Friday, August 17, 2012
Industry News: Decelerating
Neiman Marcus Group will would close its 118,000 s/f store Nicollet Mall store in Minneapolis…Moody’s Investors Service has placed apparel retailer J. Jill under review for a potential credit downgrade due to failure to provide audited financial statements to its lenders, an omission that triggered a technical default on some $115 million in debt outstanding. Privately held, J. Jill operates 225 retail stores...Sears will spin off its 1,238 Hometown and Outlet stores, as well as some hardware stores, into a separate publicly traded company. Sears has already closed five Hometown stores, eight hardware stores and one Outlet store.