Oilily files for bankruptcy
Amsterdam Dutch apparel brand Oilily filed for bankruptcy protection on Friday for its U.S. division, Oilily USA, and has closed its store on Manhattan’s Madison Ave. The filing comes only two months after the retailer’s parent company, Oilily B.V., filed for bankruptcy in Holland.
The U.S. division, which reported assets of between $1 million and $10 million, owes funds to more than 200 creditors. The company also has debts exceeding $10 million.
The bankruptcy filing is an attempt to keep the company, which sells clothing for infants, children annd women, afloat. After closing eight retail locations over the last few months, Oilily is attempting to renegotiate its remaining 25 leases nationwide.
“The good news is we have no secured creditors, we have cash, and we intend to stay in operations and successfully emerge from Chapter 11,” said Marilyn Simon, the lawyer handling bankruptcy proceedings for Oilily.
Costco 3Q income down, comps flat
ISSAQUAH, Wash. Costco announced that net sales for the third quarter of fiscal 2009 declined 5%, to $15.48 billion, from $16.26 billion during the third quarter of fiscal 2008.
Total U.S. comparable-store sales (excluding fuel) were flat.
Net income for the third quarter of fiscal 2009 was $209.6 million, or 48 cents per diluted share, compared to $295.1 million, or 67 cents per diluted share, during the third quarter of fiscal 2008.
Best Buy to invest in digital media fund
Best Buy is investing a new digital media investment fund, managed by Fuse Capital, in the hopes of finding the next digital media start-up.
According to The New York Times, Best Buy is investing in the start-up to better position itself in the digital entertainment space.
“We’re trying to change what the solutions are for our customers and change the direction of our company and get involved a lot more in what’s happening in digital entertainment as an active participant, rather than a passive participant,” sMichael Vitelli, EVP customer operating groups at Best Buy, told The Times.
Fuse Capital is said to be looking for start-ups that offer games, mobile applications, photo and music sharing, online video and personal media management, the report said.