Stein Mart sales and earnings were hit hard in the coronavirus-impacted first quarter, and the off-price retailer said it was continuing to explore strategic alternatives.
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.
Big Lots has partnered with Instacart to launch same-day delivery nationwide from nearly 1,400 Big Lots stores across all 47 states where the retailer operates.
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.
As it looks to a future beyond the COVID-19 crisis, Nordstrom pointed to its pursuit of strategic omnichannel initiatives even as the company reported sales and earnings declines in the first quarter.
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.
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.
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.
Stein Mart is enhancing safety and cleaning measures to ensure the health and safety of its customers and associates as stores begin to reopen. The company also launched contactless curbside pickup service in select stores.
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.
As a tribute to store employees, Big Lots has released a new television spot, with a portion of the proceeds from the music featured in the commercial going to health care workers fighting COVID-19.