Alco stockholders group to submit proxies
Abilene, Kansas – A group called Concerned Alco Stockholders (CAS), led shareholders David Pointer and Dilip Singh, it intends to mail its own proxy statement to stockholders of Alco Stores Inc. for the purpose of giving Alco stockholders the opportunity to vote for new board members at the Alco 2014 annual meeting of stockholders.
“While we strongly support CEO Richard Wilson and the new team that he has assembled in Coppell, Texas, we also believe that certain members of the current board of directors may not be the right people to represent stockholder interests going forward,” said Pointer. “For this reason, we intend to mail out our own proxy statement ahead of the 2014 annual meeting of stockholders.”
Concerned Alco Stockholders is not currently soliciting votes at this time, and is only providing information concerning its concerns and intentions.
Delia’s looks to recover following losses in Q4
Delia’s is still in the early stages of its turnaround efforts, but losses in the fourth quarter prompted the multichannel retailer that caters to teenage girls to offer preliminary results.
The company said that headwinds which continue to pressure the retail industry hampered its progress in the quarter.
Total revenue decreased 34.2% to $35.4 million as compared to $53.7 million in the fourth quarter of fiscal 2012. Revenue from the retail segment decreased 33% to $22 million, including a comparable-store sales decrease of 26.9%. Revenue from the direct segment decreased 36% to $13.4 million.
Total net inventories were $19.6 million at year end compared to $24.8 million at the end of the prior year.
"We continued to make progress in executing on key initiatives that we believe will drive improved performance in our business longer term,” said CEO Tracy Gardner. “We significantly reduced inventory levels in underperforming legacy merchandise during one of the most challenging retail environments we have seen in several years. We also saw highly encouraging green shoots in the new spring merchandise that delivered toward the end of the quarter. While small wins thus far, we strongly believe that the steps we are taking to rejuvenate the business are putting Delia’s on the path to recovery. Our strengthened capital structure with the recent offering should provide the support necessary to execute on our long term plans.”
The company intends to release fourth quarter and full year fiscal 2013 financial results March 20.
Theory House names new VP of retail brands
Charlotte, N.C. – Branding and retail marketing agency, Theory House, has named Christopher Durham to the leadership team as VP of retail brands. Durham joins Theory House with more than 20 years of experience developing and managing brands both at the retail level and as a consultant, including work for Office Depot, Best Buy, Food Lion, Hannaford and Lowe’s Home Improvement.
He is the creator of the website My Private Brand, where he challenges retailers to evolve their traditional private labels into consumer-focused brands.