Tuesday Morning Reports Year-End Results
Dallas Tuesday Morning Corp. reported that sales for its 2008 fiscal year were down 4.2% from fiscal 2007, $885.3 million vs. $924.2 million. Same-store sales decreased 7.6%, attributed to a 6.6% decline in store traffic and a 1% decline in the average ticket.
In the company’s prepared statement, president and chief executive Kathleen Mason, stated, “Record increases in energy and food prices, coupled with the prolonged housing and credit crisis, sharply restricted our customers’ disposable income during the quarter. Despite these pressures, we were able to control inventory and expenses to partially offset the decline in demand. We continue to compete with liquidation sales in a struggling home-furnishings sector, but remain focused on achieving annual profits and maintaining our strong balance sheet.”
S&B Holdings to acquire Steve & Barry’s
PORT WASHINGTON Steve & Barry’s LLC announced that BHY S&B Holdings LLC, a newly formed affiliate of investment firms Bay Harbour Management and York Capital Management, has received Court approval to acquire to acquire substantially all assets of Steve & Barry’s. The acquisition is scheduled to be completed on Aug. 25.
Under the terms of the $163 million purchase agreement, the majority of Steve & Barry’s 276 stores will continue to serve customers nationwide. BHY S&B Holdings has made no decisions concerning which Steve & Barry’s stores will close or when, although an announcement is anticipated in the next week, the company reported.
In addition to acquiring merchandise inventories and transfer rights to Steve & Barry’s store leases, BHY S&B Holdings will acquire all Steve & Barry’s intellectual property rights, including its celebrity and brand licenses, and the company’s key facilities, including its Port Washington, New York headquarters, Columbus, Ohio distribution center, and certain overseas offices.
AAFES commander Thurgood promoted to Major General
DALLAS AAFES commander Brigadier General Keith Thurgood was promoted to Maj. Gen. on Thursday, Aug. 14 in the boardroom at AAFES headquarters.
In his civilian occupation, General Thurgood serves as the director of strategy and innovation for PepsiCo, INC in financial, supply chain, logistics and systems development roles. He is responsible for the development of supply chain and logistics strategies across a 30 billion dollar enterprise.