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Court Confirms Goody’s Reorganization

BY CSA STAFF

Knoxville, Tenn. Goody’s Family Clothing Inc., which filed for bankruptcy protection in June, on Tuesday said a court confirmed its reorganization plan. The U.S. Bankruptcy Court for the District of Delaware confirmed the plan, which is expected to become effective in about 10 days.

Since filing for bankruptcy, the moderately priced apparel retailer has focused on reorganizing its business model by reducing operating costs and focusing on leveraging its core assets. This included shuttering 69 underperforming stores operating in 18 states, and closing a distribution center in Arkansas and a corporate office in New York. The company also ceased operation of its e-commerce business and the operation’s fulfillment center in Tennessee.

“These efforts have significantly strengthened both our business and capital structure,” said Paul White, Goody’s CEO. “Our plan has enabled us to eliminate considerable costs from our business and we now have a profitable store base that is more efficient and productive. This was all done while continuing to manage our stores without interruption serving our customers.”

The chain also managed to close a $175 million revolving exit credit facility provided by GE Corporate Lending and Bank of America, N.A. Goody’s has also secured $10 million and $35 million exit term loans from GB Merchant Partners, LLC and PGDYS Lending LLC, respectively.

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From The Boston Herald: Granoff out as Tweeter ceo

BY CSA STAFF

BOSTON The Boston Herald reported that Tweeter Newco ceo George Granoff has left the company, apparently after a disagreement with its New York investment firm owner.

Click here to read the full article.

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CEA: Consumer electronics top holiday wish lists

BY CSA STAFF

ARLINGTON, Va. Consumer electronics products continue to top the holiday wish lists of adults and teens, resulting in 3.5% projected growth in fourth quarter industry shipments over last year, according to new research released today by the Consumer Electronics Association.

Consumer electronics comprise four of the top 10 items on adults holiday gift wish lists, with computers coming in second behind peace and happiness. Televisions, video game systems and cell phones also made the top 10. Nearly 80% of adults expressed interest in receiving a consumer electronics product as a gift this holiday season, an increase of four points from last year. Meanwhile, 84% of teens want to receive a CE product this year, up eight percent from 2007. The most popular CE products for teens this holiday are computers, video game consoles, portable mp3 players and cell phones.

There remains a robust desire for consumer electronics and this category continues to be the bright light during these dark economic times, said Tim Herbert, CEAs senior director of market research. CE devices have become integrated into the everyday lives of consumers. No matter what your current economic situation, you can find a CE product to fit any holiday budget. 

Consumers plan on spending a total of $1,437 this holiday season on everything from gifts to food to decorations. That number is down nearly $200 from last year as consumers cite cost of living increases and economic concerns as reasons for cutting back. While consumers are planning to spend less this holiday season, theyre actually preparing to spend more on consumer electronics. Twenty-eight percent of the total holiday budget is being allocated for CE purchases, an increase of six percent from last holiday.

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