Bombay Co. Files for Bankruptcy
Fort Worth, Texas, Bombay Co. said Thursday it has filed for bankruptcy protection but will keep stores open as it continues to look for a buyer, according to the Associated Press.
The company said it had secured a commitment for $115 million in debtor-in-possession financing from General Electric Capital Corp. and GE Canada Finance Holding Co.
Bombay said it would continue to pay employees and suppliers and preserve workers’ benefits. It also said it would honor customers’ returns and exchanges, the report said.
In a filing in U.S. District Court in Fort Worth, Bombay said that it had $239.4 million in assets and $173.4 million in debts as of May 5. Bombay said its Canadian operations would also seek protection from creditors.
The company has lost money for the last three years. In its latest quarterly report, covering March through May, the company said it lost $15.4 million, only slightly better than the $15.6 million loss of a year earlier.
About that time, independent auditors said they were concerned about Bombay’s ability to stay in business. The company said it had received buyout offers, but that they were nonbinding.
Kirkland’s names interim merchandising gm
JACKSON, Tenn. Kirkland’s has announced that Christine Treganowan, the company’s divisional merchandising manager, will serve as interim general merchandising manager. She is replacing Sharyn Hejcl, who has resigned as the company’s vp and general merchandising manager to pursue other interests.
Prior to joining Kirkland’s in June 2007, Treganowan enjoyed a 23-year career with Sears Holdings and its predecessor, Kmart Corp., most recently as its divisional vp of store operations. She also held several merchandising positions at Sears Holdings, including as its divisional vp, merchandising and divisional merchandise manager of home.
Jablonski to retire as head of Shaw’s
EDEN PRAIRIE, Minn. Supervalu announced today that Carl Jablonski, president of the company’s Shaw’s banner in New England, has decided to retire after 38 years with the company. Larry Wahlstrom, president of the company’s Jewel-Osco banner in Chicago, will replace Jablonski as president of Shaw’s. Wahlstrom will be succeeded by Keith Nielsen, Jewel-Osco’s senior vp of operations.
“Carl Jablonski has had a remarkable career that has included a number of significant contributions to our ongoing success. On behalf of Supervalu, I would like to express my thanks and appreciation for Carl’s years of service and wish him well in his retirement,” Jeff Noddle, Supervalu chairman and ceo, said.
Wahlstrom will move to Shaw’s immediately to transition responsibilities from Jablonski, who will stay with the company through the end of the month. Jablonski will be available through the end of the year to assist with the transition. Nielsen, a 40-year veteran of the company, will step into the president role at Jewel-Osco this week.
Wahlstrom is a 37-year veteran of the company with a wide range of experience in both food and drug store operations. He began his career at Osco Drug as a store associate in Green Bay, Wis., before rising through the ranks in a number of leadership roles including store director and vp of the Osco New England division, and president of one of the Albertsons food divisions. He also held a number of corporate leadership assignments for Albertsons before becoming president of Jewel-Osco in 2004.
Nielsen has served as Jewel-Osco’s senior vp of operations for the past eight years. Prior to his most recent assignment, Nielsen held a variety of leadership roles of increasing responsibility, including store director, district manager, and area vp.