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.
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.
eBay Inc. reported that revenue for its fourth quarter increased 9 percent to $4.9 billion. However, the San Jose, Calif.–based company is laying off approximately 2,400 of its employees, or 7 percent of its workforce.
Surf Industry Manufacturers Association, a trade group headquartered in Aliso Viejo, Calif., will honor venerable surf shops with the 2015 SIMA Surf Shop Gold Wave Award. The inaugural Surf Shop Gold Wave awards will be presented Feb. 12 at SIMA’s Image Award Show at City National Grove of Anaheim, Calif.
The company announced on Jan. 21 that its headquarters in Los Angeles’ Lincoln Heights neighborhood has gone solar. The retailer installed a 5.1-megawatt high-efficiency SunPower solar-power system.
Fashion veteran Paula Schneider formally took the reins of the downtown Los Angeles–based company on Jan. 5, and she held a conference call with Wall Street analysts on Jan. 20 to talk about where she wanted to guide the brand, which makes its basic clothes for women, men and children in California.
Juniors retailer The Wet Seal Inc. announced Jan. 16 that it has filed a voluntary petition for chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware.
Los Angeles Mayor Eric Garcetti’s website encourages people to share their ideas to create jobs and deliver better city services for the City of Angels, but Fraser Ross, founder of the Los Angeles–based boutique chain Kitson, said he has been unable to speak with the mayor about L.A. retail.
In a survey released during the National Retail Federation’s Big Show and annual conference in New York, the IBM Institute for Business Value found that consumers’ growing enthusiasm for online shopping and “digital interaction with retailers” is not matched by their actual behavior.
Sales for the winter holiday season increased 4 percent to $616.1 billion, according to the National Retail Federation, slightly missing forecasts.
Nasty Gal founder Sophia Amoruso named Sheree Waterston the new chief executive officer of the Los Angeles–headquartered retailer.
December retail sales results were described by analysts as good but modest.
Macy’s Inc. announced Dec. 8 that it would build two stores in California and that it would close a few under performing stores in the state. The news was part of an announcement of sweeping changes at the department-store giant.
Diane Biggs could be considered the long-reigning “Queen of the Bikinis.”
Beleaguered retailer The Wet Seal Inc. announced on Jan. 7 that it will close two-thirds of its fleet of more than 500 stores after being unable to negotiate favorable terms with its landlords, it also cut the jobs of thousands of its workers.
The NRF Foundation, the non-profit division of National Retail Federation, the largest trade group for U.S. retail, will feature Rick J. Caruso, developer of The Grove and The Americana at Brand, in “The List of People Shaping Retail’s Future.”