By Andrew Asch | April 15, 2015
Philadelphia-headquartered Versa Capital Management LLC, announced April 15 that it completed its acquisition of troubled retailer The Wet Seal Inc. The deal for an undisclosed amount was approved by United States Bankruptcy Court for the District of Delaware on April 1.
February was tough for retailers. Freezing temperatures and winter weather kept shoppers inside their homes. There was a labor slowdown at ports on the West Coast, and after receiving a break from high gas prices during the fall, prices at the pump started climbing in February.
Noting that the retail industry is highly reliant on just-in-time delivery of goods, the head of the National Retail Federation said many retailers were economically hurt by the recent West Coast port problems and labor slowdowns that led to imported merchandise taking weeks and even months to be delivered.
Henry T. Segerstrom, developer of South Coast Plaza, the retail center which brought Rodeo Drive luxury to Orange County, Calif., died Feb. 20 at his home in Newport Beach, Calif. after a brief illness.
ame-store sales were projected to increase 3.1 percent, according to an index maintained by Retail Metrics, a Boston-area market research company. Wall Street analysts and economists, such as Jack Kleinhenz of the National Retail Federation, believed that January’s sales performance was proof that 2015 was starting on a strong note.
Retailers do business in a world where every sale counts, but since Elyse Walker started her self-named boutique more than 15 years ago, she tried to take a different sales angle.
The executives of online shopping site Bungalow Clothing believe there is a new way of building an e-commerce business, and it means taking a page from one of the oldest playbooks in retail.
Retail sales will increase by 4.1 percent for the 2015 year, according to a forecast released on Feb. 12 by National Retail Federation, the Washington, D.C.–based retail trade group.
The ailing BCBG Max Azria Group, which has a mountain of debt, received a $135 million infusion of cash from Guggenheim Partners and other affiliated investors.
Nestled between Glendale and Pasadena, Calif., Eagle Rock’s retail scene is slowly but surely growing around the junction of Eagle Rock Boulevard and Colorado Boulevard. The community counts families and college students as the majority of its local residents, and retailers have found success in offering niche merchandising through artisan products, sourcing locally and maintaining a strong point of view.
Ricky Takizawa is starting up a new division called Popfactory, which he forecasts will serve as the back office and the business support for a creative community of artists who can upload their designs to the website.
After 30 years as president of contemporary clothing label Michael Stars, Michael Cohen has stepped down as the head of the company, turning the job over to his wife, Suzanne Lerner. His title is now chairman of the board.
In December, Sears announced that it will close 235 locations around the country.
Nordstrom Rack, the off-price division of Nordstrom Inc., will be doubling its efforts in the area of Long Beach, Calif.
San Francisco–based retail giant Gap Inc. announced plans to shutter its online footwear-driven unit, Piperlime, by the end of the first quarter of fiscal year 2015.
When retail sales for the 2014 holiday season fell short of forecasts, many industry watchers declared the crucial shopping season a disappointment, but recent research indicates the season may have been better than first reported—and more good news may be on the way.