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Paper Source Files for Bankruptcy, Plans to Keep Most Stores Open During Proceedings

Retail TouchPoints

million in financing. In court papers , CFO Ronald Kruczynski said that prior to the pandemic, Paper Source “had been enjoying rapid expansion and sustained sales growth,” but that the company had “sustained deep damage to their finances and operations as a result of the ongoing COVID-19 pandemic.”. million reported in 2019.

Planning 299
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Hog’s Breath plans to open 20 more restaurants

Inside Retail

Hog’s Breath Cafe is looking to rebuild its restaurant footprint, and has plans to open another 20 restaurants by 2029. CEO Steven Spurgin told Franchise Executives reaching the milestone will depend on the economy and any external financing. Spurgin said “The brand had struggled; it closed 19 restaurants in 2019.

Planning 264
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Amazon, Target, Walmart Incentivize Early Holiday Shopping

Retail TouchPoints

4, Amazon is offering what the retailer calls “Black Friday-worthy” deals, along with Epic Daily Deals and an Amazon Holiday Prep Shop hub to help consumers organize their holiday gift-giving and event planning. For its part, Walmart plans to hire 150,000 new U.S. Beginning Oct. 10, coinciding with the launch of Target Deal Days Oct.

Shopping 325
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Kontoor Brands to buy Helly Hansen from Canadian Tire Corporation

Inside Retail

In 2019, VF Corp spun off the Wrangler and Lee brands to a new publicly traded company set up as Kontoor Brands. Scott Baxter, President, CEO, and chairman of Kontoor Brands, emphasised the strategic alignment of the purchase with plans to scale the business globally.

Outdoor 130
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Target Names New COO, Divvies Up Merchandising Responsibilities

Retail TouchPoints

Target has tapped Michael Fiddelke, who has served as the retailer’s CFO since November 2019, to add the COO role to his responsibilities. He will wear both hats until Target names a new finance chief. Current COO John Mulligan announced his retirement plans in October 2023.

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Big Lots Plans to Open 500 New Stores, Increase Annual Sales to $8-10 Billion

Retail TouchPoints

Home discount retailer Big Lots is returning to expansion mode after more than a decade of flat store growth, with plans to open as many as 500 new stores in the next six to seven years. The off-price chain plans to open approximately 50 net new stores this year, and ramp up the pace of expansion to about 80 stores per year thereafter.

Planning 182
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Suppliers: How to get your retail business customers to pay you quicker

Inside Retail

As recently as 2019, over 70 per cent of the value of B2B sales in Australia occurred through trade credit. And with the functionality to record transactions ledger-to-ledger and integrate with your existing accounting and ERP systems, your business’s finances will be automatically updated every time a sale, refund or exchange is made. .