Sun Closes on Limited Deal
Sun Capital Partners Inc. said Friday that it has completed the acquisition of the 260-store Limited chain, and appointed the retailer’s co-presidents to top-management positions.
The deal finalizes Limited Brands Inc.’s exit from the Limited and Express apparel businesses to focus on lingerie and body care.
Sun Capital didn’t disclose a purchase price, but Limited Brands said last month that it would book a $42 million after-tax loss tied to the sale of 75% of the business. Sun Capital will sink $50 million directly into the business and arrange for a $75 million line of credit to support the 260 stores in 42 states.
Limited will keep its Columbus, Ohio, headquarters. Linda Heasley was named chief executive and chairman of the stores, while Avra Myers takes on the titles of president and general merchandise manager.
With the backing of Sun Capital, we are truly positioned to win and to redefine success at Limited stores,” Heasley said in a press release. The stores rang up sales of $493 million last year.
Longs July sales reach $359 million
WALNUT CREEK, Calif. Longs Drug Stores today reported preliminary total retail drug store sales from continuing operations of $359 million for the four-week period ended July 26, an increase of 2.9% from $349 million in the comparable period a year ago. Same-store sales for July increased 1.7%.
For the second quarter Longs reported total retail drug store sales from continuing operations of $1.2 billion, an increase of 2.9% over the prior year period. Same-store sales for the second quarter increased 1%.
For the 26 weeks ended July 26, the company reported total retail drug store sales from continuing operations of $2.4 billion, an increase of 3.7% over the 2006 period. Same-store sales for the year-to-date period grew 1.5%.
Payless puts on its dancing shoes with ABT
NEW YORK and TOPEKA, Kan. Payless ShoeSource and American Ballet Theatre have teamed up to create a new line of affordable dance shoes. The collection, branded ABT for Spotlights, is available in about 3,000 Payless stores nationwide and at Payless.com and includes styles for ballet, jazz and tap, as well as accessories such as dance bags ranging in price from $15 to $25 dollars. The shoes are designed for beginners and available in kids and adult sizes.
“Our alliance with ABT for the ABT for Spotlights collection enables us to bring innovation and authentic performance shoes to our customers, and allows us to support the arts in a meaningful and interactive manner,” said Matt Rubel, ceo and president of Payless ShoeSource. “Everyone wins — consumers receive authentic dance shoes at a great price in our stores, ABT makes dance accessible to the public, and Payless as a company becomes more connected to young girls — whose number one activity is dance.”