May 15, 2020
After a final week of negotiations with creditors failed to produce a life line for the ailing mass market retailer, JCP pulled the trigger this evening and filed for Ch. 11 reorganization in the Southern District of Texas bankruptcy court.
A $323 million goodwill impairment charge for Timberland and a $60 million loss on debt extinguishment contributed to a loss of $483,776,000 in VF’s fiscal fourth quarter ended Mar. 31, from income of $128,804,000 last year, as sales slipped 11% to $2,102,421,000 from $2,357,409,000.
SQBG’s net loss of $86,613,000 included a $85.6 million write down of the Jessica Simpson, Gaiam, Joe’s and Ellen Tracy brands, but was lower than last year’s $125,345,000 loss that included $120.6 million in losses from the since divested Martha Stewart brand.
Adjusted sales for sporting goods/hobby/book and music stores plunged 48.9% last month to $3,422 million from $6,700 million, according to Commerce Dept. data.
The newly formed company acquired the personal watercraft assets of KLO Holdings and will relaunch the KL Outdoors line of U.S.-made kayaks, canoes, fishing boats and pedal boats.
COLM is bringing back more than 250 furloughed workers to staff 30 stores in ten states that reopened today, following its first store reopening in Nebraska last week.