Consumer Products
Mike Armstrong, Inquirer Columnist
Skinny Nutritional Corp., the local flavored-water marketer that saw most of its board resign earlier this year, has filed a Chapter 11 petition to restructure its operations.
Now based in Bryn Mawr, the company listed total assets of $2.93 million and total debts of $6.01 million in documents filed in U.S. Bankruptcy Court in Philadelphia. Skinny Nutritional makes Skinny Water, which has been marketed as a zero-calorie, zero-sugar bottled water beverage.
In a filing with the Securities and Exchange Commission, Skinny Nutritional stated that the "decision to seek protection under Chapter 11 was triggered" by an attempt by its New York-based lender, Trim Capital L.L.C., to foreclose on certain assets, including its portfolio of trademarks.
Skinny Nutritional said in a statement issued May 8 that Trim Capital failed to complete its financing obligations under an agreement which would have provided up to $15 million in funding. The lender provided only $1.27 million, the beverage maker said.
Mike Armstrong, Inquirer Columnist
Honickman Group, of Pennsauken, will acquire Pepsi-Cola bottling operations on Long Island, N.Y. from another independent bottler, Pepsi Bottling Ventures L.L.C. (PBV)
Terms of the transaction, expected to be completed during the second quarter, were not disclosed.
Honickman’s Pepsi-Cola Bottling Co. of New York currently operates in New York City’s five boroughs and Westchester County.
Mike Armstrong, Inquirer Columnist
Within the last three weeks, Conshohocken-based Skinny Nutritional Corp. has seen three of its four board members resign, each submitting a letter critical of how the company is being run.
The only board member left is chairman Michael Salaman, who also happens to be the CEO.
Skinny Nutritional is the maker of Skinny Water, which is marketed as a zero-calorie, zero-sugar bottled water product. A tiny, unprofitable company, Skinny Nutritional’s shares trade over the “pink sheets” over-the-counter market at a price that’s quite near zero itself.
While the reasons for board departures are generally routine (think: demands of other duties), the skinny on Skinny is far from routine.
Mike Armstrong, Inquirer Columnist
Bed Bath & Beyond Inc. has acquired a privately held linens distributor based in Gibbsboro in an all-cash transaction worth $105 million announced Friday after the stock market had closed.
Linen Holdings L.L.C. is a distributor of linens and other textile products to various industries, including hospitality, food service, health care and cruise lines. The Camden County firm, which has an office in Miami, employs less than 200 people.
In a statement, Bed Bath & Beyond CEO Steven H. Temares said: "We are very excited to add the talented Linen Holdings team members and their sourcing and sales expertise to our existing operations."
Mike Armstrong, Inquirer Columnist
Prince Sports Inc., the Bordentown-based maker of tennis racquets, has filed for bankruptcy protection and will be acquired by a New York firm that manages a variety of consumer brands.
In a filing with federal bankruptcy court in Wilmington May 1, the 42-year-old Prince Sports blamed its grim financial straits on declines in the global market for racquet sports as well as increased competition over the last five years.
The company reported the book value of its assets as $54.2 million and about $77 million in liabilities.
Last fall, Prince Sports hired the investment banking firm Robert W. Baird & Co. to explore possible licensing arrangements or asset sales, according to court documents. In December, that mission changed to focusing on a possible sale of the company, which owed $65 million to its secured lenders, GE Capital and Madison Capital.
Mike Armstrong, Inquirer Columnist
Bon-Ton Stores Inc. hired the head of the Lord & Taylor department-store chain to be its new chief executive.
Brendan L. Hoffman will join the York-based retailer that operates 276 department stores in 23 states under various regional names, including Elder-Beerman, Carson Pirie Scott and Bon-Ton.
Shares of Bon-Ton rose 13 percent in morning trading, up 42 cents to $3.65.
Hoffman will replace Bud Bergren as president and CEO of Bon-Ton. Bergren will become chairman of the chain, while current executive chairman, Tim Grumbacher, will leave that role but remain on the board.
Mike Armstrong, Inquirer Columnist
The bottom line on Bottom Dollar Food is that grocery store operator Delhaize America intends to keep its low-frills stores in the Philadelphia region open even as it plans to convert others to its Food Lion brand.
Bottom Dollar currently has 18 stores in the Philadelphia region -- all opened since October 2010.
Brussels-based Delhaize Group SA said Thursday that it would close 146 money-losing stores, of which 113 are Food Lion supermarkets located in the South.
Mike Armstrong, Inquirer Columnist
Every holiday shopping season we hear CEOs of the big retail chains express their unabashed exuberance over how great business is.
Then January comes and it's time to share the actual numbers. On this Thursday, the big retailers are reporting some wins, misses and draws. Same-store sales of Target, for example, were up 1.6 percent in December. Sounds good, but that was lower than what analysts had been calling for.
Urban Outfitters said sales for November and December were $577 million, up 11 percent over the same two-month period of 2010. The Philadelphia retailer also said it opened 18 new stores of its flaghip brand, 13 new Anthropologie stores, 18 new Free People stores and one BHLDN, its bridal brand, during the 11 months ended December 31.
Mike Armstrong, Inquirer Columnist
Forget the shopping mall. Americans were in a car-buying mood in December.
Year-over-year sales increases were recorded at General Motors (up 4.5 percent), Ford Motor (up 10 percent) and Chrysler Group (up 37 percent).
Across the Delaware River in Cherry Hill, Subaru of America also could tout December as its best sales month ever with total vehicle sales of 33,701. That surpassed the "Cash for Clunkers"-fueled month of August 2009 when 28,683 Subarus rolled off lots.
Mike Armstrong, Inquirer Columnist
As Charming Shoppes shops its Fashion Bug chain, it made a move to retain the executive who runs that division.
The Bensalem retailer has promised a retention bonus of $125,000 to MaryEllen MacDowell if she stays at Fashion Bug either through the closing of a sale or April 1 -- whichever comes first.
Oh, but there's more, according to a filing with the Securities and Exchange Commission.
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980.
Reach Mike at marmstrong@phillynews.com.
