Blockbuster Q2 loss widens to $69 million
Dallas Blockbuster, which has been trying to avoid filing for bankruptcy protection amid tough competition from such rivals as Netflix, said Thursday its second-quarter net loss widened. The company also said it agreed to a new forbearance agreement with debt holders that will give it more time as it seeks to recapitalize.
The chain’s net loss for the quarter ended July 4 was $69 million, compared with $37 million last year. Revenue slipped 20% to $788 million from $982 million last year.
Blockbuster said quarterly results were hurt by the closure of company-operated stores, lower revenue in stores open at least a year, and “liquidity issues” including costs related to its recapitalization efforts and lease-termination costs.
Jim Keyes, chairman and CEO, said Blockbuster is making progress but needed more time to complete “complex, multiparty negotiations.”
“Our objective is to complete a recapitalization as soon as possible so we are better positioned to focus our attention on the strategic opportunities to continue our business transformation,” he said.
Babies’R’Us introduces exclusive line from LittleMissMatched
WAYNE, N.J. Toys”R”Us Inc. announced that it has paired up with LittleMissMatched to bring an exclusive assortment of baby apparel, accessories, bedding, room decor and nursery furniture to Babies”R”Us stores nationwide.
“LittleMissMatched is one of the most innovative kids’ brands around, and we are excited to bring their playful fashion sensibilities to our merchandise assortment for little ones through this exclusive collection at Babies”R”Us,” said Karen Dodge, chief merchandising officer for Toys”R”Us. “This new LittleMissMatched offering for babies further adds to our broad assortment of distinctive products that can only be found at Babies”R”Us stores.”
Ranging in price from $7.99 to $24.99, LittleMissMatched baby apparel and accessories feature a variety of styles, from classic prints to deco-modern patterns in fabrics such as baby-soft cotton, the company reported. The bedding and furniture line will feature safari-, monkey- and super-star themed designs as well as cribs, changing tables and dressers with interchangeable slats.
Macy’s, Fox Consumer Products ink ‘Glee’-ful deal
CENTURY CITY, Calif. Twentieth Century Fox Consumer Products and Macy’s have announced the launch of their exclusive “Glee” apparel line.
The apparel line is manufactured by Awake Inc. amd features fashion apparel including t-shirts, fashion tops and hoodies priced from $19.99 to $34.99. The line will be available at all Macy’s stores on Aug. 15.
“In just a short period of time, ‘Glee’ has inspired millions of fans,” said Martine Reardon, EVP marketing for Macy’s. “It is our goal to extend that excitement to the Macy’s customer with the products we’ll be showcasing in our stores. There’s something so refreshing about ‘Glee,’ and we are committed to channeling that into exclusive fashion merchandise that will impassion ‘Glee’ fans across the country.”
According to the companies, the Glee apparel program will be supported through a multi-platform advertising campaign including key placement in Macy’s Back-to-School direct mail, e-mail and social networking. Glee will also launch through the juniors section on Macy’s.com on Sept. 14 featuring the apparel along with Glee-full activities such as trivia, behind-the-scenes video, wallpaper, photo galleries and more, the companies reported.