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November 1, 2008
The McPete Sez
Lingerie Newsletter & Women's Wear Journal
Goody's Family Clothing Emerges From Bankruptcy
Apparel retailer Goody’s Family Clothing Inc emerged from Chapter 11 bankruptcy protection on October 20,
after a US bankruptcy court approved the company's reorganization plan.
The Knoxville, Tennessee based retailer, which sells moderately priced family apparel from 278 stores in
south eastern states, has streamlined its operations since it filed for bankruptcy on June 9.
This has included shuttering 69 stores, as well as closing a distribution centre in Arkansas, a corporate
office in New York, and its e-commerce business.
Paul White, Goody's chief executive officer, said: "We believe we have significantly strengthened both our
business and capital structure and this will allow Goody's to continue to build on its 55-year heritage.
"Our plan has enabled us to eliminate considerable costs from our business
and we now have a profitable store base that is more efficient and productive."
As part of its reorganization, Goody's has also closed a $175m revolving exit credit facility from GE
Corporate Lending and Bank of America, and secured $10m and $35m exit term loans from GB Merchant Partners and
Macy's, the famous department store and retail industry pioneer beloved for its memorable events and immortalized in Miracle on 34th Street, turns 150 years old on October 28, 2008.
Among the sesquicentennial celebration activities, Macy's will rename 34th Street in New York City - the address of its Herald Square flagship and world's largest store - to R.H. Macy Way in honor of the brand's founder. The ceremonial unveiling of the street sign will take place the morning of October 28. The temporary signs will be on view until November 15th.
That evening, Macy's will host a fashion industry gala at Gotham Hall - just a block from its flagship store - with guests like Jessica Simpson, Sean "Diddy" Combs, Eva Mendes, Martha Stewart, Tommy Hilfiger, Clinton Kelly, Kenneth Cole, Todd English, Tyler Florence and Ming Tsai. The event will culminate with the reveal of a special birthday cake designed by Duff from Ace of Cakes followed by a fireworks finale off the roof of the retailer's famous NYC landmark store. Also, in honor of the milestone, the Empire State Building (Macy's neighbor on 34th Street) will
be lit red.
"It's amazing to consider that Macy's was doing business before many great brands like General Electric, Coca Cola, and Ford Motor Company were even born," said Terry J. Lundgren, Macy's, Inc. chairman, president and chief executive officer. "Macy's is responsible for American mainstays like the in-store Santa Claus and the Idaho baked potato as well as popularizing the one-price-system and bringing ready-to-wear to the masses. By turning 150, Macy's joins the ranks of a very exclusive club of iconic brands. The longevity of the Macy's brand, its place in American culture, and its legacy of serving customers for five generations are extraordinary."
Started by Nantucket-born R.H. Macy as a fancy dry goods store on 14th Street and Sixth Avenue, Macy's is the American dream realized. Today, the retailer has more than 800 stores across the country that are closely integrated with a thriving online business. Throughout its history, Macy's has paved roads in both fashion and retail, including introducing the one-price system, pioneering the concept of private brands for fashion goods, and being the first retailer to promote a woman to an executive position. The company also has impacted American pop culture with countless movie and TV show cameos and world-famous events like the Macy's Thanksgiving Day Parade® and Macy's 4th of July Fireworks®.
Macy's, the largest retail brand of Macy's, Inc., delivers fashion and affordable luxury to customers at more than 800 locations in 45 states, the District of Columbia, Puerto Rico and Guam. Offering distinctive assortments including exclusive fashion and home brands, Macy's stores are operated by four regionally based retail divisions - Macy's East, Macy's Florida, Macy's Central, and Macy's West - and an online store at macys.com.
1858: Rowland Hussey Macy opens his "fancy dry goods" store in New York.
1870: Macy's expands his business to include men's wear, ready-to-wear dresses,
jewelry, china and more with sales totaling $1 million for the first time Also, Macy's became the first department store to feature Christmas window displays.
1893: Isidor Straus and Nathan Straus acquire R.H. Macy & Co. The Straus family owned Macy's until 1994.
1902: Macy's moves to 34th Street and Herald Square. Customers could now also purchase livestock on the main floor.
1924: Macy's becomes the "World Largest Store" after its expansion on Seventh Avenue in New York.
The Macy's Thanksgiving Day Parade is started by employees, featuring animals from the Central Park Zoo. Helium balloons were added in 1927, and televised nationwide in 1948.
1945: Macy's goes west and buys O'Connor Moffatt and Company in San Francisco, converting its stores.
1947: Macy's premiers its First Annual Flower Show in San Francisco.
1971: The Cellar house wares department debuts in Macy's Union Square in San Francisco.
1976: The Macy's Fireworks Spectacular is televised on the Fourth of July for the first time.
1994: Macy's joins Federated to create the largest department store retailer in America.
2007: Federated renames itself Macy's Inc.
Lawrence O. Brown
China Raises Tax Rebates
China is raising tax rebates on textile and garment
exports for the second time in three months to help producers counter rising costs and a
slowdown in demand.
Rebates on textiles, apparel and garments will go up to 14% from November 1, said the ministry of finance in a
circular published on its website. It adds a further 1% to the rebate increase announced in August.
The move is part of a package of measures to help several industries cope with the impact of the global
New figures this week showed that growth in China's economy has slowed more than expected to 9%, well below
the forecast of 9.7%. Growth was 10.1% in the second quarter.
The higher tax rebate will be applied to machine-made cotton fabric, silk yarn, wool yarn, cashmere yarn and
fabric woven from wool as well as cashmere and some plant fiber textiles. It also includes knitted, woven
and other garments.
"This will help the industry to some degree but it won't change the situation fundamentally. The key point
is that foreign demand is falling," said Li Xin, analyst at Citic Securities in Shanghai.
The tax rebate rise was lower than had been expected but Xin believes it will be increased again in the
future. "The appropriate tax rebate is 17% based on the current situation."
Growth in exports of garments and accessories between January and September fell by 21.2% compared with the
same period of last year, according to China customs.
September Retailers' Review
Abercrombie & Fitch reported net sales of $275.4m for the five-week month, a 7% decrease from net sales of $297.4m in the same period last year. September same-store sales fell 14%.
Aéropostale said total net sales for the five-week period ended
October 4, increased 15% to US$146.7m, from $127.9m for the five-week period ended
October 6, 2007. The company's same-store sales increased 5% for the month, compared to 1% in the year ago period.
American Apparel said its sales for stores open for more than a year rose 15% in September over the year ago period. Same-store sales were up 35%.
American Eagle Outfitters announced that total sales for the five weeks to October
4, increased 3% to $229.2m, from $222.8m last time. Same-store sales fell 6% in the month, compared to a 2% decrease for the same period last year.
Bakers Footwear Group said its same-store sales increased 4.1% for September, compared to a decrease of 17.6% for the prior year period. Net sales for the five-week September 2008 period rose 1.6% to $15.2m.
The Bon-Ton Stores said its same-store sales for the five weeks to October
4, fell 4.6%. Total sales dropped 2.7% to $299.4m from $307.9m.
The Buckle said its same-store net sales increased 19.7%. Net sales for the fiscal month soared 26.2% to $72.8m from $57.7m last time.
Cache posted a 6% same-store sales drop for September, as compared to a 3% increase for the five-week period ended 29 September 2007. Total net sales for the month were down 8% to $24.8m.
The Cato Corporation posted sales of $64.8m for the five weeks, down 2% from sales of $65.8m for prior year period. Same-store sales were 3% lower than the prior year.
Chico’s reported that its net sales were down 9.3% in fiscal September to $159.5m, while same-store sales dropped 15.6% for the five-week period.
Dillard's reported sales for fiscal September of $568.5m, down from $649.2m in the same period last year. Sales dropped 12% on both a total and comparable store basis.
Gap Inc posted a 6% drop in net sales to $1.34bn for the five-week period to October
4, 2008. The company's same-store sales for September 2008 were down 11% compared with a 7% decrease for September 2007.
Same store sales at Gottschalks decreased 11.8% in September. Total sales for the five weeks dropped 13.2% to $45.8m from $52.8m in the same month of 2007.
Hot Topic's September net sales were up 2.5% to $60.8m, while same-store sales fell 1.8% for the month.
JC Penney said that same-store sales were down 12.4% in September. This compared to a 3.7% drop in the same month last year. Total company sales slipped 10.9%, it said.
Kohl's Corporation reported a 0.6% rise in total sales for the five-week month, but on a same-store basis, sales decreased 5.5%.
Limited Brands reported a same-store sales decrease of 6% for the five weeks ended
October 4, compared to the same period last year. The company reported net sales of $673.4m for the five weeks, compared to net sales of $713.2m last year.
Mothers Work said that net sales for the month of September 2008 dropped 5.8% to $43.7m from $46.4m in the same period last year. Its same-store sales, meanwhile, decreased 1.3% on a reported basis.
Nordstrom posted preliminary sales of $718m for the five-week period, a decrease of 5.8% on last year's $762m. Same-store sales were down 9.6%.
Pacific Sunwear of California reported a 4% fall in PacSun sales for the five weeks to
October 4, dropping to $91.2m from $95.1m. PacSun same-store sales were down 5% during the same period.
Ross Stores saw its September sales rise 5% to $561m, from $537m in last time. Same-store sales for the five weeks declined 2%, the company said.
Saks Incorporated said its owned sales totaled $273.2m for the five weeks to
October 4, compared to $307.4m for the same month last year, an 11.1% fall. Same-store sales were down 10.9% for the period.
Stage Stores saw a 9.6% drop in sales to $115.5m from $127.8m last time. Same-store sales slumped 13.6% versus an increase of 2.3% last year.
Stein Mart has posted total sales down 11.9% to $112m, while the company's same-store sales decreased 14.8% for the month of September.
Target Corporation said net retail sales for the five weeks ended October
4, increased 2.5% to $5.32bn, while its same-store sales declined 3.0%.
The TJX Companies said its sales for September were $1.83bn, up 3% over the same period last year. Consolidated same-store sales decreased 1% compared to last September.
Wal-Mart Stores' net September sales increased 5.8% to $36.23bn. The company's same-store sales rose 2.4%.
The Wet Seal said its total net sales fell 3.2% to $51m for the month of September. Its same-store sales fell 7.5% for the period.
Zumiez said its total net sales for September increased 4.8% to $33.6m, from $32.1m in the same period last year. The company's same-store sales fell 9.0% for the month.
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