off-price

Retail
Strong Demand Drives Big Lots Comps

Big Lots said it has seen a continuation of the strong demand that began in mid-April, with quarter-to-date comparable sales through fiscal June increasing well ahead of expectations.

Retail
Big Lots Completes Sale/Leaseback Transaction

Big Lots has completed its previously announced sale and leaseback transactions with affiliates of Oak Street Real Estate Capital relating to its four company-owned distribution centers. Gross proceeds from the transactions were $725 million and net proceeds, after expenses and taxes, are expected to be approximately $550 million. 

Retail
Tuesday Morning Secures Additional Reorganization Financing

Tuesday Morning said that the company has obtained a commitment from BRF Finance Co., LLC, an affiliate of B. Riley Financial, Inc., for $25 million of debtor-in-possession financing as required by the company’s current $100-million DIP agreement with its existing lender group. With this commitment, the company has secured commitments for a total of $125 million to support the continuity of operations during Chapter 11 proceedings.

Financials
Burlington Swings To Net Loss In Q1

Off-price retailer Burlington Stores was impacted by the coronavirus pandemic in the first quarter as the company posted a big net loss. Still, the retailer asserted that it was in a strong financial position as it continues to reopen its stores.

Retail
Tuesday Morning Files Chapter 11

Tuesday Morning will pursue a financial and operational reorganization designed to allow the company to reduce its outstanding liabilities and strengthen its overall financial position. To pursue this reorganization, Tuesday Morning filed voluntary petitions for protection under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division.

Financials
Ross Stores Q1 Operations Impacted By Pandemic

Ross Stores reported a sales decline and a net loss in its fiscal 2020 first quarter. Both sales and earnings reflect the closure of all Ross Dress for Less and DD’s Discounts locations starting on March 20 through the quarter end due to the ongoing spread of COVID-19 throughout the U.S.

Retail
Stage Stores Files For Chapter 11

Stage Stores has filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. The company will simultaneously solicit bids for a going concern sale of the business or any of its assets and initiate an orderly wind-down of operations. The company will terminate the wind-down of operations at certain locations if it receives a viable going-concern bid.

Retail
Big Lots Appoints Two New Independent Directors

Big Lots has formed an agreement with Macellum Advisors and Ancora Advisors, who beneficially own approximately 9.8% of the company’s outstanding common shares, to appoint Andrew Clarke and Aaron Goldstein to the company’s board of directors, effective immediately.

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