Home & Textiles Today Staff -- Home Textiles Today, September 8, 2008
Top Home Merchant Vernon Out at Fortunoff, Reported to Chinni
Dave Vernon has resigned as evp and general merchandise manager of home for Fortunoff; the Uniondale, N.Y. – based company confirmed it is seeking a successor for the position. Vernon joined the specialty retailer last year, and reported to chairman and ceo Charles Chinni, who himself joined Fortunoff in March 2008.
Boscov's Gets Access to $250M DIP
Boscov's Department Store LLC reported that the U.S. Bankruptcy Court entered a final order approving the Company's $250 million debtor-in-possession (DIP) financing from Bank of America.Ken Lakin, chairman and ceo of the 49-store chain, said, "We are grateful for this vote of confidence as we normalize relations with vendors and provide our customers with the wide selection, great prices and warm personalized service for which Boscov's is known." Boscov's filed August 4 to reorganize under Chapter 11.
Target Adds to Commercial Interiors
Target Commercial Interiors (TCI), a wholly owned subsidiary of Target Corp., has acquired Walsh Bros. and U.S. Business Interiors (USBI), two Phoenix-based companies.
TCI represents more than 200 furniture manufacturers in Minnesota, Wisconsin, Illinois, Washington and now Arizona. TCI president Joe Perdew said the Walsh and USBI businesses "align well" with his company's goals. Office furniture brand Steelcase will expand its partnership with Target in the wake of the transaction (for which the companies did not disclose terms).
Dillard's Tidies up Ancillaries
Department store operator Dillard's Inc. completed the acquisition of the remaining 50% interest in CDI Contractors it did not already own. The sellers of CDI were a trust established by William Clark, who died in May 2007, and Braggs Electric Construction Company, controlled by the Clark family.
Also, the 318-unit retailer will close Dillard's Travel Agency, which operates in 43 stores and employs about 160. Dillard's Executive Travel, which serves corporate clients, will remain in operation, the company said, adding that it also plans to find other jobs within its stores for many of workers at the consumer Travel Agency.
Bon-Ton Rewards for Goodwill Givers
In its semi-annual Goodwill Sale, Bon-Ton Stores is offering 20%-off coupons to shoppers who donate "clean, gently-used clothing and home textiles" to its stores during the September 10-22 run of the program. Last spring, the campaign at the 280-unit department store operator yielded some 3.3 million pounds of donated goods, resulting in an estimated $2.3 million for Goodwill programs such as job training and support services for disadvantaged and disabled people.
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