Neiman Marcus Group LTD LLC announced that it has received approval from the U.S. Bankruptcy Court for the Southern District of Texas Division to access debtor-in-possession (“DIP”) financing and is on track to exit bankruptcy proceedings by the fall.
Category: Footwear
International Council Of Shopping Centers Launches ‘Back. Together.’ Campaign
The International Council of Shopping Centers, the member network serving the retail real estate industry, has launched its “Back. Together.” campaign, a marketing and branding initiative to help its members communicate with one voice about the importance of retailers and retail real estate as the country seeks to recover from the COVID-19 pandemic.
NGF Update: 20 Million Spring Rounds Lost To Covid-19
The U.S. golf industry lost as many as 20 million rounds of golf in March and April due to course closures and coronavirus-induced anxiety, according to the most recent National Golf Foundation estimates.
New Balance Makes Juneteenth A Paid Holiday
New Balance announced plans to close all operations, including owned stores, on Friday in observance of Juneteenth, which takes place on June 19 and commemorates the end of slavery in the United States.
J.C. Penney Reaches Deal To Resume Nike Shipments
J.C. Penney Co., which filed for bankruptcy last month, won court approval to free up $30 million in Nike products that the sportswear giant had been holding back in a dispute over allegedly unpaid pre-Chapter 11 bills.
Target Bumps Starting Minimum Wage to $15/Hour, Adds Frontline Worker Bonus
Target will permanently raise its starting wage for U.S. employees to $15 per hour, commencing July 5, 2020. The move was announced with a range of updates and extensions to its pay and benefits programs.
Emerald Releases Preparedness, Prevention And Response Plan
Emerald Holding, Inc., the parent of Outdoor Retailer, Surf Expo and other trade shows, announced its commitment to providing an elevated standard of health and safety protocols in preparation for the anticipated reopening of the company’s live events.
Liquidation Sales Begin At 137 J.C. Penney Locations
A team of disposition firms consisting of Gordon Brothers, Hilco Merchant Resources, Great American Group, and Tiger Group announced that they have commenced store closing sales at 137 J.C. Penney Company Inc. stores. The closures are the Company’s first step in implementing a planned store optimization strategy after filing for bankruptcy last month.
Designer Brands Q1 Sales Drop 45 Percent
Designer Brands Inc., the parent of DSW, reported a loss in the first quarter ended May 2 of $215.9 million that included pre-tax charges totaling $112.3 million covering impairment charges, integration and restructuring expenses and COVID-19 incremental costs. Revenues were down 44.7 percent despite a 25 percent hike in online sales. The Company has reopened approximately 90 percent of its total store base.
Cat Footwear Appoints VP Of Marketing
Cat Footwear, owned by Wolverine Worldwide, appointed Kelly Ballou as its VP of marketing.
2020 U.S. Open To Be Held Without Fans
The 2020 US Open is set to be played at the USTA Billie Jean King National Tennis Center in Flushing Meadows, NY on its originally scheduled dates of August 31 to September 13 although no fans will be on-site.
Senate Passes Great American Outdoors Act
The U.S. Senate voted 73-25 to passed the bipartisan Great American Outdoors Act, landmark conservation legislation that fully funds the Land and Water Conservation Fund (LWCF) at a level of $900 million every year and addresses the approximately $20 billion maintenance backlog on federal public lands.
RIA Announces Initial Brand Lineup For Kick On-Demand
The Running Industry Association’s (RIA) has announced the initial brand lineup for its virtual buying show, RIA Kick On-Demand. As of Wednesday, June 17, the show will feature over thirty footwear, apparel and accessory brands including Brooks, Asics, Altra, Nike, and Saucony.
Vans Opens First Official Building In Japan
Vans has opened the first Vans building in Japan. The three-floor building located at the center of Harajuku, Tokyo, comprised multiple zones of different product ranges.
Apex Global Brands Shrinks Q1 Loss
Apex Global Brands, the parent of Hi-Tec, Cherokee and Tony Hawk, narrowed its loss in the first quarter despite a revenue decline due to the non-renewal of certain license agreements along with the impacts of COVID-19. The company received an extension of its forbearance agreement with its lenders, including a suspension of interest and principal payments.
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