SGB Today Apparel
Belk Plans Bankruptcy Filing To Restructure Debt
On Tuesday afternoon Belk said it plans to file for Chapter 11 bankruptcy protection to complete a debt-for-equity exchange designed to reduce its debt load by $450 million. Suppliers are expected to be unimpaired.
Belk Exploring Restructuring In Bankruptcy Proceedings
Belk Inc. is nearing a deal to file for bankruptcy protection to support a pre-arranged conversion of debt to equity, sources told Bloomberg.
Academy Sports Announces Secondary Offering Of Common Stock
Academy Sports and Outdoors Inc. announced that certain of its stockholders, including affiliates of Kohlberg Kravis Roberts & Co. L.P., intend to offer for sale in an underwritten secondary offering 12 million shares of common stock of Academy Sports.
Feetures Undergoes Executive Changes
Feetures announced executive changes as part of succession planning. The changes include national sales manager for footwear specialty retailers, Steve Hallinan, becoming key accounts manager, John Gaither becoming chief operations officer and Joe Gaither, executive vice president.
Apparel Resale App Curtsy Raises $11M In Series A Funding
Curtsy, a shopping app for clothing, shoes, and accessories, has raised $11 million in Series A funding. The funding, led by Index Ventures, will enable Curtsy to scale and build out its team.
NRF Says 2020 Holiday Sales Grew 8.3 Percent Despite Pandemic
Retail sales during the 2020’s November/December holiday season grew an unexpectedly high 8.3 percent over the same period in 2019 to $789.4 billion, exceeding the National Retail Federation’s (NRF) holiday forecast despite the economic challenges of the coronavirus pandemic, NRF said. The numbers include online and other non-stores sales, which were up 23.9 percent at $209 billion.
Joint Statement From AAFA, NRF, RILA, USFIA In Response To Ban On Cotton Imports From XUAR
The American Apparel & Footwear Association, National Retail Federation, Retail Industry Leaders Association, and The United States Fashion Industry Association responded to the U.S. Customs and Border Protection’s (CBP) blanket Withhold Release Order (WRO) impacting all cotton and cotton products from the Xinjiang Uyghur Autonomous Region (XUAR).
Poshmark’s Stock Price More Than Doubles In IPO Debut
Poshmark Inc.’s shares more than doubled in its initial public offering debut Thursday.
Stock+Field Closing All Locations
Stock+Field, the farm supply and outdoor department store, has filed for bankruptcy and is closing all 25 of its locations.
U.S. Bans Cotton From Xinjiang Region
The U.S. has banned imports of cotton products and tomatoes produced in China’s Xinjiang region over the Chinese government’s continued atrocities against its Uighur Muslim population U.S. Customs and Border Protection (CBP) said on Wednesday.
TYR Sport Appoints EVP Of Sales
TYR Sport Inc appointed Charlie Siracusa as executive vice president of sales. He previously worked for Timberland Pro and Carhartt.
Zumiez Sees 1.7 Percent Holiday Comp Gain
Zumiez Inc. reported comparable sales increased 1.7 percent for the 10-week period ended January 9, 2021, compared to the 10-week period ended January 11, 2020.
Adobe Sees 32 Percent Online Growth Over Holiday Season
Adobe said based on Adobe Analytics data, U.S. online spend totaled $188.2 billion over November and December, which represents 32.2 percent growth year-over-year.
Tilly’s Sees Modest Comp Gain Over Holiday Period
Tilly’s Inc. reported same-store sales grew 2.7 percent for the nine-week period ended January 2. Comparable net sales in physical stores decreased by 12.4 percent while e-commerce net sales jumped 65.2 percent.
Lululemon Sees Q4 Earnings At Upper End Of Guidance
Lululemon Athletica Inc. announced the company now expects revenue and earnings to be at the high end of its prior range of expectations for the fourth quarter of fiscal 2020 ending January 31.
