Linens to begin liquidation
CLIFTON, N.J. Linens ‘N Things, the struggling home goods retailer, could begin liquidation of its stores as early as Oct. 16, after failing to find a buyer to operate the company.
An auction was scheduled for interested bidders on Oct. 14, but when no buyers submitted a qualified bid, the auction was canceled, according to court documents.
Last week, Linens’ chief restructuring officer Michael Gries asked permission of the bankruptcy court to auction its remaining 371 stores as early as Oct. 14 and begin going-out-of-business sales two days later on the 16th.
The once-public company was purchased and taken private by Apollo Management in 2006. At the time the deal was consummated, Linens ‘N Things, which operated 542 stores in 47 states in the United States and six provinces in Canada, told Retailing Today, “the underlying fundamentals of [the company] remain strong, including strong brand name recognition, attractive real estate locations and the fundamentals of the industry are very favorable.”
Produce companies endorse supply chain initiative
NEW YORK Thirty-four companies from throughout the produce supply chain, including Wal-Mart, Kroger and Safeway, have endorsed a new plan developed by the Produce Traceability Initiative (PTI) to move the supply chain to a common standard for electronic produce traceability by the end of 2012.
The plan involves adopting a standardized system of case bar-coding for all produce sold in the United States, to allow product to be tracked throughout the distribution chain. Through the plan, participating companies said they hope to maximize the effectiveness of the industry’s current traceability procedures, improve internal efficiencies and assist public officials when they need to quickly trace back a product.
The PTI is administered by Produce Marketing Association (PMA), United Fresh Produce Association (United Fresh) and the Canadian Produce Marketing Association (CPMA). The 34 companies endorsing the plan are members of the PTI’s supply chain-wide Steering Committee. Established in late 2007 to establish industry traceability best practices and set goals for their adoption and accountability, the PTI Steering Committee has been working since then to develop a plan for moving industry to chain-wide, electronic traceability.
Family Dollar announces new promotions
MATTHEWS, N.C. Family Dollar Stores announced that Marilyn Morse has been promoted to the position of vp of facilities management and Mtu Pugh to the position of vp of business development. Morse will report to Keith Gehl, senior vp of real estate and facilities. Pugh will report to Dorlisa Flur, evp of strategy and marketing.
Morse joined Family Dollar in 2006 as divisional vp of store maintenance with responsibility for the company’s store maintenance and energy management programs. Prior to joining Family Dollar, Morse served as a vp with Lowe’s.
Pugh joined Family Dollar in 2006 as divisional vp of strategy and business development with primary responsibility for the development and execution of the company’s concept renewal initiative. Prior to joining Family Dollar, Pugh served as an Associate with McKinsey & Company.