Liquidation Date Set for Linens ’n Things
New York City The remaining 371 Linens ’n Things stores will begin closing their doors on Oct. 17. In conjunction with the closings, the stores will be selling off items at up to 30% off their regular price. The store closing sale is being conducted by a joint-venture group comprised of Hilco Merchant Resources, Gordon Brothers Group, Hudson Capital, SB Capital Group LLC, Great American Group LLC and Tiger/Nassi Group.
“It’s a straight going-out-of business liquidation sale,” James Schaye, president and chief executive of Hudson Capital Partners, said in an Associated Press report, one of the members of the investment group buying the company’s assets.
Burlington Coat Factory cuts 1Q loss
BURLINGTON, N.J. Burlington Coat Factory reported that net sales for the first quarter ended Aug. 30 were $707 million, compared with $678.8 million for the comparative period ended Sept. 1, 2007, a 4.2 % increase. Comparative-store sales increased 0.2% for the quarter.
The company recorded a net loss of $32.5 million for the quarter compared with a net loss of $50.4 million for the same period last year.
NRF ask Congress to consider 2nd stimulus package
WASHINGTON The National Retail Federation is urging Congress to hold a lame duck session to address the nation’s economy as soon as possible after the November elections, and to include tax relief for consumers in any economic stimulus package that is adopted.
“The United States is in the midst of a national crisis,” NRF president and ceo Tracy Mullin said. “Extraordinary measures are needed to address this profound economic emergency that has affected every American.”
“Consumer confidence has been badly eroded by the foundering economy and instability of the financial markets,” Mullin said. “Because consumer spending represents two-thirds of GDP and supports tens of millions of jobs, it is difficult if not impossible to foresee an improvement in overall economic growth until consumer confidence and spending improve.”
Mullin said she believes a second round of stimulus checks would provide a much-needed boost in consumer spending.
Mullin’s comments came in a letter sent today to House Speaker Nancy Pelosi, D-Calif.; House Minority Leader John Boehner, R-Ohio, Senate Majority Leader Harry Reid, D-Nev., and Senate Minority Leader Mitch McConnell, R-Ky.