Destination Maternity adds investor to board
Destination Maternity has appointed the managing partner of investment firm Voce Capital to the company's board of directors.
"As a long-term investor in Destination Maternity, we look forward to bringing additional shareholder perspective to the board and continuing to work constructively with the company to help enhance its value," J. Daniel Plants of Voce Capital said.
In connection with the announcement, Destination Maternity and Voce Capital have entered into an agreement. Voce Capital has agreed, among other things, to vote all of its shares in favor of each of the board's nominees at the company's 2015 Annual Meeting of Stockholders.
Anthony M. Romano, CEO of Destination Maternity, said: "We are pleased to have Dan Plants join our Board, and we look forward to the positive contributions he will make to our company."
Macy’s launching online video ads on Facebook
New York –Macy's continues its aggressive social media push with the launch of online video ads on Facebook starting on Thanksgiving evening. The ads are part of the retailer’s Black Friday weekend campaign.
The ads will feature cartoon character SpongeBob SquarePants, who will also appear in the Macy’s Thanksgiving Day parade. They will target women age 21 and over.
"As new vehicles emerge that provide us with enhanced opportunities to engage with our customers, we look to trial and understand the capabilities of the product to deliver compelling communications to shoppers,” said Orlando Veras, director of national media relations at Macy's.
Since June, Facebook, which has about 1.3 billion monthly users worldwide, has served up an average of a billion video views a day, two-thirds of them on mobile devices.
Ailing Wet Seal in financial review
Foothill Ranch. Calif. –Struggling teen apparel retailer Wet Seal has hired an investment banker and a senior adviser to analyze potential financial alternatives. Similar to other retailers in the teen sector, Wet Seal has faced up stepped-up competition from fast-fashion leaders such as Forever 21 and H&M.
The company said it has hired investment bank Houlihan Lokey and former Tilly's Inc. CFO William Langsdorf to aid in a strategic review. Wet Seal said it has not set a deadline for completion of the process and that “there can be no assurance that the exploration of the potential alternatives will result in a transaction.”
“I'm proud of the progress we have made to date in light of the ongoing difficult macro environment and state of affairs at the company when I joined in September,” CEO Ed Thomas stated. “Given our struggles and challenges, it is prudent for us to continue the review of alternatives. We welcome the addition of these advisors to our team."
In its last reported quarter, Wet Seal’s same-store sales fell 12.4%. Wet Seal operates 528 stores in 47 states and Puerto Rico.