FINANCE

Report: Closeout retailer Building #19 going out of business

BY Dan Berthiaume

Hingham, Mass. – Building #19, a closeout retailer with 10 stores in Massachusetts and New Hampshire, is reportedly planning a giant closeout sale of its own. According to the Boston Business Journal, Building #19 filed for Chapter 11 bankruptcy on Nov. 1 and requested permission to obtain the services of liquidation sale specialist Gordon Brothers.

Bankruptcy papers cited the rise in popularity of online shopping negatively impacted Building #19’s revenues, which left the retailer without enough working capital to purchase surplus goods. The retailer valued its current inventory at about $2.25 million. The company itself employs about 100 full- and part-time employees and another 30 workers are employed by its affiliates.

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News

Tractor Supply board chairman succession announced

BY CSA STAFF

Tractor Supply Company has elected Cynthia T. Jamison to its board of directors. Jamison will succeed James F. Wright as chairman of the board upon the conclusion of Wright’s term at the end of the year.

Wright will resign his position as a board member effective December 31, 2013, consistent with his plan to serve as executive chairman of the board with a term of one year, as previously announced in September 2012.

“Cindie has been our lead director since 2010, and has served on the company’s board since 2002. Her tenure on Tractor Supply’s board, broad financial and business background and other board directorships make her a strong fit to lead our board. We are confident the chairman transition will be smooth, enabling our continued focus on the strategic initiatives to grow and improve our business," said Greg Sandfort, the company’s president and CEO.

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REAL ESTATE

Von Maur enters Alabama

BY Marianne Wilson

Davenport, Iowa — Von Maur Department Store has opened its first store in the state of Alabama, at Riverchase Galleria in Hoover. The 185,000-sq.-ft. store is also one of the company’s largest locations to date.

"After opening our first Southeastern location two years ago, we couldn’t be more excited to continue building on our success in the region with the addition of our first Alabama location at Riverchase Galleria," said Jim von Maur, president of Von Maur."

Located at the mall’s former Macy’s location, the store underwent a full reconstruction and now the exterior boasts Von Maur’s signature exterior brick facade with arching entryways. Inside, open expansive floor plans accentuate Von Maur’s residential ambiance, complete with antiques, original artwork and music from the store’s grand piano.

An interactive, life-sized tree in children’s is designed to entertain Von Maur’s youngest shoppers while an antique pub display piece, motorcycle and multiple televisions offer enjoyment in the men’s areas.

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