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In This Issue Lenders Turn to Asset Appraisal Group (Page 2) Gramicci Aims to 'Be There' For Retailers (Page 3) Jewelry Unit Scores Big in Fla. Sale (Page 4)
STRATEGY ONE |
Buxbaum CEO brings turnaround
Buxbaum, who has more than 30 years of experience in the apparel industry, is widely known for his expertise as a turnaround specialist. He was tapped by Haggar’s board to help reenergize the brand, which had made an unsuccessful bid to move upscale during the go-go days of the housing boom and was feeling the sting of inefficiencies in its supply chain. "We’re taking Haggar back to its core competency, which is the quality slacks and shorts business, dress and casual," Buxbaum says. | |
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Buxbaum helps keep storied Filene's name alive | ||
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Thanks to the efforts of Buxbaum Group, consumers who know a good bargain will be able keep searching for treasure at over 20 Filene’s Basement stores in metro Boston, New York, Washington, D.C., Atlanta, Miami, Cleveland, Columbus and Chicago. Moving at a rapid clip, a Buxbaum Group affiliate, FB Acquisition II, acquired Filene’s Basement from Retail Ventures on April 20 and then filed to reorganize under Chapter 11 of the Federal Bankruptcy Code on May 4. Concurrent with the filing, the company announced that a ‘stalking horse’ bidder, Crown Acquisitions of New York, had agreed to purchase the trade name and leases for 17 stores, but not the inventories, for approximately $22.0 million. The initial agreement was subject to a Bankruptcy Court auction under |
Filene's in Aventura, Fla. was among 23 stores taken by Syms.which additional offers for Filene’s assets would be solicited. Following two long and spirited auctions, by mid-June a joint venture comprised of off-price retailer Syms Corp. and developer Vornado Realty Trust emerged as the court-approved | |
Pitching value to today’s cash-conscious shoppers has become a survival strategy for myriad U.S. retailers and brands, including a few latecomers that, in truth, cut their teeth on luxury rather than affordability. For Dallas-based Haggar Clothing Co., however, providing value is an 80-year-old tradition. "This is a venerable, instantly recognizable brand," says Buxbaum Group Chairman and CEO Paul Buxbaum, who was named Haggar's chief executive in March. "Haggar has always been about quality and value, and that gives it an edge in today's tough economy."