Report: NexCen Hires Financial Advisor
New York City NexCen Brands has hired Rothschild as its investment advisor, according to a report in Women’s Wear Daily. Rothschild is expected to help the company decide which of its assets it should sell, the report said. NexCen’s holdings include the Bill Blass and Waverly brands along with the Marble Slab Creamery, MaggieMoos, Pretzel Time, Pretzelmaker, and Great American Cookies franchised brands.
On Monday, NexCen raised questions about its survival and said it planned to explore strategic alternatives, including the sale of one or more of its businesses, to increase its liquidity.
The company said it would delay filing its first-quarter report and expects to amend its annual report for the 2007 fiscal year because disclosures regarding its bank credit facility were not included in the filing.
NexCen said its bank credit facility with BTMU Capital Corp. was amended in January when the company bought Great American Cookies to allow NexCen to borrow another $70 million to finance a portion of the purchase price. The amendments included an accelerated-redemption feature that required $35 million of the additional financing to be reduced to $5 million by Oct. 17, 2008.
NexCen said the accelerated-redemption feature was not disclosed in its filings.
The company said it now believes “there is substantial doubt about its ability to continue as a going concern.” It added that doubt might have existed when the company filed its 2007 annual report.
Office Depot receives pre-LEED certification for new prototype
DELRAY BEACH, Fla. Office Depot announced that it has become the first company to achieve volume pre-certification under the pilot Leadership in Energy and Environmental Design (LEED) Portfolio Program for its store prototype design – the retailer’s master set of drawings – from the United States Green Building Council (USGBC).
A USGBC member since 2007, Office Depot was part of the first group of participants to become involved in the pilot of the Portfolio Program. Part of the initiative involves piloting a volume certification path to enable companies to integrate LEED attributes into a prototype design and apply it across multiple buildings.
“Office Depot has implemented a number of initiatives over the past couple of years to improve the energy efficiency of our stores and reduce our environmental footprint,” said Ed Costa, vp of construction for Office Depot. “Achieving Volume Pre-Certification through LEED affirms our leadership position in the retail industry as well as in general building construction. The entire organization is proud of this accomplishment.”
The first Office Depot store to be built to this prototype is located in Austin, Texas and is scheduled to open late next month. According to the USGBC, LEED-Certified buildings reduce energy usage, create less waste and emit fewer harsh chemicals.
Weis Markets to acquire Giant Markets
SUNBURY, Pa. Weis Markets announced its plans to purchase the stores of Binghamton New York-based Giant Markets. It expects to complete the purchase in by Aug. 21.
Weis Markets will purchase Giant Markets’ Broome County stores located in Binghamton, Vestal, Endicott, Endwell and Johnson City.
“This acquisition is an excellent strategic fit for our company. Giant Markets is the market leader in Broome County where they have excellent locations, modern stores and a strong market presence,” said Weis Markets’ vice chairman Jonathan Weis. “For many years, they have been a significant part of the community and they’ve offered an excellent combination of quality, value and service. We are pleased to be working with their associates and look forward to welcoming them to our organization.”