Liquidation Sales to Begin at Linens ’n Things
New York City Linens ’n Things is expected to start liquidation sales at its 371 remaining stores as early as Thursday after the home-goods retailer failed to find a buyer that will operate the company as a going concern, Reuters reported.
A group of liquidators, including Gordon Brothers Retail Partners and Hilco Merchant Resources, had made a preliminary offer for Linens ’n Things and the bankruptcy court had planned to hold an auction for other interested bidders on Tuesday. But no buyers submitted a qualified bid and the auction was canceled, according to court documents filed late on Monday.
The group of liquidators that will oversee the closing sales include Gordon Brothers, Hilco, Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC and Tiger Capital Group LLC.
Linens ’n Things filed for Chapter 11 protection in May and said it would shutter 120 underperforming stores.
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.