Golfsmith International opens at Downtown Summerlin
Las Vegas —Golfsmith International, the world's largest specialty golf retailer, has opened a 23,000-sq.ft. store in the just-opened Downtown Summerlin center, located outside of Las Vegas.
The new store features four state-of-the-art club fitting studios with simulators that enable customers to test drive the latest clubs with expert advice and assistance. It has a large indoor putting green, technology bar with GPS units and other high-tech gadgets and a GolfTEC performance improvement center with PGA teaching professionals.
"We are excited to have joined the Las Vegas golf community as a resource for everything golf," said Golfsmith International chief marketing officer, Lisa Zoellner.
Retail vet Michael Rayden, CEO of tween-brand Justice, to retire in January
Mahwah, N.J. —Michael Rayden, president and CEO of Ascena Retail Group’s tween apparel brands Justice and Brothers, and a member of the Ascena board, is retiring at the end of Jan. 2015. Ascena has tapped Herbert Mines Associates to start a global search for a president and CEO of Justice and Brothers.
Rayden’s retail career has spanned more than 45 years, the last 19 of which were spent building the Limited Too brand and then introducing the Justice concept. In 2008, he transitioned the entire fleet of stores to the Justice banner, which continues to offer forward fashion at accessible price points to tween girls. Most recently, he expanded the chain’s reach to tween boys with the Brothers brand.
“We have been very fortunate to have had the benefit of Mike’s insight and guidance,” said David Jaffe, president and CEO of the Ascena Retail Group. “His contribution to the retail industry is immeasurable, including pioneering the fashion and retail space for the tween market with Justice, an organization he has guided for the past 19 years."
Great American Group selected as stalking horse bidder for Alco stores
Los Angeles —Great American Group has been selected as a stalking horse bidder in the potential liquidation of Alco Stores, which operates 198 general merchandise discount stores in 23 states. Great American is a leading provider of asset disposition and auction solutions, advisory and valuation services, capital investment, and real estate advisory services.
Alco filed for Chapter 11 bankruptcy protection Oct. 13, 2014, and is seeking to find a "going concern" buyer of the business.
If Alco is unsuccessful in securing a buyer of the business, a bankruptcy auction will take place in mid-November 2014 with Great American Group along with joint venture partners SB Capital and Tiger Capital selected as the stalking horse bidder.
"Great American has extensive experience working with very large retailers and creditors in handling complicated and sensitive situations such as the Alco assignment," said Scott Carpenter, president of GA Retail Solutions.
Great American recently was selected for retail liquidation assignments for Naartjie Custom Kids, and Love Culture.
In the Naartjie engagement, Great American was selected to handle the liquidation of all 56 Naartjie locations in the United States containing merchandise with an approximate retail value of $28 million.
In the Love Culture engagement, Great American was selected to manage store closing sales at all 55 locations containing merchandise with a retail value of approximately $24 million.