FINANCE

Loehmann’s files Chapter 11

BY CSA STAFF

New York City — Loehmann’s on Monday filed for bankruptcy. The off-price retailer said it had negotiated a restructuring plan with owner Istithmar Retail Investments and noteholder Whippoorwill Associates before the filing that would cut debt by $115 million. Istithmar and Whippoorwill agreed to invest $25 million in the company, according to court papers.

Loehmann’s blamed its bankruptcy on declining sales and an inability to carry its debt load. In its Chapter 11 petition, it listed assets of $204.5 million and debt of $232.7 million as of Oct. 30. The New York City -based company operates 48 stores in 13 states and the District of Columbia.

This is Loehmann’s second bankruptcy filing. It previously filed for Chapter 11 protection in May 1999 amid increasing competition from discount chains. It emerged from bankruptcy the following year after cutting more than $140 million in debt, closing 25 stores and rejecting takeover offers from two rivals.

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REAL ESTATE

Save Mart Supermarkets to debut new store format

BY CSA STAFF

Modesto, Calif. — Save Mart Supermarkets is set to launch a new value-focused concept, called Maxx Value Foods, which is designed to offer consumers lower prices, with a center aisle dedicated to high-value offerings.

The chain has converted a 34,000-sq.-ft. conventional store in Modesto, Calif., into the new format, which will debut on Wednesday.

The limited-selection store will retain the appearance of a conventional grocery store, but will use a selection of products as a key element to drive down prices, the company said.

"This launch is a major event for our company," said Steve Junqueiro, president and COO of Save Mart Supermarkets, which operates more than 240 stores under several banners in California and Nevada. "We continuously strive to remain relevant to our customers, and this new store format is an innovate response to the needs of shoppers who look for quality and value, but don’t need frills and the full range of any product. The Maxx Value Foods format will also enable us to consider smaller locations that normally would be incompatible with a warehouse store format."

The new format will include bakery/deli and meat/seafood departments, which will feature pre-packed products. In addition to standard checkout lanes, self-checkout registers will also be available.

Click here for more Store Planning/Construction/Facilities stories.

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FINANCE

Dick’s Sporting Goods Q3 profit falls

BY CSA STAFF

Pittsburgh — Dick’s Sporting Goods’ net income for the quarter ended Oct. 30 dropped to $16.9 million, compared with net income of $18.9 million for the year-ago period.

Sales rose 9% to $1.08 billion, from $990 million.

Same-store sales increased 5.1%, with a 3.8% increase in Dick’s Sporting Goods stores, a 2.4% increase in Golf Galaxy and an 82.4% increase in e-commerce.

Edward W. Stack, chairman and CEO, said the retailer is optimistic about the performance and about future growth opportunities, “including the potential to more than double our network of Dick’s Sporting Goods stores and to fuel the growth of our Golf Galaxy and e-commerce businesses, while continuing to drive margin expansion and deliver long-term shareholder value," he said.

In the third quarter, the company opened 12, remodeled eight and relocated one Dick’s Sporting Goods stores, as well as closed 12 underperforming Golf Galaxy stores. Currently, the company operates 437 Dick’s Sporting Goods stores in 42 states, and 79 Golf Galaxy stores in 29 states.

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