Five Below Closes $20 Million Equity Commitment
Philadelphia, Teen and pre-teen discounter Five Below has announced the closing of a $20 million equity commitment from LLR Partners and affiliates. The retailer says the investment will enable the 25-store chain to achieve its objective of growing to 100 stores in the corridor from Virginia to New York by the end of 2006.
Created by the men behind Zany Brainy, David Schlessinger and Tom Vellios, Five Below is described as a reinvention of the five-and-dime store, selling price points from $1 to $5 to an entirely teen and pre-teen market.
Wild Oats Markets Posts Q1 Loss
Boulder, Colo., Wild Oats Markets suffered a net loss of $1.2 million in the first quarter, partly due to expenses related to a change in lease accounting and the opening of new stores. The company earned $2.1 million in the same quarter last year. Same-store sales declined 0.3% as total sales increased 5% to $278.1 million.
Circuit City Responds to RadioShack Statement
Richmond, Va., Circuit City Inc. today disputed a statement issued by RadioShack, arguing that it has not relinquished its rights to the exclusive use of the RadioShack brand in Canada until 2009. RadioShack’s statement, released yesterday, said that it had won a lawsuit against Circuit City and was creating a subsidiary to oversee its Canadian expansion. Circuit City’s InterTAN unit currently runs RadioShack stores in Canada, but the two retailers are in a legal quarrel over the rights to the name.