Stein Mart Explores Strategic Alternatives After Challenging Q1
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.
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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.
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.
Big Lots Partners With Instacart To Launch Same-Day Delivery
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 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.
Big Lots Steps Up Momentum After Q1 Results Jump
In the first quarter, Big Lots sales and earnings jumped, as the off-price retailer gained momentum to the next fiscal period and beyond.
Nordstrom Aims To Regain Footing As Q1 Sales Decline
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.
Ollie’s Off To Solid Start In Q1
Despite the disruption of the coronavirus pandemic, Ollie’s Bargain Outlet maintained its momentum in the first quarter, as stores remained open to serve customers.
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.
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.
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.
TJX Reports Q1 Loss But Says Stores Are Reopening
COVID-19 disrupted TJX’s fiscal 2021 first quarter operations, but while posting a deep loss, the company reported reopening its store and e-commerce businesses.
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.
Nordstrom Boosts Store Fulfillment Capabilities
As Nordstrom plans to reopen stores, the department store and off-price retailer is boosting its digital and store capabilities. The company also plans to permanently close 16 full-line stores.
Ollie’s Adds Ahlman To Board Of Directors
Ollie’s Bargain Outlet has appointed Alissa Ahlman to its board of directors.
Stein Mart Enhances Safety Measures As Stores Begin To Reopen
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 Steps Up Coronavirus Response
Big Lots is stepping up its response to the COVID-19 crisis, including further actions the company is taking to support its customers, associates and communities.
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.
Big Lots Ad Recognizes Employees, Supports Health Care Workers
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.
Nordstrom Strengthens Financial Position
Nordstrom continues to take precautionary measures to strengthen its financial position for the long term.