Bruno’s asks for emergency auction
Birmingham, Ala. Bruno’s Supermarkets on Tuesday sought permission from the U.S. Bankruptcy Court to “sell all or substantially all of its assets” in an auction later this month.
The company, in court papers, said “an emergency sale” of the company — either as a going concern or to a liquidator — is in the best interest of its estate and creditors after it failed to attract a “stalking horse” bid.
Bruno’s said Tuesday it “continues to negotiate with potential purchasers and remains open to the possibility that interested parties may submit stalking horse bids for some or all” of the company.
Pier 1 posts 4Q loss
FORT WORTH, Texas Pier 1 Imports reported a net loss of $29 million, or 33 cents per share, for the fourth quarter, versus net income of $14 million, or 16 cents per share, for the same period last year. Total sales for the fourth quarter declined to $389 million from $437 million in the year-ago quarter. According to the company, the decline in total sales during the quarter was attributable to the overall economic environment, a reduction in store count, and a decline in comparable-store sales of 9.7%.
For the fiscal year the company reported a net loss of $129 million, or $1.45 per share, versus a net loss of $96 million, or $1.09 per share, for last year. Total sales for the fiscal year declined to $1,321 million from $1,512 million last year. The decline in sales during the year was attributable to the declines in the overall economic environment, a net store count reduction of 25 stores and a comparable-store sales decline of 9.2%.
Alex Smith, the company’s president and Chief Executive Officer, said, “We believe that we are well positioned heading into this fiscal year to meet the continuing challenges of this environment and to emerge on the other side of this recession a stronger, leaner, and more efficient Pier 1 Imports. We will continue to focus our efforts on making further enhancements to our already much improved merchandise assortments and in-store experience. We remain steadfast in our belief that we can and will return this company to profitability and beyond.”
New director added to Oxford Industries board
ATLANTA Oxford Industries announced the election of John Holder to the company’s board of directors.
Holder is chairman and CEO of Holder Properties, a privately held full-service commercial real estate developer.
“John brings strong strategic insight as well as strength in finance, marketing and retail property development to our company,” commented J. Hicks Lanier, chairman and CEO of Oxford Industries. “We are very pleased to welcome John to our board and look forward to benefiting from his broad-based experience.”