FINANCE

Report: Wilsons Closing Up Shop

BY CSA STAFF

New York City The clothing company formerly known as Wilsons The Leather Experts Inc., is going out of business, according to a report by Bernard Sands, a New York City-based credit-ratings and service company.

Wilsons, which sold its name, 116 outlet stores and its retail Web site to a subsidiary of G-III Apparel Group Ltd. in July, is now known as PreVu Inc.

PreVu had plans to focus on its “Studio” mall accessories-store concept, but it said in a filing with securities regulators that it couldn’t obtain capital or other financing needed to continue operations.

PreVu expects to fully liquidate its assets by the end of October.

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Barnes & Noble 2Q sales down 1.6%

BY CSA STAFF

NEW YORK Barnes & Noble reported that sales for the second quarter decreased 1.6% to $1.2 billion. Barnes & Noble store sales decreased 1.6% to $1.1 billion, with comparable-store sales decreasing 4.7% for the quarter. Barnes & Noble.com sales were $99.8 million for the quarter, a 3.6% comparable sales increase.

Second quarter net earnings were $15.4 million or 27 cents per share.

 

For the third quarter, the company expects comparable-store sales at Barnes & Noble stores to decline in the low single digits. Barnes & Noble Inc.s third quarter loss per share is expected to be in a range of 10 cents to 15 cents.

Based on first-half 2008 sales performance and current trends, the company is reducing its full-year comparable store sales guidance from slightly negative to a decrease in the low single digits. Although the company is reducing full-year sales guidance, the company is reiterating full-year earnings per share guidance to be in a range of $1.70 to $1.90.

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Wyatt named president of Old Navy

BY CSA STAFF

SAN FRANCISCO Gap Inc. announced that Tom Wyatt has been named president of its Old Navy division, effective immediately. Wyatt, a 30-year retail veteran, has been serving as interim president of the retailer since February.

In his first actions as brand president, Wyatt made several changes to his senior management team, effective immediately, including announcing the departure of merchandising evp Sheryl Clark.

Wyatt joined Gap Inc. in early 2006, and previously served as president of the company’s Outlet division until he joined Old Navy this year. His 30 years of retail experience include: serving as president and ceo of a mid-size athletic apparel company; president of Warnaco Intimate Apparel; and a senior executive within the Saks family of companies.

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