It’s been another week with far more retail news than there is time in the day. Below, we break down some things you may have missed during the week, and what we’re still thinking about.
From multiple bankruptcies to an Eggo pancake house, here’s our closeout for the week.
What you may have missed
Thrasio files Chapter 11
E-commerce aggregator Thrasio Holdings on Wednesday filed for Chapter 11 bankruptcy protection. The company will eliminate around $495 million in existing debt, and has received commitments for up to $90 million in new financing. The funds will enable the company to support its ongoing business operations and provide capital when it exits bankruptcy, according to a company press release.
Thrasio, which describes itself as one of the largest third-party sellers on Amazon marketplace, has filed motions with the court seeking authorization to support its operations including the payment of employee wages, salaries and benefits without interruption. The company said it intends to pay vendors and suppliers in full for goods and services provided during the bankruptcy.
Dr. Martens announces start date for new CFO
Giles Wilson will officially step into a new role as chief financial officer of Dr. Martens on May 27, the company announced this week. Wilson will also join the company’s board. He’s slated to present the footwear retailer’s full-year financial results on May 30.
Dr. Martens initially announced Wilson’s appointment in November. He joins the company from U.K.-based spirits company William Grant & Sons Limited. Wilson replaces CFO Jon Mortimore, who retired.
Renewcell files for bankruptcy
Textile recycling company Renewcell on Sunday announced the company will file for bankruptcy. The Sweden-based firm said it was unable to secure sufficient financing after initiating a short-term strategic review in November.
“This is a sad day for the environment, our employees, our shareholders, and our other stakeholders, and it is a testament to the lack of leadership and necessary pace of change in the fashion industry” Chairman of the Board of Directors, Michael Berg, said in a statement.
In December, Renewcell secured 100 million Swedish krona, about $9.8 million, in short-term funding. The money was a loan from top shareholders H&M and textile developer Girindus’s incubator arm, Girincubator.
Retail therapy
Stay a night at the pancake house
Though most known for their waffles, in honor of National Pancake Day on Wednesday, Eggo announced a pancake-themed vacation destination available for rent, according to a press release. The Eggo House of Pancakes located in Gatlinburg, Tennessee, can be booked on HomeToGo and holds up to eight guests.
Image courtesy of Kellanova
According to the company, the location is the “pancake capital of the South.” The space features a chimney shaped like a stick of butter and other breakfast-inspired decor. It also comes with a with a freezer full of Eggo pancakes in many flavors.
REI’s ridiculous reasons
Staff at REI published a blog post to their site compiled of funny reasons customers have returned items. The outdoor retailer offers a range of outdoor gear and apparel, but some didn’t make the cut for a few hilarious reasons.
One customer returned a $200 bag because their girlfriend “thought the bag made her look like a ninja turtle.” Another customer returned a backpack after one use writing, “used one time, broke up with partner and never want to backpack again.”Jokes aside, REI returns that make the cut are often included in the REI Re/Supply program of pre-owned items.
What we’re still thinking about
10
That’s how many years Belk has offered its Crown & Ivy house brand.
To celebrate the milestone, Belk has added two capsule collections to this year's spring offerings. The retailer partnered with Society Social to offer a limited-edition capsule collection of home decor and women’s apparel.
Belk also wanted to use the anniversary as a chance to give future designers an opportunity. The company created a contest open to fashion design or merchandising college majors. The students submitted designs that fit the Crown & Ivy aesthetic. Jewel Moser, a design student from North Carolina A&T, was named the winner and invited to create several looks that are part of the Crown & Ivy spring collection.
Belk’s Crown & Ivy spring collection will be available online and in stores starting March 11.
65%
That’s how much full year revenue was up for DTC health and wellness company Hims & Hers. The company ended the year with revenue of $872 million, compared to $526.9 million year over year. Net loss narrowed to $23.5 million for the earnings period ending Dec. 31, compared to $65.7 million in the year-ago period.
This year, the company expects to deliver over $1 billion in revenue and deliver its first full year of net income profitability.
What we’re watching
What will happen to the Macy’s flagship in San Francisco?
About a year ago ex-Macy’s CEO Jeff Gennette said the retailer’s large-scale store closures were pretty much over, so it was a surprise this week when new CEO Tony Spring announced that, in the next three years, Macy’s will close about 150 underperforming stores. Even more shocking were reports that the department store’s iconic San Francisco flagship in Union Square was on the list. Local news outlets based that on interviews with store employees and the city’s mayor, but the company told Retail Dive by email that final decisions on specific locations have yet to be made. Macy’s is evaluating stores’ potential real estate value versus sales growth and profitability; if San Francisco does end up closing, the soonest that would happen is 2025, the company also said.
via https://www.aiupnow.com
Retail Dive Staff, Khareem Sudlow
