OSHA outlines Black Friday precautions
The Occupational Safety and Health Administration (OSHA) has encouraged the CEOs of 14 major retailers to look at their crowd-control measures to avoid out-of-control crowd-related injuries during so-called “Black Friday,” the unofficial start of the holiday shopping season.
The guidelines include:
• Set up barricades or rope lines for crowd management well in advance of customers arriving at the store. • Move shopping carts and other potential obstacles away from the entrance. • During the sales event, make sure that all employees and crowd-control personnel are aware that the doors are about to open.
Loehmann’s files Chapter 11
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.
Dick’s Sporting Goods Q3 profit falls
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.