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Brentwood Associates acquires majority stake in Sundance Catalog

BY Marianne Wilson

Los Angeles — Private equity firm Brentwood Associates has acquired a majority stake in Sundance Holdings Group ("Sundance Catalog").

Sundance Catalog, founded by Robert Redford in 1989 and headquartered in Salt Lake City, Utah, is a multichannel direct marketer and specialty retailer of women’s apparel and accessories, jewelry and home furnishings. Selling shareholders, including ACI Capital and Webster Capital, will retain a minority ownership stake, and the business will remain under the leadership of current president and CEO Matey Erdos.

"Brentwood brings tremendous insight as we embark on the next level of growth," said Erdos. "Their experience in direct marketing and multi-channel retail, as well as their track record of building consumer brands, is extremely relevant to our future success."

Sundance Catalog is the ninth acquisition by Brentwood Associates’ latest fund, Brentwood Associates Private Equity IV, L.P.

“We see tremendous opportunity in the Sundance Catalog’s direct-to-consumer channels as management is in the early stages of leveraging a vast e-commerce toolset to more effectively serve their customers," said William Barnum, Jr., a partner at Brentwood and co-founder of the firm’s private equity effort. "Furthermore, we believe the company’s retail strategy represents a significant growth opportunity and an additional path to deeper brand penetration."

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Best Buy Canada selects Stibo Systems to fuel its multichannel efforts

BY Marianne Wilson

Atlanta — Stibo Systems announced that Best Buy Canada has selected Stibo Systems to optimize its customer’s online and mobile e-commerce experience.

Best Buy Canada, which operates roughly 225 consumer electronics stores under the brands Best Buy, Best Buy Mobile, and Future Shop, will use Stibo Systems’ Step platform to support their multichannel efforts and to streamline item setup and data management for the English-Canadian and French-Canadian versions of www.bestbuy.ca and www.futureshop.ca.

“Creating an impressive multichannel experience for our customers is Best Buy Canada’s number one goal, and we remain committed to meeting their needs both online and in the store,” said Robert Pearson, VP e-commerce at Best Buy Canada. “Leveraging Stibo Systems’ deep experience and its proven Master Data Management platform, we can ensure success in achieving our e-commerce objectives and more importantly, continue to meet the unique and growing needs of our customers.”

Using Stibo Systems’ technology and services, Best Buy Canada will drive more accurate and consistent product information into all channels and model complex product bundles such as cell phone packages which often consist of a combination of products, parts, and services. Further, by creating a central repository for its product information, the big-box retailer will support its rapidly growing marketplace and increase its online SKU count while removing the time intensive processes typically associated with manual product on-boarding. In future phases, the system will expand to also manage Best Buy’s store-side data including both supply chain and packaging information.

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Tuesday Morning expects to narrow loss in Q4

BY CSA STAFF

DALLAS — Tuesday Morning reported net sales for the fourth quarter ended June 30 of $196.4 million compared with $194.8 million for the quarter ended June 30, 2011, an increase of 0.8%. Comparable-store sales for the quarter ended June 30 increased by 0.2% compared with the same period last year, which was comprised of a 2.7% decrease in traffic and a 2.9% increase in ticket.

For the fiscal year ended June 30, 2012, net sales were $812.8 million compared with $821.1 million for fiscal 2011. Comparable-store sales for the fiscal year ended June 30 decreased 3.1% compared with fiscal 2011.

Based upon the results of the fourth quarter, the company currently expects a loss per share for the fourth quarter of fiscal 2012 to be in the range of 1 cent to 2 cents. Loss per share for the quarter ended June 30, 2011 3 cents. For the fiscal year ended June 30, the company expects diluted earnings per share to be in the range of 12 cents to 13 cents before costs associated with the departure of the CEO compared with 22 cents for fiscal 2011.

Michael Marchetti, president and interim CEO, stated, "We were able to achieve an increase in total sales for the quarter and are well positioned with respect to inventory and cash as we transition into a new era."

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