Eddie Bauer closes deal with Golden Gate Capital
Seattle Eddie Bauer Holdings announced Friday the final results of its bankruptcy sale process. Golden Gate Capital was selected as having the highest and best offer with an all-cash bid of $286 million. The Golden Gate offer will be presented for court approval on July 22nd. The transaction is expected to close in early August.
Under the terms of the deal, Golden Gate will maintain a substantial majority of Eddie Bauer’s stores and employees in a newly formed going concern company.
BJ’s looking to yank consumers from supermarket aisle
SAN FRANCISCO Warehouse club operator BJ’s is looking to steal some business from grocery stores, hoping to attract consumers looking to save money on food.
Speaking at an Oppenheimer conference on July 15, BJ’s CEO Laura Sen said that her company is well-positioned to take market share from supermarkets, citing their operational inefficiencies and higher retail prices. Sen added that by stocking 7,200 SKUs of food, much less than the 30,000 to 50,000 SKUs stocked by the typical supermarket, BJ’s is better able to reduce labor and handling costs. These savings are then passed on to the consumer.
Sen explained that BJ’s shoppers could pay up to 35% less at BJ’s than at a supermarket. BJ’s appeal may also include the fact that it offers smaller-sized grocery items in addition to the usual bulk-sized merchandise and accepts many forms of payment including credit cards, manufacturer’s coupons and food stamps.
Target to roll out new collection from Converse
MINNEAPOLIS Target will roll out a new line from Converse this fall. The One Star collection includes men’s and women’s apparel and accessories, as well as footwear for the entire family, and is available exclusively at Target stores nationwide and at Target.com.
“The Converse One Star collection continues to provide affordable and modern wardrobe options for our trend-minded guests,”said Trish Adams, SVP Target. “The sporty aesthetic combined with vintage-inspired details helps deliver an iconic American sportswear collection that appeals to the entire family.”
The women’s collection will feature graphic tees, tunic dresses and button-down shirts, while the men’s line will focus on military-style flap pockets and layered looks. Children’s pieces will include metallic pink Ox sneakers for girls and skull-print shoes for boys.
“Converse is one of America’s most celebrated brands, known for its influence in music, arts, sports, pop-culture and fashion for over 100 years,”said Craig Reynolds, general manager and business director for One Star Apparel & Accessories. “Through our partnership with Target, we continue to bring the celebrated heritage of the Converse One Star brand to Target guests with exciting design that provides both trend-right style and great value.”
The exclusive Converse One Star collection launched at Target in February 2008. The fall 2009 Converse One Star lifestyle collection will be available at Target beginning September 2009.