Apparel & Accessories Retailers
Bebe Stores Inc:announces organizational restructuring.Says manny mashouf rejoins management team as chief executive officer.Says walter parks rejoins as president, chief operating officer, and interim-chief financial officer.Says instituted a workforce reduction that will result in the elimination of a total of about 45 positions.Says about a 14.6% reduction in corporate headcount.Streamlining design and merchandising teams, while reducing support functions in recognition of the rationalization of the store base.Expects to incur a one-time severance charge of about $3.7 million in the third fiscal quarter of 2016.Says reductions are expected to yield annualized pre-tax cost savings of about $6.0 million.Recognize that the overall macro environment has not been favorable to retailers in general".Former chief executive officer and board member Jim Wiggett and former chief financial officer liyuan woo are no longer with the company.
Shinsegae International Co Ltd:To merge with a wholly owned subsidiary, VIDI VICI COSMETIC CO., LTD, which is engaged in the manufacture of cosmetic business, to improve operating efficency and create synergy.Merger effective date of April 1 and registered date of April 1.The company will survive and the subsidiary will be dissolved after the merger.
Fila Korea Ltd:Suspends the operation of its outdoor business division due to uncertainty of business prospect.The suspended amount is 23,862 mln won.
Cima Co Ltd:To merge with its Tokyo-based wholly owned subsidiary on Nov. 1.Says the subsidiary to be dissolved after the transaction.
Adastria Co., Ltd:To take over the designing and manufacture of clothing related business from a wholly owned subsidiary, an Ibaraki-based company.Says change effective Sep. 1.
Gap Inc announces strategic initiatives to increase productivity and profitability of namesake brand
GAP Inc:Says plans to right-size its specialty store fleet and streamline its headquarter workforce, primarily in North America, as part of the comprehensive effort to deliver more consistent and compelling product collections and engage customers across all channels.Says will close about 175 specialty stores in North America over the next few years, with about 140 closures occurring this fiscal year.Says these changes will not impact Gap Outlet and Gap Factory Stores.Says in parallel with these moves, the brand will close a limited number of European stores during this period.Says following the fleet optimization effort, the brand will continue to serve North American customers through about 800 Gap stores, comprised of 500 Gap specialty locations and 300 Gap outlet stores.Says the brand will continue to have a robust global presence in more than 50 countries and with about 1,600 company-operated and franchise locations globally.Says this will result in the reduction of the brand`s headquarter workforce, primarily in North America, by about 250 roles during fiscal year 2015.Says the company estimates annualized savings from these actions to be about $25 million, beginning in 2016.
VOIR Holdings Bhd:Says Radical Marketing Sdn Bhd, a dormant wholly owned subsidiary of Kumpulan Voir Sdn Bhd, which in turn is a wholly owned subsidiary of Voir, was dissolved on June 11.Says dissolution of Radical is not expected to have any material impact or effect on the business operations, earnings and net tangible assets of Voir and its Group for the financial year ending Dec. 31.
Ascena Retail Group, Inc:Announced that as part of a strategic review of its Justice business, it has decided to close its Brothers brand.Operations are expected to be fully wound down by the end of the company's fiscal year.
Bonia Corporation Bhd:Says dissolution of its indirect wholly-owned subsidiary company namely Guangzhou Bonia Fashions Co Ltd (GBF), a company incorporated in People’s Republic of China, has been completed.
Adastria Holdings Co., Ltd. announces withdrawal of Singapore business and expects extraordinary loss for Q3 of FY 2015
Adastria Holdings Co., Ltd:Announced withdrawal of Singapore business, and to close nine stores and to dissolve wholly owned sub-subsidiary ADASTRIA SINGAPORE PTE. LTD.Expected extraordinary loss of about 60 mln yen for Q3 of FY ending Feb. 2015.