RETAIL PERFORMANCE MONITOR
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COMPANIES IN THE NEWS:--------------- ----------------------------
Wal-Mart's Massmart Woes
The $2.4 billion deal by Wal-Mart Stores, Inc. to acquire South African retailer Massmart Holdings Ltd could lead to 4,000 lost jobs says a report by South Africa's Economic Development and Agricultural departments, according to a Wall Street Journal article. Although stopping short of giving a thumbs up or down on the acquisition, the report was delivered to the Competitive Tribunal of South Africa, which can approve or reject the deal. The International Monetary Fund predicts the collective sub-Saharan African economy with a growing middle class will grow 5.5% in 2011 and 6% in 2012.
GSI Merger
GSI Commerce, Inc. announced the expiration of the 40 day 'go-shop' period for the proposed merger, announced March 27, 2011, among GSI, eBay, Inc., and eBay subsidiary Gibraltar Acquisition Corp. GSI received notice from the Federal Trade Commission granting early termination of the mandatory waiting period under the Hart-Scott Rodino Antitrust Improvements Act, allowing the merger to proceed. The parties currently expect to complete the merger as early as the end of the second quarter of 2011, subject to customary closing conditions, including receipt of stockholder approval.
GSI Commerce, Inc. announced the expiration of the 40 day 'go-shop' period for the proposed merger, announced March 27, 2011, among GSI, eBay, Inc., and eBay subsidiary Gibraltar Acquisition Corp. GSI received notice from the Federal Trade Commission granting early termination of the mandatory waiting period under the Hart-Scott Rodino Antitrust Improvements Act, allowing the merger to proceed. The parties currently expect to complete the merger as early as the end of the second quarter of 2011, subject to customary closing conditions, including receipt of stockholder approval.
Drugstore.com Merger
Drugstore.com, Inc. announced the expiration of the 40 day 'go-shop' period for the proposed acquisition, announced March 24, 2011, of the company by Walgreen Co. The parties continue to expect the transaction to close in June 2011.
Drugstore.com, Inc. announced the expiration of the 40 day 'go-shop' period for the proposed acquisition, announced March 24, 2011, of the company by Walgreen Co. The parties continue to expect the transaction to close in June 2011.
Sun Capital Sells Big 10 Tires to Pep Boys
Sun Capital Partners, Inc. sold Big 10 Tires chain to Pep Boys for an undisclosed amount. Big 10 operates 85 stores throughout the Southeast US.
Sun Capital Partners, Inc. sold Big 10 Tires chain to Pep Boys for an undisclosed amount. Big 10 operates 85 stores throughout the Southeast US.
CVS Caremark 1st Quarter
CVS Caremark Corp. reported net earnings for the fiscal first quarter ended March 31, 2011 of $713 million, down from net earnings of $771 million for the same quarter year earlier, on net sales of $25.88 billion, up from $23.76 billion year earlier. Comparable store sales increased 2.6% for the quarter. On April 29, 2011, CVS Caremark acquired the Medicare prescription drug business of Universal American Corp. for $1.25 billion plus $185 million (the amount of excess capital that resided in the entities that operate the UAM Medicare Part D Business), less $110 million (the amount of Universal American Corp.'s outstanding trust preferred securities which are being assumed by the Company).
CVS Caremark Corp. reported net earnings for the fiscal first quarter ended March 31, 2011 of $713 million, down from net earnings of $771 million for the same quarter year earlier, on net sales of $25.88 billion, up from $23.76 billion year earlier. Comparable store sales increased 2.6% for the quarter. On April 29, 2011, CVS Caremark acquired the Medicare prescription drug business of Universal American Corp. for $1.25 billion plus $185 million (the amount of excess capital that resided in the entities that operate the UAM Medicare Part D Business), less $110 million (the amount of Universal American Corp.'s outstanding trust preferred securities which are being assumed by the Company).
During the three months ended March 31, 2011, CVS Caremark opened 57 new retail drugstores, one new retail specialty pharmacy store and closed 13 retail drugstores. In addition, the company relocated 49 retail drugstores. As of March 31, 2011, the company operated 7,314 locations, included in which were 7,226 retail drugstores, 66 specialty pharmacy stores, 18 specialty mail order pharmacies and four mail order pharmacies in 44 states, the District of Columbia and Puerto Rico. As previously announced, the Company expects adjusted earnings per share from continuing operations to be in the range of $2.72 - $2.82 and GAAP earnings per share from continuing operations to be in the range of $2.52 – $2.62.
Blockbuster Canada Enters Bankruptcy
A variety of Hollywood studios that supply movies to Blockbuster Canada called in $67 million debt and forced the video rental chain into bankruptcy. Blockbuster Canada was offered as collateral to the movie studios to ensure a steady supply of new releases, and the studios are looking to recoup losses from US Blockbuster's bankruptcy.
A variety of Hollywood studios that supply movies to Blockbuster Canada called in $67 million debt and forced the video rental chain into bankruptcy. Blockbuster Canada was offered as collateral to the movie studios to ensure a steady supply of new releases, and the studios are looking to recoup losses from US Blockbuster's bankruptcy.
Station Casinos Adjournment Motion
On May 11, 2011, Station Casinos' Green Valley Ranch Debtor's official committee of unsecured creditors filed with the US Bankruptcy Court a motion to adjourn the confirmation hearing regarding Green Valley Ranch Gaming for at least one month.
On May 11, 2011, Station Casinos' Green Valley Ranch Debtor's official committee of unsecured creditors filed with the US Bankruptcy Court a motion to adjourn the confirmation hearing regarding Green Valley Ranch Gaming for at least one month.
Limited Brands April Sales
Limited Brands, Inc. reported a comparable store sales increase of 20% for the four weeks ended April 30, 2011, compared to the four weeks ended May 1, 2010. The company reported net sales of $683.2 million for the four weeks ended April 30, 2011, compared to net sales of $584.6 million last year. The company now expects to report adjusted first quarter earnings per share of $0.37 to $0.39 versus its previous guidance of $0.26 to $0.31 per share, which represents a 48% to 56% increase over last year's adjusted $0.25 per share result. The company completed its $500 million share repurchase program announced March 22 and authorized an additional $500 million share repurchase program. The company operates 2,635 specialty stores in the United States and its brands are sold in more than 800 company-operated and franchised additional locations world-wide.
Limited Brands, Inc. reported a comparable store sales increase of 20% for the four weeks ended April 30, 2011, compared to the four weeks ended May 1, 2010. The company reported net sales of $683.2 million for the four weeks ended April 30, 2011, compared to net sales of $584.6 million last year. The company now expects to report adjusted first quarter earnings per share of $0.37 to $0.39 versus its previous guidance of $0.26 to $0.31 per share, which represents a 48% to 56% increase over last year's adjusted $0.25 per share result. The company completed its $500 million share repurchase program announced March 22 and authorized an additional $500 million share repurchase program. The company operates 2,635 specialty stores in the United States and its brands are sold in more than 800 company-operated and franchised additional locations world-wide.
Gilt Groupe $138 Million Filing
Online flash sale website Gilt Groupe filed for $138 million offering of just under five million shares of "Series E Preferred Stock" at $27.68 per share -- a steep share price gain over the Series D round a year ago, which valued shares at $14 each. The company had raised $83 million in venture funding over the past three years.
Online flash sale website Gilt Groupe filed for $138 million offering of just under five million shares of "Series E Preferred Stock" at $27.68 per share -- a steep share price gain over the Series D round a year ago, which valued shares at $14 each. The company had raised $83 million in venture funding over the past three years.
Timberland 1st Quarter
Timberland Co. reported net income for the fiscal first quarter ended April 1, 2011 of $17.791 million, down 30.2% from net income of $25.747 million for the same quarter year earlier, on revenue of $349.0 million, up 10.1% from $317.0 million year earlier. The company ended the quarter with $265.3 million in cash and no debt. Accounts receivable increased 13.2% to $178.5 million compared to the prior year period, driven by revenue growth and the timing of sales. Inventory at quarter end was $186.9 million, an increase of 36.5% over a low level in the prior year quarter, driven by the outlook for the remainder of the year, higher product costs, and strategic purchases of core product.
Timberland Co. reported net income for the fiscal first quarter ended April 1, 2011 of $17.791 million, down 30.2% from net income of $25.747 million for the same quarter year earlier, on revenue of $349.0 million, up 10.1% from $317.0 million year earlier. The company ended the quarter with $265.3 million in cash and no debt. Accounts receivable increased 13.2% to $178.5 million compared to the prior year period, driven by revenue growth and the timing of sales. Inventory at quarter end was $186.9 million, an increase of 36.5% over a low level in the prior year quarter, driven by the outlook for the remainder of the year, higher product costs, and strategic purchases of core product.
Lifetime Brands 1st Quarter
Lifetime Brands, Inc. reported net loss for the fiscal first quarter ended March 31, 2011 of $949,000, worse than net income of $729,000 for the same quarter year earlier, on revenue of $91.773 million, up from $88.736 million year earlier. On March 4, 2011, the Board of Directors declared a quarterly dividend of $0.025 per share payable on May 16, 2011, to shareholders of record on May 2, 2011.
Lifetime Brands, Inc. reported net loss for the fiscal first quarter ended March 31, 2011 of $949,000, worse than net income of $729,000 for the same quarter year earlier, on revenue of $91.773 million, up from $88.736 million year earlier. On March 4, 2011, the Board of Directors declared a quarterly dividend of $0.025 per share payable on May 16, 2011, to shareholders of record on May 2, 2011.
Aeropostale 1st Quarter
Aeropostale reported net sales for the first quarter of fiscal 2011 increased 1% to $469.2 million from $463.6 million in the year ago period. Same store sales for the first quarter decreased 7%.
Aeropostale reported net sales for the first quarter of fiscal 2011 increased 1% to $469.2 million from $463.6 million in the year ago period. Same store sales for the first quarter decreased 7%.
Build-A-Bear 1st Quarter
Build-A-Bear Workshop, Inc. reported a net loss for the fiscal first quarter ended April 2, 2011 of $2.251 million, worse than net income of $1.679 million for the same quarter year earlier, on revenues of $95.991 million, down from $101.436 million year earlier. Comparable store sales declined 8.5% for the quarter from year ago. The company expects capital expenditures of approximately $12 to $15 million in 2011, compared to capital spending of $15 million. During fiscal 2011 first quarter, Build-A-Bear repurchased approximately 375,000 shares of its common stock at a total cost of $2.5 million. At quarter end, the company had $21.2 million of availability under the current stock repurchase program. The company currently operates more than 400 Build-A-Bear Workshop stores worldwide.
Build-A-Bear Workshop, Inc. reported a net loss for the fiscal first quarter ended April 2, 2011 of $2.251 million, worse than net income of $1.679 million for the same quarter year earlier, on revenues of $95.991 million, down from $101.436 million year earlier. Comparable store sales declined 8.5% for the quarter from year ago. The company expects capital expenditures of approximately $12 to $15 million in 2011, compared to capital spending of $15 million. During fiscal 2011 first quarter, Build-A-Bear repurchased approximately 375,000 shares of its common stock at a total cost of $2.5 million. At quarter end, the company had $21.2 million of availability under the current stock repurchase program. The company currently operates more than 400 Build-A-Bear Workshop stores worldwide.
Ascena Retail 3rd Quarter
Ascena Retail Group, Inc. reported net sales for the fiscal third quarter ended April 30, 2011 of $722.8 million, up 9% from $665.5 million year earlier. Comparable store sales increased 6% for the quarter.
Ascena Retail Group, Inc. reported net sales for the fiscal third quarter ended April 30, 2011 of $722.8 million, up 9% from $665.5 million year earlier. Comparable store sales increased 6% for the quarter.
Steve Madden 1st Quarter and Stock Split
Steve Madden reported net earnings for the fiscal first quarter ended March 31, 2011 of $17.852 million, up from net earnings of $15.385 million for the same quarter year earlier, on net sales of $165.765 million, up from $131.608 million year earlier. Comparable store sales increased 12.0% for the quarter.
Steve Madden reported net earnings for the fiscal first quarter ended March 31, 2011 of $17.852 million, up from net earnings of $15.385 million for the same quarter year earlier, on net sales of $165.765 million, up from $131.608 million year earlier. Comparable store sales increased 12.0% for the quarter.
The company declared a three-for-two stock split, in the form of a stock dividend, of the company's outstanding shares of common stock. The stock split will entitle all stockholders of record at the close of business on May 20, 2011 to receive one additional share of Steve Madden common stock for every two shares of common stock held on that date. The additional shares are expected to be distributed to stockholders on or about May 31, 2011 by the company's transfer agent. As a result of the stock split, the number of outstanding shares of the company's common stock will increase to approximately 42.5 million shares from approximately 28.2 million shares outstanding prior to the split. For fiscal 2011, the Company continues to expect net sales to increase 20% – 22%. Diluted EPS is now expected to be in the range of $2.03 – $2.10, compared to previous guidance of diluted EPS in the range of $2.00 – $2.07 on an adjusted basis to address the 3-for-2 stock split.
Ruddick 2nd Quarter
Ruddick Corp. reported net earnings for the fiscal second quarter ended April 3, 2011 of $29.906 million, up from net earnings of $27.479 million for the same quarter year earlier, on net sales of $1.133 billion, up from $1.071 billion year earlier. Consolidated capital expenditures for the company during fiscal 2011 are planned to total approximately $173 million, consisting of $165 million for Harris Teeter and $8 million for A&E. Such capital investment is expected to be financed by internally generated funds, liquid assets or borrowings under the company’s revolving line of credit. Management believes that the Company’s revolving line of credit provides sufficient liquidity for what management expects the company will require through the expiration of the line of credit in December 2012.
Ruddick Corp. reported net earnings for the fiscal second quarter ended April 3, 2011 of $29.906 million, up from net earnings of $27.479 million for the same quarter year earlier, on net sales of $1.133 billion, up from $1.071 billion year earlier. Consolidated capital expenditures for the company during fiscal 2011 are planned to total approximately $173 million, consisting of $165 million for Harris Teeter and $8 million for A&E. Such capital investment is expected to be financed by internally generated funds, liquid assets or borrowings under the company’s revolving line of credit. Management believes that the Company’s revolving line of credit provides sufficient liquidity for what management expects the company will require through the expiration of the line of credit in December 2012.
DSW Merger With Retail Ventures
DSW Inc. updated the election deadline to 5:00pm, New York time, on May 19, 2011 for the proposed merger between Retail Ventures, Inc.and a wholly owned subsidiary of DSW. The merger is anticipated to close on May 26, 2011. Retail Ventures shareholders who want to receive only DSW class A common shares in the merger need not complete or return an election form. The holders of DSW class A common shares and DSW class B common shares have identical rights except that holders of DSW class A common shares are entitled to one vote per share on all matters to be voted on by the DSW shareholders, while holders of DSW class B common shares are entitled to eight votes per share on all matters to be voted on by the DSW shareholders. The DSW class A common shares are registered under the Exchange Act and are listed on the NYSE, but the DSW class B common shares are not.
DSW Inc. updated the election deadline to 5:00pm, New York time, on May 19, 2011 for the proposed merger between Retail Ventures, Inc.and a wholly owned subsidiary of DSW. The merger is anticipated to close on May 26, 2011. Retail Ventures shareholders who want to receive only DSW class A common shares in the merger need not complete or return an election form. The holders of DSW class A common shares and DSW class B common shares have identical rights except that holders of DSW class A common shares are entitled to one vote per share on all matters to be voted on by the DSW shareholders, while holders of DSW class B common shares are entitled to eight votes per share on all matters to be voted on by the DSW shareholders. The DSW class A common shares are registered under the Exchange Act and are listed on the NYSE, but the DSW class B common shares are not.
Bebe 3rd Quarter
Bebe Stores, Inc. reported net loss for the fiscal third quarter ended April 2, 2011 of $2.635 million, better than net loss of $5.471 million for the same quarter year earlier, on net sales of $109.49 million, up from $108.79 million year earlier.
Bebe Stores, Inc. reported net loss for the fiscal third quarter ended April 2, 2011 of $2.635 million, better than net loss of $5.471 million for the same quarter year earlier, on net sales of $109.49 million, up from $108.79 million year earlier.
Andersons 1st Quarter
The Andersons, Inc. reported net earnings for the first fiscal quarter ended March 31, 2011 of $17.266 million, up from net earnings of $12.265 million for the same quarter year earlier, on net sales of $1.002 billion, up from $921.998 million year earlier. During the quarter, the company re-evaluated its reportable segments. As a result, the Grain & Ethanol Group was separated into two reportable segments, specifically the Grain Division and the Ethanol Division. The company's investment in Lansing Trade Group is included in the Grain Division.
The Andersons, Inc. reported net earnings for the first fiscal quarter ended March 31, 2011 of $17.266 million, up from net earnings of $12.265 million for the same quarter year earlier, on net sales of $1.002 billion, up from $921.998 million year earlier. During the quarter, the company re-evaluated its reportable segments. As a result, the Grain & Ethanol Group was separated into two reportable segments, specifically the Grain Division and the Ethanol Division. The company's investment in Lansing Trade Group is included in the Grain Division.
Sally Beauty 2nd Quarter
Sally Beauty Holdings, Inc. reported net earnings for the fiscal second quarter ended March 31, 2011 of $49.278 million, up from net earnings of $34.560 million for the same quarter year earlier, on net sales of $801.805 million, up from $720.467 million year earlier. Comparable store sales increased 6% for the quarter.
Sally Beauty Holdings, Inc. reported net earnings for the fiscal second quarter ended March 31, 2011 of $49.278 million, up from net earnings of $34.560 million for the same quarter year earlier, on net sales of $801.805 million, up from $720.467 million year earlier. Comparable store sales increased 6% for the quarter.
Bluefly 1st Quarter
Bluefly, Inc.reported a net loss for the fiscal first quarter ended March 31, 2011 of $1.3 million, better than net loss of $1.5 million for the same quarter year earlier, on net sales of $21.7 million, up from $20.2 million year earlier.
Bluefly, Inc.reported a net loss for the fiscal first quarter ended March 31, 2011 of $1.3 million, better than net loss of $1.5 million for the same quarter year earlier, on net sales of $21.7 million, up from $20.2 million year earlier.
Pantry 2nd Quarter
Pantry, Inc. reported net loss for the fiscal second quarter ended March 31, 2011 of $0.27 million, much better than net loss of $166.08 million for the same quarter year earlier, on net sales of $1.896 billion, up from $1.677 billion year earlier. Comparable store sales increased 2% for the quarter.
Pantry, Inc. reported net loss for the fiscal second quarter ended March 31, 2011 of $0.27 million, much better than net loss of $166.08 million for the same quarter year earlier, on net sales of $1.896 billion, up from $1.677 billion year earlier. Comparable store sales increased 2% for the quarter.
AC Moore 1st Quarter
AC Moore Arts & Crafts, Inc. reported net loss for the fiscal second quarter ended April 2, 2011 of $7.4 million, better than net loss of $7.6 million for the same quarter year earlier, on net sales of $102.7 million, down from $105.4 million year earlier. Comparable store sales decreased 2.6% for the quarter.
AC Moore Arts & Crafts, Inc. reported net loss for the fiscal second quarter ended April 2, 2011 of $7.4 million, better than net loss of $7.6 million for the same quarter year earlier, on net sales of $102.7 million, down from $105.4 million year earlier. Comparable store sales decreased 2.6% for the quarter.
Dover Saddlery 1st Quarter
Dover Saddlery, Inc. reported a net income for the fiscal first quarter ended March 31, 2011 of $125,000, better than net loss of $193,000 for the same quarter year earlier, on net revenues of $17.285 million, up from $16.226 million year earlier. The company has refinanced its subordinated debt by replacing it with a 7-year term note from RBS Citizens Bank. The amortization schedule is interest only for the first two years and level amortization thereafter. The lower interest rate will save approximately $350,000 per year.
Dover Saddlery, Inc. reported a net income for the fiscal first quarter ended March 31, 2011 of $125,000, better than net loss of $193,000 for the same quarter year earlier, on net revenues of $17.285 million, up from $16.226 million year earlier. The company has refinanced its subordinated debt by replacing it with a 7-year term note from RBS Citizens Bank. The amortization schedule is interest only for the first two years and level amortization thereafter. The lower interest rate will save approximately $350,000 per year.
COMP STORE SALES March sales were strong. Will the trend continue? Find out by reading the nationally recognized. Bernard Sands General Merchandise Comp Store Sales Analysis. Keep track of comparable and total sales growth in our detailed, easy-to-read format. Learn more about subscribing.
CREDIT AND ECONOMY WATCH:-----------------
Retail Sales Fall
The International Council of Shopping Centers and Goldman Sachs reported its chain-store sales index for the week ending on May 7, 2011 was unchanged compared to the prior week, but posted a 2.7% increase over prior year.
Retail Sales Fall
The International Council of Shopping Centers and Goldman Sachs reported its chain-store sales index for the week ending on May 7, 2011 was unchanged compared to the prior week, but posted a 2.7% increase over prior year.
Gas Prices Peak?
The Energy Department announced that for week ending May 2, 2011, the average price of U.S. gasoline rose to $3.965 a gallon, up from $3.963 per gallon week earlier.
The Energy Department announced that for week ending May 2, 2011, the average price of U.S. gasoline rose to $3.965 a gallon, up from $3.963 per gallon week earlier.
Diesel prices rose to an average $4.12 per gallon, up from $4.10 last week.
Retail Sales Soar
For the week ended May 7, 2011, ShopperTrak's National Retail Sales Estimate was $103.910 billion, up 24% from last week's $83.809 billion and the highest total for the year, and up 5.8% from same week in April 2010. Mother's Day and warm temperatures brought out the shoppers, but expect sales to decrease over the next few weeks.
For the week ended May 7, 2011, ShopperTrak's National Retail Sales Estimate was $103.910 billion, up 24% from last week's $83.809 billion and the highest total for the year, and up 5.8% from same week in April 2010. Mother's Day and warm temperatures brought out the shoppers, but expect sales to decrease over the next few weeks.
Mortgage Rates Dip
Bankrate.com reported that the average conforming 30-year fixed mortgage rate fell to 4.88%, down from last week's 4.95%, according to its weekly national survey ending May 4, 2011. It also reported that the average conforming 15-year fixed mortgage rate was 4.05%, down from 4.14% last week.
Bankrate.com reported that the average conforming 30-year fixed mortgage rate fell to 4.88%, down from last week's 4.95%, according to its weekly national survey ending May 4, 2011. It also reported that the average conforming 15-year fixed mortgage rate was 4.05%, down from 4.14% last week.
April 2011 Help Wanted
The Conference Board Employment Help Wanted Online Index decreased in April, with online advertised vacancies falling by 123,800 to 4.322 million, after a strong gain of 763,100 in the first quarter of 2011. Labor demand in April is in line with levels last seen four years ago before the start of the recession, although approximately 13.5 million people remain unemployed in the US.
The Conference Board Employment Help Wanted Online Index decreased in April, with online advertised vacancies falling by 123,800 to 4.322 million, after a strong gain of 763,100 in the first quarter of 2011. Labor demand in April is in line with levels last seen four years ago before the start of the recession, although approximately 13.5 million people remain unemployed in the US.
April 2011 Employment Trends
The Conference Board Employment Trends Index decreased in April to 100.9, down from March's revised figure of 101.1.
The Conference Board Employment Trends Index decreased in April to 100.9, down from March's revised figure of 101.1.
April Consumer Confidence Gains
The Conference Board announced Consumer Confidence increased in April 2011 to 65.4, up from 63.4 in March 2011, a three-year high. Analysts noted consumers' short-term outlook improved, although rising inflation causes some concern.
The Conference Board announced Consumer Confidence increased in April 2011 to 65.4, up from 63.4 in March 2011, a three-year high. Analysts noted consumers' short-term outlook improved, although rising inflation causes some concern.
March Inventories
The US Commerce Department reported inventories of manufactured durable goods in March 2011, up fifteen consecutive months, increased $4.5 billion or 1.4% to $334.3 billion, revised from the previously published 1.3% increase. This followed a 1.3% February increase. Inventories of manufactured nondurable goods, up seven consecutive months, increased $1.8 billion or 0.8% to $238.1 billion. This followed a 0.6% February increase. New orders for manufactured goods in March, up five consecutive months, increased $13.5 billion or 3.0% to $462.9 billion, which followed a 0.7% February increase.
The US Commerce Department reported inventories of manufactured durable goods in March 2011, up fifteen consecutive months, increased $4.5 billion or 1.4% to $334.3 billion, revised from the previously published 1.3% increase. This followed a 1.3% February increase. Inventories of manufactured nondurable goods, up seven consecutive months, increased $1.8 billion or 0.8% to $238.1 billion. This followed a 0.6% February increase. New orders for manufactured goods in March, up five consecutive months, increased $13.5 billion or 3.0% to $462.9 billion, which followed a 0.7% February increase.
March Construction
The US Commerce Department reported construction spending during March 2011 was estimated at a seasonally adjusted annual rate of $768.9 billion, 1.4% above the revised February 2011 estimate of $758.6 billion, but 6.78% below the March 2010 estimate of $824.0 billion. During the first 3 months of this year, construction spending amounted to $161.2 billion, 7.8% below the $174.8 billion for the same period in 2010.
The US Commerce Department reported construction spending during March 2011 was estimated at a seasonally adjusted annual rate of $768.9 billion, 1.4% above the revised February 2011 estimate of $758.6 billion, but 6.78% below the March 2010 estimate of $824.0 billion. During the first 3 months of this year, construction spending amounted to $161.2 billion, 7.8% below the $174.8 billion for the same period in 2010.
March Retail Sales
The US Commerce Department reported that March 2011 retail sales increased 0.4%, the ninth consecutive gain, although the rise was only 0.1% if gasoline sales were excluded. The biggest loser, auto sales, fell 1.7%, the largest drop since February 2010. On the positive side, furniture store sales rose 3.6% from February. More jobs and a payroll tax cut are expected to continue the spending rebound.
The US Commerce Department reported that March 2011 retail sales increased 0.4%, the ninth consecutive gain, although the rise was only 0.1% if gasoline sales were excluded. The biggest loser, auto sales, fell 1.7%, the largest drop since February 2010. On the positive side, furniture store sales rose 3.6% from February. More jobs and a payroll tax cut are expected to continue the spending rebound.
February Home Prices Drop
The Standard & Poor's/Case-Shiller composite index of 20 metropolitan areas decreased 3.3% in February 2011 from the month before. Analysts noted little good news in housing, with prices falling and new sales and construction disappointing. Atlanta, Cleveland and Las Vegas join Detroit as cities with home prices below 2000 levels, with Phoenix barely above its January 2000 pricing level. Washington DC is the only bright spot as home prices rose 2.7% in February over January.
The Standard & Poor's/Case-Shiller composite index of 20 metropolitan areas decreased 3.3% in February 2011 from the month before. Analysts noted little good news in housing, with prices falling and new sales and construction disappointing. Atlanta, Cleveland and Las Vegas join Detroit as cities with home prices below 2000 levels, with Phoenix barely above its January 2000 pricing level. Washington DC is the only bright spot as home prices rose 2.7% in February over January.
March Home Sales Increase
According to the National Association of Realtors, existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 3.7% to a seasonally adjusted annual rate of 5.10 million units in March 2011 from an upwardly revised 4.92 million units in February. Although good news, the numbers are still 6.3% below the 5.44 million unit pace in March 2010.
According to the National Association of Realtors, existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 3.7% to a seasonally adjusted annual rate of 5.10 million units in March 2011 from an upwardly revised 4.92 million units in February. Although good news, the numbers are still 6.3% below the 5.44 million unit pace in March 2010.
According to the US Census Bureau and US Department of Housing and Urban Development, sales of new single-family houses in March 2011 were at a seasonally adjusted annual rate of 300,000, up 11.1% above the revised February rate of 270,000, but 21.9% below the March 2010 estimate of 384,000. The median sales price of new houses sold in March 2011 was $213,800, and the average sales price was $246,800. The seasonally adjusted estimate of new houses for sale at the end of March was 183,000, representing a supply of 7.3 months at the current sales rate.
Pending Home Sales
The National Association of Realtors' Pending Home Sales Index, a forward-looking indicator, rose 5.1% to 94.1, based on contracts signed in March, from 89.5 in February. That is the good news. The bad news is that the index is 11.4% below 106.2 recorded in March 2010, so there is considerable room for recovery. The data reflects contracts and not closings, which normally occur with a lag time of one or two months. NAR analysts predict modest near-term gains in existing-home sales are likely, which would be even stronger if tight mortgage lending criteria returned to normal, safe standards.
The National Association of Realtors' Pending Home Sales Index, a forward-looking indicator, rose 5.1% to 94.1, based on contracts signed in March, from 89.5 in February. That is the good news. The bad news is that the index is 11.4% below 106.2 recorded in March 2010, so there is considerable room for recovery. The data reflects contracts and not closings, which normally occur with a lag time of one or two months. NAR analysts predict modest near-term gains in existing-home sales are likely, which would be even stronger if tight mortgage lending criteria returned to normal, safe standards.
Consumer Spending Up In March
According to the US Commerce Department Bureau of Economic Analysis, personal consumption expenditures increased $60.7 billion, or 0.6%, in March 2011. Personal income increased $67.0 billion, or 0.5%, and disposable personal income rose $64.4 billion, or 0.6%.
According to the US Commerce Department Bureau of Economic Analysis, personal consumption expenditures increased $60.7 billion, or 0.6%, in March 2011. Personal income increased $67.0 billion, or 0.5%, and disposable personal income rose $64.4 billion, or 0.6%.
Private wage and salary disbursements increased $18.0 billion in March. Goods-producing industries' payrolls increased $6.2 billion. Manufacturing payrolls increased $5.1 billion. Services-producing industries' payrolls increased $11.8 billion. Government wage and salary disbursements increased $1.2 billion.
Personal saving was $651.2 billion in March, compared with $647.5 billion in February, with personal saving as a percentage of disposable personal income remaining steady at 5.5%. In general, more people went back to work, boosting spending.
Retail Sales Forecast For 2011
The National Retail Federation said it expects U.S. retail sales (which excludes exclude online sales, cars, gasoline, and restaurants) will rise 4% in 2011, but warned that reluctance of small businesses to add employees and higher gasoline prices could yet slow consumer spending. NRF noted US retail sales were up 5.7% during the 2010 holiday period, better than the 3.3% it had predicted.
The National Retail Federation said it expects U.S. retail sales (which excludes exclude online sales, cars, gasoline, and restaurants) will rise 4% in 2011, but warned that reluctance of small businesses to add employees and higher gasoline prices could yet slow consumer spending. NRF noted US retail sales were up 5.7% during the 2010 holiday period, better than the 3.3% it had predicted.
BANKRUPTCIES:-----------------------------------------
Below are some of the major retailers that have sought bankruptcy protection over the past year:
Metropark USA:
Filed for Chapter 11 bankruptcy on May 2, 2011. The company, with 69 stores in 21 states, listed $10 million in assets and $50 million in debts.
Filed for Chapter 11 bankruptcy on May 2, 2011. The company, with 69 stores in 21 states, listed $10 million in assets and $50 million in debts.
Sbarro:
Filed for Chapter 11 April 4, 2011. Sbarro reached an agreement with all of its second-lien secured lenders and approximately 70% of its senior noteholders on the terms of a reorganization plan that will eliminate approximately $200 million of debt. The company is seeking Court approval to enter into a $35 million debtor-in-possession financing agreement it has secured with certain of its existing first-lien lenders. Sbarro's first lien lenders are not parties to the restructuring agreement, and the company is in ongoing discussions with these lenders regarding the terms of proposed exit financing. MidOcean Partners III LP and Ares Corporate Opportunities Fund II LP have agreed to backstop a $30 million rights offering, the proceeds of which will be used to repay the DIP and provide the reorganized business with additional equity capital and liquidity. Sbarro filed motions with the Court on April 19 to retain Epiq Bankruptcy Solutions (Contact: Jason D. Horwitz) as administrative agent at hourly rates ranging from $34 to $250; PricewaterhouseCoopers (Contact: Perry Mandarino) as bankruptcy consultant, independent auditor, tax consultant and international tax advisor at the following hourly rates: partner at $800, director at $550, manager at $450, senior associate at $350, associate at $250 and paraprofessional at $200; Curtis, Mallet-Prevost, Colt & Mosle (Contact: Steven J. Reisman) as conflicts counsel at the following hourly rates: partner at $730 to $830, counsel at $510 to $625, associate at $300 to $59, paraprofessional at $190 to $230, managing clerk at $450 and other support personnel at $55 to $325; and Cadwalader, Wickersham & Taft (Contact: Dennis J. Block) as counsel to the restructuring committee at hourly rates of ranging from $35 to $995.
Filed for Chapter 11 April 4, 2011. Sbarro reached an agreement with all of its second-lien secured lenders and approximately 70% of its senior noteholders on the terms of a reorganization plan that will eliminate approximately $200 million of debt. The company is seeking Court approval to enter into a $35 million debtor-in-possession financing agreement it has secured with certain of its existing first-lien lenders. Sbarro's first lien lenders are not parties to the restructuring agreement, and the company is in ongoing discussions with these lenders regarding the terms of proposed exit financing. MidOcean Partners III LP and Ares Corporate Opportunities Fund II LP have agreed to backstop a $30 million rights offering, the proceeds of which will be used to repay the DIP and provide the reorganized business with additional equity capital and liquidity. Sbarro filed motions with the Court on April 19 to retain Epiq Bankruptcy Solutions (Contact: Jason D. Horwitz) as administrative agent at hourly rates ranging from $34 to $250; PricewaterhouseCoopers (Contact: Perry Mandarino) as bankruptcy consultant, independent auditor, tax consultant and international tax advisor at the following hourly rates: partner at $800, director at $550, manager at $450, senior associate at $350, associate at $250 and paraprofessional at $200; Curtis, Mallet-Prevost, Colt & Mosle (Contact: Steven J. Reisman) as conflicts counsel at the following hourly rates: partner at $730 to $830, counsel at $510 to $625, associate at $300 to $59, paraprofessional at $190 to $230, managing clerk at $450 and other support personnel at $55 to $325; and Cadwalader, Wickersham & Taft (Contact: Dennis J. Block) as counsel to the restructuring committee at hourly rates of ranging from $35 to $995.
Harry & David Holdings, Inc.:
Filed for Chapter 11 on March 28, 2011. US Bankruptcy Court approved Harry & David Holdings' 'first day' motions allowing the company to continue day-to-day operations, including approval to access its $100 million first-lien debtor-in-possession revolving credit facility provided by the company's secured lenders, and a $55 million second-lien DIP term loan provided by holders of the Company's senior notes. The company also received approval to continue to pay employees' salaries, wages and benefits in the ordinary course, and the Court confirmed the company's ability to pay vendors for post-petition goods and services. In addition, the company received approval to allow all customer programs to continue uninterrupted, including its Fruit-of-the-Month Club and gift cards. The US Trustee also filed a motion appointing a seven-member unsecured creditors committee. Harry & David Holdings' official committee of unsecured creditors filed an objection to the Debtors' motions for orders approving and assuming a backstop stock purchase agreement and authorizing the Debtors to distribute an accredited investor questionnaire to their unsecured creditors. The creditors also objected to approving procedures related thereto and setting the rights offering record date. On May 11, 2011, the company reached a resolution with the official committee of unsecured creditors and holders of approximately 81% of the company's public notes on the structure of a consensual Chapter 11 plan. As part of this resolution, the committee has committed its support to an amended Chapter 11 Plan structure and withdrawn all objections to the Company's motions seeking approval of post-petition financing and certain plan-related relief.
Filed for Chapter 11 on March 28, 2011. US Bankruptcy Court approved Harry & David Holdings' 'first day' motions allowing the company to continue day-to-day operations, including approval to access its $100 million first-lien debtor-in-possession revolving credit facility provided by the company's secured lenders, and a $55 million second-lien DIP term loan provided by holders of the Company's senior notes. The company also received approval to continue to pay employees' salaries, wages and benefits in the ordinary course, and the Court confirmed the company's ability to pay vendors for post-petition goods and services. In addition, the company received approval to allow all customer programs to continue uninterrupted, including its Fruit-of-the-Month Club and gift cards. The US Trustee also filed a motion appointing a seven-member unsecured creditors committee. Harry & David Holdings' official committee of unsecured creditors filed an objection to the Debtors' motions for orders approving and assuming a backstop stock purchase agreement and authorizing the Debtors to distribute an accredited investor questionnaire to their unsecured creditors. The creditors also objected to approving procedures related thereto and setting the rights offering record date. On May 11, 2011, the company reached a resolution with the official committee of unsecured creditors and holders of approximately 81% of the company's public notes on the structure of a consensual Chapter 11 plan. As part of this resolution, the committee has committed its support to an amended Chapter 11 Plan structure and withdrawn all objections to the Company's motions seeking approval of post-petition financing and certain plan-related relief.
No Fear Retail Stores, Inc.:
Filed for bankruptcy protection on February 24, 2011.
Filed for bankruptcy protection on February 24, 2011.
Dumoulin:
Filed for bankruptcy on February 23, 2011. Owns 15 corporate stores and 89 stores owned by franchisees. Seeks to close its US business affiliate and six corporate stores. Its 89 franchise stores are not going into bankruptcy.
Filed for bankruptcy on February 23, 2011. Owns 15 corporate stores and 89 stores owned by franchisees. Seeks to close its US business affiliate and six corporate stores. Its 89 franchise stores are not going into bankruptcy.
Borders Group Inc.:
Filed for Chapter 11 bankruptcy on February 16, 2011. On March 17, 2011, the US Bankruptcy Court signed a final order authorizing Borders Group to obtain DIP financing from GE Capital, Restructuring Finance. As previously reported, the financing consists of a $410 million revolver, a $55 million term loan B, and two $20 million letter of credit facilities. The funds will be used, among other things, to pay vendors, publishers and other suppliers for post-petition goods and services and to operate its day-to-day business. Also, Borders increased the number of store closing from 200 to 228. The US Trustee assigned to the Borders Group case filed with the US Bankruptcy Court an objection to the Debtors' motion for approval to implement a Key Employee Incentive Program and pay $8 million in bonuses to 17 executives, 25 director-level employees, and additional 'key' employees. The Trustee contended the measure was premature, given the closing of 228 stores and loss of jobs to thousands of employees. The Court allowed bankrupt Borders Group Inc to pay $6.6 million in executive bonuses if the company is sold.
Filed for Chapter 11 bankruptcy on February 16, 2011. On March 17, 2011, the US Bankruptcy Court signed a final order authorizing Borders Group to obtain DIP financing from GE Capital, Restructuring Finance. As previously reported, the financing consists of a $410 million revolver, a $55 million term loan B, and two $20 million letter of credit facilities. The funds will be used, among other things, to pay vendors, publishers and other suppliers for post-petition goods and services and to operate its day-to-day business. Also, Borders increased the number of store closing from 200 to 228. The US Trustee assigned to the Borders Group case filed with the US Bankruptcy Court an objection to the Debtors' motion for approval to implement a Key Employee Incentive Program and pay $8 million in bonuses to 17 executives, 25 director-level employees, and additional 'key' employees. The Trustee contended the measure was premature, given the closing of 228 stores and loss of jobs to thousands of employees. The Court allowed bankrupt Borders Group Inc to pay $6.6 million in executive bonuses if the company is sold.
Ultimate Acquisition Partners LP and CC Retail LLC:
Filed for Chapter 11 bankruptcy protection on January 26, 2011. Ultimate Acquisition filed with the US Bankruptcy Court on April 29, 2011 a motion to convert the Chapter 11 reorganization case to Chapter 7 liquidation status.
Filed for Chapter 11 bankruptcy protection on January 26, 2011. Ultimate Acquisition filed with the US Bankruptcy Court on April 29, 2011 a motion to convert the Chapter 11 reorganization case to Chapter 7 liquidation status.
Rugged Bear Co:
Filed for Chapter 11 on January 25, 2011. All intellectual property assets bought by TRB Acquisitions LLC on April 12, 2011.
Filed for Chapter 11 on January 25, 2011. All intellectual property assets bought by TRB Acquisitions LLC on April 12, 2011.
Appleseed's Intermediate Holdings LLC: and its domestic subsidiaries, which do business in US as Orchard Brands:
Filed for Chapter 11 on January 19, 2011. US Bankruptcy Court confirmed the company's Plan and Orchard Brands exited bankruptcy on April 25, 2011.
Filed for Chapter 11 on January 19, 2011. US Bankruptcy Court confirmed the company's Plan and Orchard Brands exited bankruptcy on April 25, 2011.
Anchor Blue, Inc. and it's parent Anchor Blue Holding Corp.:
Filed for Chapter 11 on January 11, 2011 in Delaware. The company is liquidating. Perry Ellis International, Inc. completed the purchase of all intellectual property assets of Anchor Blue, Inc. for $500,000. The company acquired the Anchor Blue and Miller’s Outpost trademarks, and all other intellectual property holdings associated with Anchor Blue, Inc.
Filed for Chapter 11 on January 11, 2011 in Delaware. The company is liquidating. Perry Ellis International, Inc. completed the purchase of all intellectual property assets of Anchor Blue, Inc. for $500,000. The company acquired the Anchor Blue and Miller’s Outpost trademarks, and all other intellectual property holdings associated with Anchor Blue, Inc.
Great Atlantic & Pacific Tea Co.:
Filed for Chapter 11 on December 12, 2010. Filed motion on February 16, 2011 to close 32 stores as part of reorganization. Filed motion seeking approval to extend the periods during which the Debtors have the exclusive right to file a Chapter 11 Plan and solicit acceptances thereof until December 31, 2011 and February 29, 2012, respectively. Group of creditors filed a motion seeking appointment of an official committee of direct store delivery and trade creditors filed a motion on April 13, 2011 seeking Bankruptcy Court approval of bidding procedures to market and sell 25 Superfresh stores in Maryland, Delaware, and the District of Columbia to be completed by mid-June. The Company continues to operate 395 stores.
Filed for Chapter 11 on December 12, 2010. Filed motion on February 16, 2011 to close 32 stores as part of reorganization. Filed motion seeking approval to extend the periods during which the Debtors have the exclusive right to file a Chapter 11 Plan and solicit acceptances thereof until December 31, 2011 and February 29, 2012, respectively. Group of creditors filed a motion seeking appointment of an official committee of direct store delivery and trade creditors filed a motion on April 13, 2011 seeking Bankruptcy Court approval of bidding procedures to market and sell 25 Superfresh stores in Maryland, Delaware, and the District of Columbia to be completed by mid-June. The Company continues to operate 395 stores.
Rosa's Home Stores:
Filed for Chapter 11 bankruptcy on December 9th, 2010.
Filed for Chapter 11 bankruptcy on December 9th, 2010.
Boutique Jacob Inc.:
Filed for protection under the Companies' Creditors Arrangement Act in the Quebec Superior Court November 18, 2010.
Filed for protection under the Companies' Creditors Arrangement Act in the Quebec Superior Court November 18, 2010.
Lacks Stores, Incorporated:
Filed Chapter 11 at the U. S. Bankruptcy Court for the Southern District of Texas on November 16, 2010 and is currently liquidating its inventory. The company hired a Realty Co to dispose of its stores and warehouse facilities.
Filed Chapter 11 at the U. S. Bankruptcy Court for the Southern District of Texas on November 16, 2010 and is currently liquidating its inventory. The company hired a Realty Co to dispose of its stores and warehouse facilities.
Loehmann's:
Filed Chapter 11 in the U.S. Bankruptcy Court at the Southern District of New York on November 15, 2010. Emerged from bankruptcy on March 1, 2011. It secured $45 million in exit financing from Wells Fargo Bank, N.A. and Whippoorwill Associates, Inc. As part of the Plan, the Company received a $25 million capital infusion through a rights offering to its Class A Noteholders that was backstopped by Istithmar World and Whippoorwill Associates, Inc. The restructuring eliminated all $110 million of the Company's long-term bond debt, $14 million in related annual interest, $23 million in other cost reductions, and recapitalized the balance sheet through the exchange of notes for common stock. Loehmann's also announced that CEO Jerald Politzer has chosen to leave the company, replaced by COO and CFO Joe Melvin as Interim CEO.
Filed Chapter 11 in the U.S. Bankruptcy Court at the Southern District of New York on November 15, 2010. Emerged from bankruptcy on March 1, 2011. It secured $45 million in exit financing from Wells Fargo Bank, N.A. and Whippoorwill Associates, Inc. As part of the Plan, the Company received a $25 million capital infusion through a rights offering to its Class A Noteholders that was backstopped by Istithmar World and Whippoorwill Associates, Inc. The restructuring eliminated all $110 million of the Company's long-term bond debt, $14 million in related annual interest, $23 million in other cost reductions, and recapitalized the balance sheet through the exchange of notes for common stock. Loehmann's also announced that CEO Jerald Politzer has chosen to leave the company, replaced by COO and CFO Joe Melvin as Interim CEO.
Blockbuster:
Filed Chapter 11 on September 23, 2010. Creditors won approval to investigate the liens of senior noteholders and former board member Carl Icahn on November 23, 2010. Blockbuster filed with the US Bankruptcy Court a motion seeking to extend for the second time the exclusive period that the company can file a Chapter 11 Plan and solicit acceptances thereof through and including August 19, 2011 and October 18, 2011, respectively. Blockbuster requested more time to formulate a Chapter 11 plan following the implementation of the bid procedures and the consummation of its $290 million asset sale to Cobalt Video Holdco LLC (a limited liability company formed by funds managed by Monarch Alternative Capital LP, Owl Creek Asset Management LP, Stonehill Capital Management LLC and Varde Partners, Inc.). The Court scheduled an April 21, 2011 hearing on the matter then subsequently signed a bridge order extending the exclusive period to the date that the Court enters an order determining the motion. Blockbuster sold at auction on April 5, 2011 for about $320 million to Dish Network Corp. The Court approved the deal on April 7, 2011. The Court approved Blockbuster's motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including August 19, 2011 and October 18, 2011. In its motion, the Company told the Court it needed this exclusivity extension '...to provide an opportunity for them to formulate a chapter 11 plan following the implementation of the Bid Procedures and the consummation of the Sale.'
Filed Chapter 11 on September 23, 2010. Creditors won approval to investigate the liens of senior noteholders and former board member Carl Icahn on November 23, 2010. Blockbuster filed with the US Bankruptcy Court a motion seeking to extend for the second time the exclusive period that the company can file a Chapter 11 Plan and solicit acceptances thereof through and including August 19, 2011 and October 18, 2011, respectively. Blockbuster requested more time to formulate a Chapter 11 plan following the implementation of the bid procedures and the consummation of its $290 million asset sale to Cobalt Video Holdco LLC (a limited liability company formed by funds managed by Monarch Alternative Capital LP, Owl Creek Asset Management LP, Stonehill Capital Management LLC and Varde Partners, Inc.). The Court scheduled an April 21, 2011 hearing on the matter then subsequently signed a bridge order extending the exclusive period to the date that the Court enters an order determining the motion. Blockbuster sold at auction on April 5, 2011 for about $320 million to Dish Network Corp. The Court approved the deal on April 7, 2011. The Court approved Blockbuster's motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including August 19, 2011 and October 18, 2011. In its motion, the Company told the Court it needed this exclusivity extension '...to provide an opportunity for them to formulate a chapter 11 plan following the implementation of the Bid Procedures and the consummation of the Sale.'
Oriental Trading Company:
Filed Chapter 11 on August 25, 2010 in Wilmington, DE. Completed its reorganization efforts and exited from bankruptcy on Feb 14, 2011 with a significantly improved capital structure and strong liquidity, having reduced its debt by nearly 70%.
Filed Chapter 11 on August 25, 2010 in Wilmington, DE. Completed its reorganization efforts and exited from bankruptcy on Feb 14, 2011 with a significantly improved capital structure and strong liquidity, having reduced its debt by nearly 70%.
Gracious Home:
Filed Chapter 11 on August 13, 2010 in Manhattan, NY and was sold to American Retail Flagship Fund, LLC, effective December 3, 2010.
Filed Chapter 11 on August 13, 2010 in Manhattan, NY and was sold to American Retail Flagship Fund, LLC, effective December 3, 2010.
Jennifer Convertibles Inc.:
Filed Chapter 11 on July 18, 2010 in Manhattan, NY. Emerged from bankruptcy on February 23, 2011.
Filed Chapter 11 on July 18, 2010 in Manhattan, NY. Emerged from bankruptcy on February 23, 2011.
Controladora Comercial Mexicana, S.A.B. de C.V.:
Filed Chapter 15 on July 16, 2010 in the Southern District of New York and a Mexican Judge accepted their insolvency petition. They hope to finish restructuring by the end of 2010.
Filed Chapter 15 on July 16, 2010 in the Southern District of New York and a Mexican Judge accepted their insolvency petition. They hope to finish restructuring by the end of 2010.
Riviera Holdings Corporation:
Filed Chapter 11 on July 12, 2010 in Las Vegas, NV. Filed its reorganization plan and emerged from bankruptcy on November 17, 2010.
Filed Chapter 11 on July 12, 2010 in Las Vegas, NV. Filed its reorganization plan and emerged from bankruptcy on November 17, 2010.
Rock & Republic:
Filed Chapter 11 on April 1, 2010 in New York, NY. It plans to reorganize.
Filed Chapter 11 on April 1, 2010 in New York, NY. It plans to reorganize.
Movie Gallery, Inc.:
Filed Chapter 11 in Virginia on February 2, 2010. It liquidated all of its stores.
Filed Chapter 11 in Virginia on February 2, 2010. It liquidated all of its stores.
Station Casino's:
Filed Chapter 11 on July 28, 2009 in Las Vegas, Nevada and is reorganizing.
Filed Chapter 11 on July 28, 2009 in Las Vegas, Nevada and is reorganizing.
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