By Staff -- Home Textiles Today, 6/23/2008 12:00:00 AM
Macy's to test LittleMissMatched
Girls fashion brand LittleMissMatched has completed its first round of funding from consumer-market investor Catterton Partners, and also said it will open 85 shop-in-shop boutiques in Macy's by September.
The brand started as a novelty hosiery line, and has expanded into apparel — as well as a bedding and room décor line produced by WestPoint Home. The company confirmed that dec pillows and wall décor will be part of the Macy's launch at some of the 85 stores, but could not confirm that any further home products would be included. The test is already underway at the Herald Square flagship store in New York.
Wal-Mart to Cut Capital Expenditures
Delivering another billion dollars of bad news to construction firms and contractors, Wal-Mart Stores now projects capital expenditures of $13.0-$14.0 billion this year, down from its first forecast of $13.5-$15.2 billion.
The budget covers all units of the $375 billion retailer, including Sam's Club and International.
Peaking at $15.7 billion in fiscal 2007, Wal-Mart cap ex dipped 4.7% to $14.9 billion in fiscal 2008. Wal-Mart had projected 2% to 4% growth in cap ex for the current, 2009 fiscal year.
Restoration Hardware taken private
The acquisition of specialty retailer Restoration Hardware (RH) by a group of investors including Catterton Partners and RH chairman, president and ceo Gary Friedman has been completed, in a $4.50 per common share buyout.
In addition, under the settlement of dissident shareholder litigation, those holders not part of the Catterton group or RH executive management are entitled to receive a payment from a shareholder common fund in the amount of approximately 10 cents to 13 cents per share, the company said.
Catterton said it now shares controlling equity interest in RH with another private equity firm, Tower Three Partners LLC, which contributed an approximately equal investment.
As a result of the acquisition closing, Restoration Hardware's common stock ceased trading on NASDAQ and will no longer be listed.
Fashion a Bon-Ton Bright Spot
The parts that are doing well in home – very similar to what's happening in apparel – in soft home, it's more the updated fashion looks that are selling, and the basics are not," Bon-Ton Stores president and ceo Bud Bergren said at a Piper Jaffray conference. "If you're selling fashion like a Karen Neuberger or Laura Ashley, that's doing very well," he said. Bon-Ton is expanding its soft home mix of Laura Ashley and Rough Hewn, a northern lodge look not carried in many urban units of the 280-store retailer.
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