Maurices plans 15 new stores
Duluth, Minn. – Specialty young women’s apparel store Maurices plans to open 15 new stores, including seven grand openings and eight reopenings, through the middle of July. The new stores include:
June 27: Lufkin, Texas at Lufkin Mall and Greensburg, Indiana, at Greensburg Crossing.
July 4: Aurora, Colorado, at The Gardens on Havana.
July 5: Hoffman Estates, Illinois, at Poplar Creek Crossing.
July 18: Deridder, Louisiana at Park Terrace; Lafayette, Louisiana, at Acadiana Mall; Saskatoon, Canada at Mall at Lawson Heights.
June 27: Brownwood, Texas, at Commerce Square; South Burlington, Vermont, at University Mall; Yankton, South Dakota, at The Shoppes at Yankton.
June 28: Glenwood Springs, Colorado, at Glenwood Meadows.
July 4: Cheyenne, Wyoming, at Frontier Mall and Johnson Creek, Wisconsin at Johnson Creek Premium Outlet.
July 11: Litchfield, Illinois, at Litchfield Plaza.
July 18: Lapeer, Michigan, at K Mart Center.
Maurices currently operates more than 900 stores and hopes to reach a count of 1,300 stores across the U.S. and Canada.
Brookstone sale to Chinese buyer approved
Merrimack, N.H. – A bankruptcy court in Wilmington, Delaware, has approved the June 4 sale of Brookstone Inc. to Hong Kong-based Sailing Innovation (US) Inc., a consortium led by Sailing Capital Overseas Investment Fund LP with a financing commitment from GE Capital. Backers of the $174 million acquisition include Chinese conglomerate Sanpower Group and Chinese government-supported Shanghai Investment Group.
The purchase, which is a key element of Brookstone’s plan to exit bankruptcy, includes $135.7 million in cash, $10 million and $28 million of Brookstone’s liabilities. Novelty retailer Spencer Spirit-Holdings Inc. will receive $4.2 million in fees and expenses. Sailing Capital has said it wants to revitalize the Brookstone brand and will not close more than one or two of the chain’s 242 current stores.
Survey: One-in-four global consumers hit by card fraud
Naples, Fla. – One-in-four global consumers has been victimized by card fraud in the past five years. According to a new study conducted by ACI Worldwide and Aite Group, the United Arab Emirates has the highest rate of credit, debit and prepaid card fraud overall at 44%, followed by China at 42% and India and the United States at 41% each.
Other findings include:
• 63% of global consumers (respondents) who have experienced fraud are more likely to use their cards less.
• 50% exhibit at least one risky behavior, which puts them at higher risk of financial fraud.
• 55% are “very concerned” about reclaiming financial identity if they fall victim to identity theft.
• More than one-in-10 have experienced fraud multiple times during the past five years.
“Given this latest data, financial institutions have their work cut out for them, both in terms of educational and preventative measures,” said Shirley Inscoe, senior analyst, Aite Group. “Consumers lack confidence in their bank’s ability to protect them from fraud, so banks must remain vigilant in their fraud migration efforts or face increased customer attrition.”