Gander Mountain opens firearms superstore in Ohio
New York — Gander Mountain is giving more space to guns and related accessories at store at its store in Reynoldsburg, Ohio. The outdoors retailer has renovated the location into the Gander Mtn. Firearms Super Center.
The redesigned Reynoldsburg store offers thousands of new and used firearms, along with broad selection of firearms accessories, specialty apparel and ammunition. It has firearms specialists on duty to give shoppers personalized service.
“Gander Mountain is already recognized as the firearms experts, but with our latest Gander Mtn. Firearms Super Center we are taking the experience of shopping for firearms and accessories to an entirely new level of selection and service,” said David Pratt, CEO of Gander Mountain, “We are excited to bring this new retail experience and opportunity to the people of Ohio and we’re confident that our unmatched selection and the expertise of our specialists will make this a premiere destination for those with an interest in firearms.”
According to reports, the retailer plans more of the firearms supercenter locations and is also testing stores that include shooting ranges and classes, called Gander Mtn. Academy.
Jones Group Q4 loss widens, but revenue beats Street
New York — The Jones Group Inc. reported a loss of $80.3 million for the three months through Dec. 31, compared with a loss of $21.1 million a year earlier. The company said that marking down the value of some assets widened its loss.
Revenue for the fourth quarter rose 8.8% to $971.9 million, better than the $955.3 million Wall Street was expecting.
For the year, Jones Group lost $56.1 million, versus a profit of $50.7 million in 2011. Annual revenue rose to $3.8 billion from $3.79 billion.
"Our financial position remains strong, said John T. McClain, CFO, Jones Group. “We ended the year with $150 million in cash and our revolver undrawn. We are approaching our 2013 inventory commitments with conservatism, consistent with 2012. With a continued focus on inventory management, expense control, and operational efficiencies, we believe we will continue to improve margins and maintain a strong balance sheet."
J.C. Penney increased credit facility
New York — J. C. Penney Co boosted its borrowing capacity under a bank credit facility by $100 million to $1.85 billion and expanded an option to borrow more at a later date.
"As we enter the second year of our transformation, today’s announcement reflects the confidence of our banking group in our long-term strategy and further strengthens our liquidity position as we continue to execute our plan," J.C. Penny CFO Ken Hannah said in a statement.
The new arrangements included a $150 million increase in the credit facility’s accordion feature to $400 million and a $250 million increase in an additional feature, analysts said. An accordion feature allows a borrower to expand a credit facility at a later date.