Sally Beauty expands international footprint with acquisition
Denton, Texas — Sally Beauty Holdings said Wednesday it has acquired Netherlands-based Kappersservice Floral and two related companies, Hair Zone and Exphair as part of the company’s international growth strategy.
“The acquisition of Floral Group is another important step in expanding our international footprint,” said Gary Winterhalter, CEO of Sally Beauty Holdings. “It is the largest professional beauty supply group in the Netherlands and brings us an outstanding format to broaden our reach in serving both the professional and retail customers in Europe.”
The acquisition complements Sally’s existing Belgium-based Pro Duo business.
Syms, Filene’s Basement file for bankruptcy, plan to liquidate
Secaucus, N.J. — Syms Corp. and its Filene’s Basement subsidiary said Wednesday that they have filed for Chapter 11 bankruptcy and will liquidate all stores and assets over the coming several months. Syms acquired the century-old Filene’s out of bankruptcy in 2009 for $63 million.
“This has been a challenging time for Syms and Filene’s Basement,” said Marcy Syms, CEO. “We have been faced with increased competition from large department stores that now offer the same brands as our stores at similar discounts; a proliferation of private label discount chains; a decline in buying opportunities as brand name labels have reduced overruns by improving their supply chain management – all combined with the worst economic downturn in our lifetimes.”
According to Syms, Tuesday’s filing comes after several months of examining strategic alternatives. The company said it received no “viable bids” from anyone willing to operate the business.
“A bankruptcy filing and liquidation is the best way of maximizing value for all stakeholders,” said Syms.
The liquidation of Syms and Filene’s stores is expected to run through approximately January 2012. Syms and Filene’s Basement are seeking court approval to retain an agent to handle the liquidation of merchandise and for authorization to conduct going out of business sales.
The company listed assets of $236 million, including $97.7 million in real estate inventories, and liabilities of $94 million, according to a statement filed with the Chapter 11 petition on Tuesday in U.S. Bankruptcy Court in Wilmington, Del.
Syms operates 25 namesake stores and 21 Filene’s Basement locations.
JCPenney eases giving to needy with enhanced online program
PLANO, Texas —JCPenney announced that it has launched a new, customizable feature on its website for its annual Angel Giving Tree Online partnership with The Salvation Army.
"In our third year of presenting the Angel Giving Tree Online, we wanted to offer the ability for individuals, families and groups to make adopting a Salvation Army Angel an annual holiday tradition," said Jodi Gibson, divisional vice president of community relations for JCpenney. "By incorporating new enhancements to the adoption experience, supporters now have the means to come together and significantly impact more families in need this season."
Created in collaboration with Infosys, Akamai Technologies, SapientNitro and Usablenet, the Angel Giving Tree Online enables supporters to adopt an Angel anywhere in the United States, making it easier than ever to buy and ship clothing, toys or other wish list items from the convenience of their home, office or almost anywhere in the world, JCpenney said. For added convenience, the Angel Giving Tree Online program will also be accessible via a mobile browser at m.jcp.com/angel as well as a new app available for iPads starting Nov. 14. In conjunction with UPS, Angel gifts purchased through jcp.com can be shipped free of charge to a Salvation Army collection center.