Frederick’s of Hollywood receives proposal to go private
Hollywood, Calif. – On Sept. 26, 2013, the board of directors of Frederick’s of Hollywood Group Inc. received a non-binding proposal letter from a consortium of HGI Funding LLC, TTG Apparel, LLC, Tokarz Investments, LLC, Fursa Alternative Strategies LLC, and Arsenal Group LLC to acquire all of the outstanding shares of its common stock.
The letter gave a proposed price of $0.23 per share as part of a going private transaction, subject to certain conditions. The proposal represents a 26% premium to the then trailing 10-day average closing price of the company’s common stock. As of Sept. 26, consortium members combined owned close to 70% of Frederick’s stock.
The company’s board of directors has appointed Milton Walters, its sole independent director, to serve as the lead director in connection with the full board’s review and consideration of the proposed transaction and the lead director must approve any proposed transaction.
NRF creates CMO Council
Washington, D.C. – The National Retail Federation (NRF) today announced the development of a new Chief Marketing Officer (CMO) Council to serve as an advertising and marketing voice for the retail industry. The organization’s Retail Advertising and Marketing Association (RAMA) will transition into the newly created council.
“During its rich history, RAMA has served as a cornerstone for the retail advertising and marketing communities, and we are fortunate to have such a diverse group of talented executives at the ready to take part in the new CMO Council,” said NRF senior VP of communities Vicki Cantrell. “As the consumer has changed, so too has the role of retail executives behind the scenes. We are looking forward to highlighting the retail marketers’ insight and priorities, while offering a cohesive voice to represent this dynamic sector of the industry.”
The council is open to any NRF retail member CMO or an organization’s most senior marketing position and will hold its first official meeting during Shop.org’s Annual Summit in Chicago. Additionally, members of the council will collaborate with other NRF councils and communities, including the invite-only CIO Council and Shop.org to develop comprehensive research, put on events and connect industry peers.
Saks boosts display compliance with Tyco RFID solution
New York — Saks Fifth Avenue was able to reach nearly 100% display compliance at its 8th floor shoe department in their flagship New York City store with the TrueVUE Inventory Display Execution application from Tyco Retail Solutions. Using a handheld RFID reader, associates can inventory shoes daily and generate an actionable report of all missing display shoes to replenish.
Previously, this process took several hours per day; up to one week to complete the entire floor; and achieved only 65% compliance. Today, counting display styles takes only 20 minutes for the entire sales floor and enables the store to maintain near perfect display compliance while allowing sales associates to focus on customer service.
“At Saks Fifth Avenue our mission is to provide an exciting selection of high fashion merchandise, and deliver exceptional service and an extraordinary shopping experience that make people look and feel their best,” said Ed Stagman, SVP Store Operations, Saks Fifth Avenue. “Our flagship women’s footwear department in New York City exemplifies this commitment. With Tyco Retail Solutions, we have proven the value of RFID technology for inventory management and merchandising and will continue to leverage the technology to improve sales, optimize merchandise and deliver on our mission.”