Sycamore completes acquisition of Hot Topic
City of Industry, Calif. — Private equity outfit Sycamore Partners said Thursday it has completed its previously announced acquisition of Hot Topic, valued at about $600 million and returning the Hot Topic namesake stores and the Torrid banner to the private sector.
"Hot Topic and Torrid are both leaders in their categories, and we are excited to have both brands as part of our portfolio," said Stefan Kaluzny, managing director of Sycamore Partners.
Shoe Carnival names e-commerce head, to accelerate omni-channel
Evansville, Ind. — Shoe Carnival said Thursday it has named Kent Zimmerman as VP e-commerce, effective June 3.
Zimmerman, who comes to the footwear retailer from global systems integration and solutions provider Optaros, is charged with overseeing Shoe Carvinal’s e-commerce and omni-channel strategies.
“We believe Shoe Carnival has a tremendous opportunity to grow our e-commerce and overall omni-channel presence in the family footwear industry,” said Cliff Sifford, president and CEO. “
Zimmerman also spent seven years with The Finish Line to help build and grow its direct-to-consumer business, as well as lead design and development efforts of its omni-channel inventory systems.
Five Below swings to profit in Q1; 60 stores on tap
Philadelphia — Five Below Inc. reported Wednesday a profit of $1.6 million, compared with a loss of $1.2 million in the year-ago period.
The discount retailer saw sales during the quarter rise 33% to $95.6 million from $71.8 million, meeting internal expectations but beating Wall Street’s forecasted $93.9 million in revenue. Same-store sales advanced 4.2%.
According to president and CEO Thomas Vellios, Five Below will open another 60 stores by the end of 2013.