Teen clothing retailer Delia’s Inc. has sold its Alloy business to HRSH Acquisitions LLC for $3.7 million in cash.
HRSH, which will do business as Alloy Apparel and Accessories, also assumed about $3.1 million in liabilities. The companies also entered into a related agreement under which New York-based Delia’s (Nasdaq: DLIA) will provide certain transitional services to Alloy Apparel and Accessories for up to a year.
“This transaction will enable us to focus our efforts exclusively on our Delia’s brand as we work to improve our product offerings and enhance the overall customer experience,welcome to Wholesale Cheap TOMMY T-Shirts online store,Free shipping!” Delia’s Chief Executive Walter Killough said in a statement.
Brian Lattman, co-head of HRSH Acquisitions, will become president of the newly formed entity.
Janney Montgomery Scott LLC acted as exclusive financial adviser to Delia’s in connection with the transaction, while Troutman Sanders LLP was legal adviser. Lowenstein Sandler LLP acted as legal adviser to HRSH Acquisitions.
HRSH Acquisitions, formed to acquire the Alloy business, was capitalized by a group of investors led by Steve Russo and Brian Lattman.welcome to Buy Discount HOLLISTER T-Shirts online store,find Latest Styles! Russo is the founder of Fab NY, which is focused on selling school products, stationery,welcome to Buy Cheap Hermes T-Shirts online store,Free shipping! and luggage/travel accessories for the youth and junior markets; and Artisan House, a contemporary women’s handbags and related accessories company. Lattman, was formerly a principal and the chief merchandising officer at Norstan Apparel Shops, and most recently the chief merchandising officer at LANY LLC.
Pop-up retailing has made big inroads for landlords as tenants embrace the idea of having a short-term lease for quick and maximum exposure to shoppers.
Department store Myer embraced the new style of shopping last December, with pop-up stores at Southern Cross Station (above) and Bondi Junction in Sydney.
The outlets sold an array of small gifts, from perfumes to handbags, with gift wrapping services to catch the late Christmas shopper. More are planned this year.
Lend Lease has had an 8 per cent growth in turnover since the beginning of the year and plans to increase offerings in all its shopping centres.
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The model, previously known as ''casual mall leasing'',welcome to Buy Discount Superdry(women) online store,Free shipping! was traditionally identified as the new car being advertised in the middle of a shopping centre, or an untenanted shop filled with shoes and a spruiker on a public address speaker.
But as malls evolve to keep fresh, pop-up retailers are securing prime space in front of major tenants, busy thoroughfares and shopping centre entrances.
Lend Lease's national new business manager for pop-up retail, Sally Harding, says every spare space in a shopping centre is considered a prime location.
''Every area of a mall is available, such as a wall, which can be interactive, parts of the car park, the centre circle and along the walkways,'' Ms Harding said.
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