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Corporate Bankruptcies Will be a Key Investor Concern In The New Year

Wed, 07 Jan 2009 08:42:00 GMT

By Martin Hutchinson Contributing Editor Money Morning/The Money Map Report Investors are breathing a sigh of relief that 2008 is over, but they shouldn’t get too comfortable. After... Money Morning is here to help investors profit handsomely on this seismic shift in the global economy. Money moves markets. But Money Morning lets you move first. [More...]

YOUR TECH: Early Start to Holidays

Wed, 14 Oct 2009 14:51:00 GMT

Oct. 14--Everything seems to be starting earlier this year, so why not add holiday buying advice to the list?
After all, I recall seeing Halloween items on sale just after Memorial Day -- or was if after Bastille Day?
The good news is that other choices remain, and newer ones abound.

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Commercial Real Estate Brokers Straining to Fill Vacancies

Mon, 27 Jul 2009 10:03:00 GMT

Jul. 27--Sunita Arora paused after inspecting renovations at an empty, street-level shop in Scranton's Mercantile Building.
"You have to offer class A space at class B prices," said Mrs. Arora, whose real estate company bought the three-story office and commercial structure at Penn Avenue and Spruce Street for more than $1 million in September 2007.
The Mercantile Building symbolizes commercial real estate's plight.

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Seattle Times Retail Report Column: Shopping Centers Face Bleak Times As Retailers Fall Victim to Recession

Fri, 16 Jan 2009 17:51:00 GMT

Jan. 16--Like the unceremonious stripping of a Christmas tree, retail chain stores are coming down one after another, dimming the lights in shopping centers throughout Western Washington.
KB Toys has gone bankrupt and must now sell off everything from Lego sets to Barbie dolls at soon-to-close stores in Centralia, North Bend and Vancouver.
Shoe Pavilion walked away from stores in Seattle and Bellevue after filing for bankruptcy last year.

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Crestwood Court Macy's is Among 11 Set to Close

Fri, 09 Jan 2009 09:54:00 GMT

Jan. 9--The post-holiday shopping blues finally came knocking at Crestwood Court.
Macy's Inc. will close its department store at the struggling Crestwood mall after 39 years of operations there.
The decision was part of a broad restructuring effort announced Thursday by the department store chain, and it comes as the nation's retailers reported a dreadful holiday shopping season.

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Four Stores at Mall to Close

Sat, 13 Dec 2008 18:52:00 GMT

Dec. 13--KB Toys, B. Moss, Gap Outlet and Whiteall Jewelers (formerly Friedman's Jewelers) are all leaving the Crossroads Mall, according to a mall official.
"Unfortunately, we are being affected by national decisions," said Rhonda Willson, marketing director for the mall near Beckley.
KB Toys filed for bankruptcy protection for the second time in four years Thursday and plans to begin going-out-of business sales at its stores immediately.

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Black Friday Shopping Deals: Our Listing of Metro Detroit Sales on the Day After Thanksgiving

Tue, 25 Nov 2008 18:13:00 GMT

Nov. 25--Here's a roundup of some shopping deals on Black Friday, the day after Thanksgiving, the traditional start of the holiday shopping season.
With anticipation swirling around Black Friday, the traditional start of the holiday shopping season, some stores are releasing information about their day-after-Thanksgiving sale circulars early.
Kmart's Thanksgiving Day and Black Friday sale circulars have been posted on www.kmart.com

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Retailers Offer Deep Discounts to Entice Cautious Customers Merchants Hone Sales Strategies to Lure Christmas Shoppers to Stores

Sun, 23 Nov 2008 18:54:00 GMT

Nov. 23--They're trying everything.
Faced with what experts say could be the worst holiday shopping season in decades, the nation's biggest retailers are rolling out the red carpet for consumers, hoping to entice them with low prices, midnight openings on Black Friday, and a host of giveaways and free goodies.
In Haverhill, for instance, the annual holiday stroll expects to attract 5,000 potential consumers to the downtown area, where stores are offering specials of their own, said Jennifer Cantwell, program coordinator at the Haverhill, Mass., Chamber of Commerce.

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Stores Pulling the Plug: Electronics Retailers Circuit City, Tweeter Feel Economic Strain

Tue, 04 Nov 2008 09:56:00 GMT

Nov. 4--When the housing market was booming and credit was readily available, shoppers dropped thousands of dollars on big-screen televisions, stereo systems and the latest computer technology.
Circuit City announced yesterday it will close 20 percent of its more than 700 stores -- including three in Maryland -- and lay off 17 percent of its work force just after Christmas.
Also, Tweeter, the Massachusetts-based electronics chain, appears to be going out of business.

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Final Sale: More Retailers Liquidating: Credit Crunch, Revenue Drop Yield Bankruptcy Filings

Wed, 22 Oct 2008 09:53:00 GMT

Oct. 22--Tribune reporter
In past economic downturns, troubled retailers could file for bankruptcy protection from creditors, shed leases on stores that weren't making money and re-emerge a smaller, more profitable firm.
Experts are counting on 2008 and 2009 to rival the 2001-02 recession, when 32 retailers filed for Chapter 11 bankruptcy, according to New Generations Research Inc., a Boston firm that compiles information for BankruptcyData.com.

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Court Authorizes Sharper Image to Complete Sale

Tue, 03 Jun 2008 21:38:00 GMT

Sharper Image Corporation (the “Company”) (Pink Sheets:SHRPQ),announced today that on May 29, 2008, the Company entered into a revised Asset Purchase Agreement (the “Revised Asset Purchase Agreement”) with a joint venture of Gordon Brothers Retail Partners, LLC, GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco Consumer Capital, LLC (the “Hilco/GB Joint Venture”). The Company had previously entered into an Asset Purchase Agreement with the Hilco/GB Joint Venture on May 13, 2008, under which the Company agreed to sell certain assets to the Hilco/GB Joint Venture. Because of changed circumstances and after an active auction sale process directed by the United States Bankruptcy Court for the District of Delaware (the “Court”) on May 29, 2008, the Company entered into the Revised Asset Purchase Agreement with the Hilco/GB Joint Venture, which was approved by the Court on May 30, 2008. The revision was a reduction of the purchase price from $51,250,000 to a base price of $49,000,000. The Company may receive additional proceeds of up to $1,500,000 dependent upon the occurrence of certain contingencies. The Company does not believe those contingencies will occur.[More...]

Court Authorizes Sharper Image to Move Forward with Sale - Jun 2 2008 4:07AM

Fri, 16 May 2008 12:00:00 GMT

Sharper Image Corporation (the “Company”) (Pink Sheets:SHRPQ), announced today that on May 14, 2008 the United States Bankruptcy Court for the District of Delaware (the “Court”) approved procedures in connection with a sale of all or substantially all of the assets of the Company at an auction to be held on May 28, 2008 (the “Auction”). In connection with those procedures, the Court also authorized the Company’s entry into an Asset Purchase Agreement and an Agency Agreement, each dated May 13, 2008, with a joint venture of Gordon Brothers Retail Partners, LLC, GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco Consumer Capital, LLC (the “Hilco/GB Joint Venture”). Hilco/GB Joint Venture will serve as a stalking horse bidder for the purposes of the Auction. Hilco/GB Joint Venture’s Asset Purchase Agreement and Agency Agreement are offers to purchase certain of the Company’s assets, including, among other things, its intellectual property and intellectual property rights, as well as the right to liquidate merchandise within certain of the Company’s stores and/or distribution centers for, in addition to other consideration, a cash payment of $51,250,000.00. Hilco/GB Joint Venture’s Asset Purchase Agreement and Agency Agreement are subject to higher or better offers at the Auction and are subject to final Court approval. Robert Conway, Chief Executive Officer of the Company, stated that the Hilco/GB Joint Venture bid is “the best offer that the Company has received in connection with the proposed sale to date, and promises to help maximize the value of the Company’s assets by creating a competitive bidding environment” at the Auction.[More...]

The Sharper Image Hits a High Note, Introduces beamz: Laser Light and Sound Musical Instrument

Thu, 24 Apr 2008 09:34:00 GMT

Proving once again that innovation is the foundation of its business, Sharper Image Corporation (Pink Sheets:SHRPQ) today announced the exclusive introduction of the beamz™, a sound and laser light musical instrument that plays original works in 19 genres including rock, jazz, blues, reggae, country and even hip-hop. Users can play the beamz™ by breaking any one of six laser beams. The player’s hands trigger the system to play streams of musical notes or sounds. For skilled musicians or those who’ve never picked up an instrument before, the beamz™ inspires players; enabling them to play original music.[More...]

Sharper Image Corporation Announces Intent to Pursue Sale of the Company and its Assets

Wed, 23 Apr 2008 21:23:00 GMT

Sharper Image Corporation (the “Company”) (Pink Sheets:SHRPQ), announced today it has elected to pursue a sale of its business and assets pursuant to the provisions of the bankruptcy code and will solicit indications of interest from potential acquirers. Persons interested in acquiring all or part of the business or assets of the Company should contact Robert Del Genio at 212.813.1300. Any sale will be subject to approval of the bankruptcy court having jurisdiction of the Company’s chapter 11 case. The Company will pursue establishment of bid procedures and the conduct of an auction as soon as reasonably practicable. It is the Company’s intention to complete the sale process and seek approval of the sale by the bankruptcy court by the end of May 2008. Robert Conway, Chief Executive Officer of the Company, said that “given the present retail climate and specialty nature of the Company, as well as the limited financing available to the Company, a sale of its business and assets at this time will preserve values and yield the best recovery to the Company.”[More...]

Jerry W. Levin Resigns as Chairman of the Board of Sharper Image Corporation to Pursue Possible Acquisition of the Company or Its Assets

Thu, 10 Apr 2008 12:01:00 GMT

Jerry W. Levin, the Chairman of the Board of Sharper Image Corporation (the “Company”) (Pink Sheets:SHRPQ), has informed the Company that he is interested in participating with other investors to acquire some or all of the Company’s businesses or assets. Accordingly, it was agreed that Mr. Levin would resign as a member and Chairman of the Board of Directors effective immediately.[More...]