FINANCE

Owner of Mandee and Annie Sez files Chapter 11, citing impact of Superstore Sandy

BY Marianne Wilson

New York — Big M Inc., which operates Mandee and Annie Sez stores, has filed for Chapter 11 bankruptcy protection. The New Jersey-based retailer cited the impact of Superstorm Sandy, which resulted in closures that affected its stores, corporate office and distribution center for more than a week. The company cited liabilities of between $50 million and $100 million, along with assets of the same amount.

According to documents filed with the U.S. Bankruptcy Court, three of the company’s stores were closed for one month and have since re-opened with only limited operations. BigM said it has only received a portion of its insurance claim in advance, straining liquidity to the point that it could no longer satisfy its debt obligations.

“If the insurance companies had been working with us through the process, we wouldn’t be in this position,” Alan Mandelbaum, CEO, Big M, told The New York Post. “We’re very disappointed. We were making significant progress.”

The privately held company, which is owned by the Mandelbaum family, has secured $13.2 million in bankruptcy financing from Salus Capital Partners. It is asking for bankruptcy-court approval of the loan, meant to allow Big M to continue operations during its Chapter 11 restructuring The company plans to keep its 129 stores open during the reorganization process.

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P.Rogers says:
Mar-28-2013 10:45 am

The company faces a tough
The company faces a tough road ahead because of intense competition. And what concerns me most are the employees. They are the most affected with this downfall of the company. - Kale Flagg

P.Rogers says:
Mar-28-2013 10:45 am

The company faces a tough road ahead because of intense competition. And what concerns me most are the employees. They are the most affected with this downfall of the company. - Kale Flagg

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FINANCE

Target unveils year-round price match of online retailers

BY Katherine Boccaccio

Minneapolis — Target Corp. said Tuesday it plans to price-match top online retailers year-round, including Amazon.com, Walmart.com, BestBuy.com and Toysrus.com (including Babiesrus.com).

Target stores will also price-match items found on Target.com, the company said.

The new policy launches immediately, and allows shoppers to competitively shop the retailer. If a shopper buys a qualifying item at a Target store and then finds the identical item for less in the following week’s Target circular or within seven days on Target.com, Amazon.com, Walmart.com, Bestbuy.com or Toysrus.com or in a local competitor’s printed ad, Target will match the price under the newly launched policy.

“We know that our guests often compare prices online,” said Gregg Steinhafel, CEO.

Target introduced its first price-match policy, called the Low Price Promise, in 2009 and began matching select online competitors for the first time this holiday season.

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S.Gacho says:
Mar-22-2013 04:18 am

The second largest discount
The second largest discount retailer in Minnesota. and Ranked 38 on Fortune 500 last 2012. - J. Kale Flagg

S.Gacho says:
Mar-22-2013 04:18 am

The second largest discount retailer in Minnesota. and Ranked 38 on Fortune 500 last 2012. - J. Kale Flagg

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OPERATIONS

Wolverine Worldwide announces new operating groups

BY Katherine Boccaccio

Rockford, Mich. — Wolverine Worldwide said Tuesday it will make several organizational moves to drive future growth and global brand building in the wake of its October 2012 acquisition of the Performance & Lifestyle Group.

“The acquisition of the Performance & Lifestyle Group has been transformational for our company and has created many new opportunities for global growth, brand building, and operational excellence," said Blake W. Krueger, Wolverine Worldwide chairman and CEO. "Today, we are taking important steps to better align the team and realize our vision of having the best brands, products, operating platform, and consumer experiences in the industry."

The parent of Stride-Rite and Keds brands, among others, said Tuesday that CEO and president of PLG Gregg Ribatt has resigned to pursue other opportunities, following a transition period to aid the company in organizing the new structure.

Under the new structure, the company will migrate from four to three brand operating groups, each led by a group president. The Heritage Group, and comprising the Wolverine, Caterpillar Footwear, Bates, Sebago, Harley-Davidson Footwear, and HyTest brands, will be led by Ted Gedra, a 27-year Wolverine Worldwide veteran.

The Lifestyle Group, comprising the Sperry Top-Sider, Stride Rite Children’s Group, Hush Puppies, Keds, and Soft Style brands, will be led Mark Neal, an 18-year Wolverine veteran.

The Performance Group, comprising the Merrell, Saucony, Chaco, Patagonia Footwear, and Cushe brands, will be led by led by group president Jim Zwiers, a 15-year Wolverine veteran.

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