Home & Textiles Today Staff -- Home Textiles Today, January 12, 2009
Tuesday Morning Updates Credit Line
Closeout chain Tuesday Morning entered into a new, five-year, $150 million senior secured revolving credit facility with Bank of America as administrative agent and Wells Fargo Retail Finance as joint lead arranger. The facility, said the 851-store retailer, "provides the company with more availability and liquidity" than the previous one, "and does not have financial covenants." Kathleen Mason, president and ceo, said, "Securing a new credit facility which provides us with greater flexibility than our previous facility is a testament to the strength of our balance sheet."
Duckwall-ALCO Taps Wal-Mart Exec
Rural general merchandiser Duckwall-ALCO Stores has named Jim Spencer svp operations. Spencer was most recently vp operations at Wal-Mart International, the culmination of 18 years on the store ops side of Wal-Mart. Duckwall-ALCO's current svp operations Phil Hixon will transition to svp merchandising at the 258-store, Abilene-Kan.-based company.
HSN Adopts Rights Plan
Multi-channel retailer HSN Inc. at the end of December adopted a stockholder rights plan to go into effect in the event of an unsolicited takeover proposal. The company said the move was not triggered by any particular accumulation of shares or takeover activity.
Under the plan, HSN declared a distribution of one preferred stock purchase right for each share of common stock held by stockholders of record as of Jan. 5. These rights will become exercisable only if a person or group acquires beneficial ownership of 15% or more of HSN's common stock or announces or launches a tender or exchange offer that would result in the acquisition of 15% or more of the common stock.
HSN ceo Mindy Grossman said the action would provide the board "with adequate time to evaluate alternatives in the event of an unsolicited offer."
Wal-Mart Celebrates Three Kings
Tapping into a Hispanic holiday tradition, the Three Kings made guest appearances in more than 480 Walmart stores across the nation on Jan. 3 and 4.
"Walmart is committed to serving its customers' needs and the Hispanic community by recognizing Hispanic holidays such as Three Kings Day with traditional foods, customs and products," said Laura Phillips, vice president and divisional merchandise manager of toys.
Although Three Kings Day celebrations differ from place to place, Jan. 6 is the official day of the Christian holiday of the Epiphany.
Celebrity Branding at NY Home Fashions Market