Edens & Avant names exec
Washington, D.C. Columbia, S.C.-based Edens & Avant said Tuesday it has promoted Jessica Bruner to VP leasing, responsible for leasing activities and associates in the company’s Mid-Atlantic region.
Bruner was former a director of leasing for Edens & Avant.
Gander Mountain to go private
St. Paul, Minn. Outdoor apparel and gear retailer Gander Mountain Co. said Monday it plans to become a private company, sending its shares soaring. The company operates 116 stores and three outlet units.
Gander Mountain said that its two largest shareholders, Gratco LLC and Holiday Stationstores, will pay smaller holders of less than 30,000 shares about $5.15 per share, a 35% premium to Friday’s close of $3.82. Owners of more than 30,000 shares will retain their shares and not be paid for them. The going-private transaction is expected to close in early 2010.
Gander said its directors decided it would be a disadvantage to remain publicly traded on the Nasdaq Global Market, partly due to the costs associated with regulatory requirements.
Outdoor retailers have suffered amid the recession as consumers hold back on big-ticket items. Gander Mountain finished exiting from the boat, all-terrain-vehicle and power-sports-services categories during its most recent fiscal second quarter, but it still reported a loss in sales.
Finlay starts going-out-of-business sales across its stores
New York City Finlay Enterprises, the 122 year-old jewelry retailer, is closing all of its specialty store nameplates, including Bailey Banks & Biddle, Congress Jewelers, Carlyle & Co., J.E. Caldwell, Park Promenade and Zell Brothers Jewelers. The company initiated going-out-of-business sales across its stores Saturday, which will continue until all inventory has been sold.
Finaly’s assets were sold in a bankruptcy auction last week to Gordon Brothers Group LLC, which is conducting the sales.
The company said in February that it would close the jewelry businesses it ran in department stores and concentrate on its Bailey Banks & Biddle, Carlyle, J.E. Caldwell, Park Promenade and Congress Jewelers chains. Finlay filed for bankruptcy protection in early August citing the tough economy and difficulties with vendors.
Finlay lost $28.7 million in the quarter ended May 2, after posting a $107.3 million loss in the year ended Jan. 31, according to regulatory filings.