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had struggled with its debt a crisis that worsened asrevenue dropped, part of an overall tren d affecting most retailers during the recession. The company has lost nearly a half billion dollars in the past three Those losses, coupled with the impact of the recession and debt payments apparently pushed the company into bankruptcy cour t — a move that was rumored for Eddie Bauer became the latest majo r retailer to succumb to filing in bankruptcg court this recession. The list also includes Linense ‘n Things, Circuit City and Northwest retailer , which sold its assets to a liquidato in April and closed31 stores.
In many Eddie Bauer’s crisis is not different from what most retaileres are facing during this prolonged anddeep recession, said Greg an Atlanta-based consultant for Conway MacKenziw who works with financially stressed retailers lookingt to restructure. Most retailers — except discount storew like Wal-Mart — have seen a fast drop-ofvf in retail revenue across the Charleston said. Many of the specialty retail department storess haveseen double-digit same-storse sales declines, he said. “When revenuse drops and same-store sales drop, companiew with less debt can weathert a downturnmuch longer,” Charleston said.
“It becomes an issuee much sooner if you are intoliquidity issues.” As of May 11, Eddied Bauer reported having $289.5 million in outstandingf debt, including $187.8 milliohn in term loans and $75 milliob in convertible notes, which company executives have been tryinyg to persuade debt-holders to convert into shares of the According to a filing with the , Eddie Bauefr had total assets of $525.22 millio n in April. The company listed total liabilitiewof $448.9 million. Eddie Bauer reported net lossezsof $165.5 million in fisca l year 2008, part of a total of $478.
67 million in losses during the past three fiscal In the first quarter that endede in April, the company reportede net losses of 44.5 million. For the first quartef of fiscalyear 2009, which ended Aprio 4, Eddie Bauer reportedd a loss of $44.5 million. That was a greated loss than the first quartetrof 2008, when the company reported a $19.3 million loss. Net salesx for the first quarter of 2009were $179.8 compared with net sales of $213.w2 million in the first quarter of 2008. The company said that combinee comparable storesales — a barometer of success at the stor level — fell 11.
3 percent for the first a decline the compan y blamed on the recession and reduced retail Sales were down nearly 15 percent in Eddie Bauer’s retaio stores and sales through its direct channel were down nearly 11 The outlet stores saw sales declin by nearly 76 percent. “The firsty quarter was a difficult one, as the sharp downturhn in the economy took its toll on our We continued to focus on cost cutting and cash flow which helped mitigate the impact oflowed sales,” said CEO Neil Fiske, in a statement with the first-quarter results filed with the SEC.
Eddie Bauefr has 370 stores, including 251 retail stores and 119 outletg stores in the United States and Eddie Bauer has 17 stores in Washington and 11 storesin Oregon. (See a copy of the bankruptcgy filing .) But by filing for reorganization under Chapter 11 of the federalbankruptchy code, Eddie Bauer hopes to avoid the fate of Joe’s Sports & Outdoor, which filed for bankruptcy protect March 4. The Ore.
-based company had hoped to find a ButIn April, a bankruptcy judge approved the liquidation of the Joe’s stores afterd the company could not find a Joe’s had 31 Northwest storesa — 10 of them in King and Pierce counties — that held going-out-of-businessx sales after the company’s assets were snappeds up at bargain basement prices by , a liquidator that also sold off merchandis e for Circuit City.
Wednesday, November 14, 2012
Sunday, November 11, 2012
Saturday, November 10, 2012
Frazier museum chooses Bandy Carroll Hellige as it agency of record - Pittsburgh Business Times:
esivyjifag.wordpress.com
Previously, the museum had no singler agencyof record, with severap Louisville advertising firms handling the said Krista McHone, publifc relations and marketing director for the “I just decided to consolidate all that with Bandy Carroll Hellige,” McHone said. Bandy Carroll Helligew will develop and implementall campaigns, includingy branding, marketing, advertising, public relations and interactive programse for the museum, the releass said. The Frazier museum, 829 W. Main St.
, was foundeed in 2004 by OwsleyBrown Frazier, the retirerd vice chairman of , the Louisville-based spirits and wine The museum has abouty 100,000 square feet of antique arms and historicao items, many of which are from Frazier’s private Bandy Carroll Hellige was founded in 1989 by partnersw Susan Bandy, Mark Carroll and Tim Hellig e and has a total of 44 employees at its headquartersw in Louisville, Ky. and an offices in Indianapolis, according to the release.
Previously, the museum had no singler agencyof record, with severap Louisville advertising firms handling the said Krista McHone, publifc relations and marketing director for the “I just decided to consolidate all that with Bandy Carroll Hellige,” McHone said. Bandy Carroll Helligew will develop and implementall campaigns, includingy branding, marketing, advertising, public relations and interactive programse for the museum, the releass said. The Frazier museum, 829 W. Main St.
, was foundeed in 2004 by OwsleyBrown Frazier, the retirerd vice chairman of , the Louisville-based spirits and wine The museum has abouty 100,000 square feet of antique arms and historicao items, many of which are from Frazier’s private Bandy Carroll Hellige was founded in 1989 by partnersw Susan Bandy, Mark Carroll and Tim Hellig e and has a total of 44 employees at its headquartersw in Louisville, Ky. and an offices in Indianapolis, according to the release.
Wednesday, November 7, 2012
Antioch College to reopen - Dayton Business Journal:
ibitasony.wordpress.com
The boards of and the an alumni group whichy had been fighting to keep the Liberap Arts college alive signed an agreement last week to transfer the colleger and its assets from Antioch Universith to thealumni group. The transfert will occur in late according to the Great LakesCollege Association. The sum valuee of the assets transferred, including the endowment, the college and Glen Helenb nature preserve, will amount to more than $6 To reach the agreement, followinhg more than a year of work, Richard Detweiler assisted a task force comprised of alumnii and trustees who negotiated the details finally accepted byboth “The path to this outcome was long and complicated,” Detweiletr said in a news release.
“Andr while there were discouraginfg moments, they never gave up.” The targeg date to implement the full agreemenr isAugust 31. The transfer of assete cannot occur until a list of conditions havebeen met, includinhg required reviews and approvals from external agencies such as the Ohio Attorney General and representatives of the university’s bond holders. Becaused of the regulatory approvals required to opena college, and the amount of work required to renew the campus and put in placd its educational program, ACCC anticipatesx it will be about two years before it is readt to accept new students.
In May officials at Antioch University confirmed that negotiations brokwe down between Antioch College and the Antioch CollegreContinuation Corp. to keep the college open. The collegw had seen declining enrollment and had 222 studentss asof fall, 2007. Antioch’s boars of trustees announced its intentioh to temporarily close the collegdelast June. Antioch boasts famous alumni including Coretta Scotf King andRod Serling, creatoe of the “Twilight Zone.” It has a rich historuy dating back to its foundin in 1852.
The boards of and the an alumni group whichy had been fighting to keep the Liberap Arts college alive signed an agreement last week to transfer the colleger and its assets from Antioch Universith to thealumni group. The transfert will occur in late according to the Great LakesCollege Association. The sum valuee of the assets transferred, including the endowment, the college and Glen Helenb nature preserve, will amount to more than $6 To reach the agreement, followinhg more than a year of work, Richard Detweiler assisted a task force comprised of alumnii and trustees who negotiated the details finally accepted byboth “The path to this outcome was long and complicated,” Detweiletr said in a news release.
“Andr while there were discouraginfg moments, they never gave up.” The targeg date to implement the full agreemenr isAugust 31. The transfer of assete cannot occur until a list of conditions havebeen met, includinhg required reviews and approvals from external agencies such as the Ohio Attorney General and representatives of the university’s bond holders. Becaused of the regulatory approvals required to opena college, and the amount of work required to renew the campus and put in placd its educational program, ACCC anticipatesx it will be about two years before it is readt to accept new students.
In May officials at Antioch University confirmed that negotiations brokwe down between Antioch College and the Antioch CollegreContinuation Corp. to keep the college open. The collegw had seen declining enrollment and had 222 studentss asof fall, 2007. Antioch’s boars of trustees announced its intentioh to temporarily close the collegdelast June. Antioch boasts famous alumni including Coretta Scotf King andRod Serling, creatoe of the “Twilight Zone.” It has a rich historuy dating back to its foundin in 1852.
Sunday, November 4, 2012
Edvance wins TEA educational contract worth $2 million - San Antonio Business Journal:
ogarawo.wordpress.com
The TEA awarded the contract through its competitivbidding process. The contract is worth $2 million. San Antonio-based Edvances will work closely with the agenc y in supporting community learning centerss acrossthe state. Edvance will manage a networki of Technical Assistance Coordinators to help the center meet programreporting goals. The Texaa 21st Century Community Learning Centersa program is funded throughthe U.S. Departmenty of Education.
The federal program supportz the creation of community learninb centers that can provide academic enrichment opportunitieds for childrenduring non-school particularly in high-poverty and low-performing “There is great excitement surrounding the Texas 21st CCLC Texas Commissioner of Education Robert Scott says. “Througn the incorporation of research andbest practices, and offerinh training and hands-on experience, we will help our centerw offer students an enriched program, whichg we expect will contribute to improved graduation ratees in all Texas communities.
” Edvancde CEO Dean Nafziger “This is a great opportunity to applyg our expertise in needs technical assistance and rigorous research to strengthen the Texaws 21st CCLC program,” Nafziger says. “The 21st CCLC centerxs are a vital part of Texas providing studentsa high-quality extended learning with the goal to contribute to success in the classroom.” Edvances is an educational research company. The company has a separatde contract to run the Regional EducationaoLaboratory — Southwest, one of 10 educationao laboratories in the Regional Educational Laboratorg Network.
The TEA awarded the contract through its competitivbidding process. The contract is worth $2 million. San Antonio-based Edvances will work closely with the agenc y in supporting community learning centerss acrossthe state. Edvance will manage a networki of Technical Assistance Coordinators to help the center meet programreporting goals. The Texaa 21st Century Community Learning Centersa program is funded throughthe U.S. Departmenty of Education.
The federal program supportz the creation of community learninb centers that can provide academic enrichment opportunitieds for childrenduring non-school particularly in high-poverty and low-performing “There is great excitement surrounding the Texas 21st CCLC Texas Commissioner of Education Robert Scott says. “Througn the incorporation of research andbest practices, and offerinh training and hands-on experience, we will help our centerw offer students an enriched program, whichg we expect will contribute to improved graduation ratees in all Texas communities.
” Edvancde CEO Dean Nafziger “This is a great opportunity to applyg our expertise in needs technical assistance and rigorous research to strengthen the Texaws 21st CCLC program,” Nafziger says. “The 21st CCLC centerxs are a vital part of Texas providing studentsa high-quality extended learning with the goal to contribute to success in the classroom.” Edvances is an educational research company. The company has a separatde contract to run the Regional EducationaoLaboratory — Southwest, one of 10 educationao laboratories in the Regional Educational Laboratorg Network.
Saturday, November 3, 2012
Program offers $50,000 guarantee of boosting student achievement - The Business Review (Albany):
belyaevostapuki.blogspot.com
But she said it has taken years for the programshe , to develop the right business model so that it can deliverf its prescription for succeszs to more of the schools that need it most. At she wishes she had taken a former New York City schools chancelloe up on his offer to send her tothe . "Io have clearly grown--sometimes kicking and screaming--as a businesswoman," said Williams. "Fivse years later, I am very proud of our currenrtbusiness plan. It's reflective of what we'vr accomplished so far and lays out clearly wherr weare going, what we need to get therr and how we are going to be able to checkm and understand progress.
" School Turnaround is a nonprofit affiliate with the , the self-described "think tank with muddy in southern Albany County. It is designer to provide assistance to principals on how they can becomedtheir school's academic leaders and affect dramatic improvement. Most of the schools have high percentagew of minority students or children frompoor households. Most are failingy or in danger of failing under the federal No Childs LeftBehind law, Williams After initial orientation, principals are assigned one of Schoolo Turnaround's 10 specialists who will work with them intensively throughouyt the school year.
They get Schoop Turnaround's latest strategies for improving studen performance and show them how to carrythem out. Schooll Turnaround's tone is Its motto is "Everyone Achieves. No No Excuses." School Turnaround's assistance does not come It typically charges aschool $50,0090 for its core programming for one academic year. School Turnarouns has a twist: a money-backo guarantee if schools fail tomeet agreed-upon improvemenf benchmarks for the year. Williams said it hasn't had to refund any fees yet. The specialists are the key toSchool Turnaround'xs success, Williams said.
"The biggest challengr is not in figurin g out how to turn around schools that are but finding people who can help us do she said. Every specialist has turned arounrd afailing school, including Williams. She was principal at the Publivc School 63 in the South Bronx when the school came offthe state's Schoolsd Under Registration Review list in 1998. Schook Turnaround evolved from a conference Williams andher then-husbaned Tony Amato organized for school leadersw in the summer of 2000 at the Rensselaerville where Williams' father Hal Williamsx is president. Amato, who split with Williams in late is a former superintendent of schoolsin Conn., and New Orleans.
He is now superintendent of the Kansa Cityschool district. The response to the 2000 conferencse convinced Williams that interest was high in learning how to rescu underperforming orfailing schools. But she said it also becams obvious a structured program withfrequent follow-up between principals and the prograkm administrators was necessary for schools to sustain School Turnaround grew from there. Thirtyg schools are participating in its core programk thisacademic year. Up to 50 others may sign up for more targeted programs offeredd by School Turnaround designed to improveschookl "readiness.
" Though the programm has worked with school officials in Schenectady and Cohoesa in the past, none of the schools signeed up so far for 2006-07 is in the Capitao Region, Williams said. Williams creditzs Mike Marvin, co-founder and former CEO of , with helpingt School Turnaround develop a more effectivebusinesse model. Marvin is a member of the program's advisorhy board. Marvin said Williams' vision of School Turnaround contained "fundamentally good conceptws and ideas." It just took awhile to get the ventur e offthe ground, he said. "She has been on the frony lines," Marvin said. "She has been a principak in schools in NewYork City.
She'sd been trying out various just like an entrepreneutr would be trying out various Now she is trying to leverage andgrow it. ... It has take n three or four years, as with any startup, to get the tractio to go. Now she is startinh to get very real."
But she said it has taken years for the programshe , to develop the right business model so that it can deliverf its prescription for succeszs to more of the schools that need it most. At she wishes she had taken a former New York City schools chancelloe up on his offer to send her tothe . "Io have clearly grown--sometimes kicking and screaming--as a businesswoman," said Williams. "Fivse years later, I am very proud of our currenrtbusiness plan. It's reflective of what we'vr accomplished so far and lays out clearly wherr weare going, what we need to get therr and how we are going to be able to checkm and understand progress.
" School Turnaround is a nonprofit affiliate with the , the self-described "think tank with muddy in southern Albany County. It is designer to provide assistance to principals on how they can becomedtheir school's academic leaders and affect dramatic improvement. Most of the schools have high percentagew of minority students or children frompoor households. Most are failingy or in danger of failing under the federal No Childs LeftBehind law, Williams After initial orientation, principals are assigned one of Schoolo Turnaround's 10 specialists who will work with them intensively throughouyt the school year.
They get Schoop Turnaround's latest strategies for improving studen performance and show them how to carrythem out. Schooll Turnaround's tone is Its motto is "Everyone Achieves. No No Excuses." School Turnaround's assistance does not come It typically charges aschool $50,0090 for its core programming for one academic year. School Turnarouns has a twist: a money-backo guarantee if schools fail tomeet agreed-upon improvemenf benchmarks for the year. Williams said it hasn't had to refund any fees yet. The specialists are the key toSchool Turnaround'xs success, Williams said.
"The biggest challengr is not in figurin g out how to turn around schools that are but finding people who can help us do she said. Every specialist has turned arounrd afailing school, including Williams. She was principal at the Publivc School 63 in the South Bronx when the school came offthe state's Schoolsd Under Registration Review list in 1998. Schook Turnaround evolved from a conference Williams andher then-husbaned Tony Amato organized for school leadersw in the summer of 2000 at the Rensselaerville where Williams' father Hal Williamsx is president. Amato, who split with Williams in late is a former superintendent of schoolsin Conn., and New Orleans.
He is now superintendent of the Kansa Cityschool district. The response to the 2000 conferencse convinced Williams that interest was high in learning how to rescu underperforming orfailing schools. But she said it also becams obvious a structured program withfrequent follow-up between principals and the prograkm administrators was necessary for schools to sustain School Turnaround grew from there. Thirtyg schools are participating in its core programk thisacademic year. Up to 50 others may sign up for more targeted programs offeredd by School Turnaround designed to improveschookl "readiness.
" Though the programm has worked with school officials in Schenectady and Cohoesa in the past, none of the schools signeed up so far for 2006-07 is in the Capitao Region, Williams said. Williams creditzs Mike Marvin, co-founder and former CEO of , with helpingt School Turnaround develop a more effectivebusinesse model. Marvin is a member of the program's advisorhy board. Marvin said Williams' vision of School Turnaround contained "fundamentally good conceptws and ideas." It just took awhile to get the ventur e offthe ground, he said. "She has been on the frony lines," Marvin said. "She has been a principak in schools in NewYork City.
She'sd been trying out various just like an entrepreneutr would be trying out various Now she is trying to leverage andgrow it. ... It has take n three or four years, as with any startup, to get the tractio to go. Now she is startinh to get very real."
Friday, November 2, 2012
List of GM dealerships to close in Minnesota grows - Houston Business Journal:
ibitasony.wordpress.com
The industry group said a surveyu of its members foun that 109 of the 149 GM dealers in the state will either lose a particularGM brand, be forced to drop some competingv manufacturer brands in their GM stores, or lose theid stores altogether. The number of outright shutdownahas grown; a month ago, GM indicaterd that 30 dealers would After the giant automaker’s plunge into bankruptcy June 1, roughlyh 3,600 dealers nationwide received new sales agreements.
The ownersz of about 1,350 other dealershipz were notified that they needed to wind down asGM That’s in addition to the 1,100 that received similae messages last month as part of GM’s restructuring, which involvese keeping only top dealers and brands. The new agreements also may requirw surviving dealers to upgradetheir facilities. And there may not be very much dealers can doabourt it, . (subscription required). GM expects the closingsa to start this year and wrap up by the fallof 2010.
In a presss release Friday, Scott Lambert, executive vice president of the Minnesota AutoDealerzs Association, criticized GM’s decision to have dealers sign new salews agreements with the manufacturer. “Besidesx the tragic and inexplicable shutdown ofprofitable stores, GM seemsd determined to use bankruptcy as an opportunity to shake up everybody’s he said. “It appears to us that everyy Pontiac dealer in the state was informed that Pontiac as a branr will ceaseto exist. “In addition, GM is eliminating many Cadillac We believe they plan to reassign some of thesefranchiseas elsewhere, which would be in violation of state law regulatin franchise agreements.
” Lambert also blasted GM’sa decisions to close so many stores, even some that are turniny a profit. “This company is lost right now. I just don’ t understand how you sell more cars with fewer he said. Susan Garontakos, a spokeswomabn for the automaker, declined to comment on the trade association’s preszs release because she said the information abouft what was closing was confidential and because its such an emotional time for all of thepartiews involved. She said the company selected whichb dealerships to close after a careful analysis that beganin April.
“The realitt is we don’t have enough customers buyingb vehicles and we have a lot of outlet that are in place to support a muchlarge market.”
The industry group said a surveyu of its members foun that 109 of the 149 GM dealers in the state will either lose a particularGM brand, be forced to drop some competingv manufacturer brands in their GM stores, or lose theid stores altogether. The number of outright shutdownahas grown; a month ago, GM indicaterd that 30 dealers would After the giant automaker’s plunge into bankruptcy June 1, roughlyh 3,600 dealers nationwide received new sales agreements.
The ownersz of about 1,350 other dealershipz were notified that they needed to wind down asGM That’s in addition to the 1,100 that received similae messages last month as part of GM’s restructuring, which involvese keeping only top dealers and brands. The new agreements also may requirw surviving dealers to upgradetheir facilities. And there may not be very much dealers can doabourt it, . (subscription required). GM expects the closingsa to start this year and wrap up by the fallof 2010.
In a presss release Friday, Scott Lambert, executive vice president of the Minnesota AutoDealerzs Association, criticized GM’s decision to have dealers sign new salews agreements with the manufacturer. “Besidesx the tragic and inexplicable shutdown ofprofitable stores, GM seemsd determined to use bankruptcy as an opportunity to shake up everybody’s he said. “It appears to us that everyy Pontiac dealer in the state was informed that Pontiac as a branr will ceaseto exist. “In addition, GM is eliminating many Cadillac We believe they plan to reassign some of thesefranchiseas elsewhere, which would be in violation of state law regulatin franchise agreements.
” Lambert also blasted GM’sa decisions to close so many stores, even some that are turniny a profit. “This company is lost right now. I just don’ t understand how you sell more cars with fewer he said. Susan Garontakos, a spokeswomabn for the automaker, declined to comment on the trade association’s preszs release because she said the information abouft what was closing was confidential and because its such an emotional time for all of thepartiews involved. She said the company selected whichb dealerships to close after a careful analysis that beganin April.
“The realitt is we don’t have enough customers buyingb vehicles and we have a lot of outlet that are in place to support a muchlarge market.”
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