OPERATIONS

Tiffany CFO resigns

BY Dan Berthiaume

New York – Patrick F. McGuiness, CFO of Tiffany’s, has resigned his position effective Nov. 27, 2013. James M. Fernandez, 58, executive VP and COO of Tiffany’s, will assume the position of CFO on an interim basis.

Fernandez has been with Tiffany’s since 1983. The board of Tiffany’s has authorized a search for a new CFO.

McGuiness received a severance package worth $899,000 and will also receive a prorated performance bonus for the fiscal year ending Jan. 31, 2014. McGuiness will release any claims he might have against Tiffany as part of the severance agreement.

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FINANCE

Tile Shop won’t restate earnings

BY Dan Berthiaume

Plymouth, Minn. — The Tile Shop says it rejects a report stating its historical financial statements may require restatement along with other accounting irregularities. The company denies these allegations and believes that the financial statements are properly stated and its business practices are appropriate.

The report from Gotham City Research claims Tile Shop overstated its 2013 earnings by 200% and also failed to disclose that its largest supplier, Beijing Pingxiu, is a related company. Gotham City Research, which specializes in short-selling stock, said it believes Tile Shop will not get any further loans from its creditors until these issues are resolved.

In a press release, Tile Shop said it was unaware of previously undisclosed changes of the ownership of Beijing Pingxiu and it has suspended its relationship with the company. Tile Shop also said this issue had no material impact on its inventory purchases. The company also reaffirmed the guidance of net sales ranging from $227 million to $237 million, and adjusted EBITDA of $60 million along with the opening of 20 new stores for the year ending December 31, 2013 provided on October 30, 2013.

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News

Destination Maternity, The Town Center of Virginia Beach, Virginia Beach, Va.

BY CSA STAFF
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Destination Maternity Corp. is showing off a new superstore prototype, in Virginia Beach,Va. The 5,000-sq.-ft. store has a "discovery" or open floor plan that offers customers different paths to explore the space. Larger graphics, new fixtures and tables and enhanced fitting rooms create a modern, inviting environment. Merchandise is displayed in lifestyle zones, with elevated presentations of categories. There are also new mannequins, and more of them.

Designed to provide the ultimate shopping experience for expecting and new moms, the store contains such amenities as a juice bar, a relaxation area for family and friends complete with plush chairs and a flat-screen TV and a children’s play area.

Design: JGA, Southfield, Mich.

Photo: Destination Maternity Corp.


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