said.
    • On January 11, 2019, it was reported, as Target comes off a holiday high, it's also switching up its leadership. Most notably, CFO Cathy Smith will retire from the company once her successor is named, then move into an advisory role until May 2020, according to a company press release. Stephanie Lundquist, who has served as Target's chief HR officer since 2016, has been named president of food and beverage. Taking over her previous role is Melissa Kremer, who was previously a senior vice president of HR. Other appointments, effective immediately, include: CIO Mike McNamara, who will now lead the enterprise data analytics and business intelligence team; Chief Marketing Officer Rick Gomez, who will become the chief marketing and digital officer; and SVP of Communications Katie Boylan, who will lead as chief communications officer.