Home / Knowledge / News / Textiles / Lifetime Brands plans to close Pennsylvania distribution facility
Lifetime Brands plans to close Pennsylvania distribution facility
23
Sep '08
Lifetime Brands Inc announced it will close all of its remaining 53 outlet retail stores. The stores being closed by Lifetime include 39 Pfaltzgraff factory stores, 8 Farberware outlet retail stores and 6 clearance stores. The Company also plans to close its York, Pennsylvania distribution facility in 2009.

The Company will continue to operate its Internet and mail order catalog businesses. The Company has entered into an agreement with a joint venture between Gordon Brothers Retail Partners, LLC and Hilco Merchant Resources, LLC to manage and operate inventory clearance sales at the stores. The Company expects that such inventory clearance sales will begin on or about September 23, 2008, and will be completed by December 31, 2008.

Lifetime has also entered into an agreement with RCS Real Estate Advisors with respect to terminating the leases for the stores. The Company expects to incur a pre-tax, non-cash charge of up to approximately $7.5 million with respect to the write-off of fixed assets associated with the stores, the York distribution center and related operations. The Company expects to record a portion of this charge in the quarter ending September 30, 2008.

In addition, the Company expects that it will incur approximately $15.0 million of other pre-tax charges, which it expects to record largely in the quarter ending December 31, 2008. The Company estimates that the cash proceeds from the inventory clearance sales will exceed the cash charges incurred with respect to the store and distribution center closings and related restructuring actions.

Jeffrey Siegel, Lifetime's Chairman, President and Chief Executive Officer commented, “Despite the many actions we have taken to streamline and improve the operations of the retail stores, in today's difficult retail environment they have continued to encumber our Company's earnings. In addition to eliminating this burden, today's actions will enable us to focus our efforts on growing our core wholesale business.”

Lifetime Brands Inc


Must ReadView All

Apparel/Garments | On 21st Sep 2017

UK fashion exports £10.7 bn in 2016; highest till now

Exports of British fashion goods rose to £10.7 billion in 2016, the...

Apparel/Garments | On 21st Sep 2017

BFC announces partnership with Chinese firm JD.com

The British Fashion Council (BFC) has forged a new partnership...

Textiles | On 21st Sep 2017

Indonesia’s textile exports may reach $15 billion by 2019

Indonesia’s textile-related exports are projected to reach $15...

Interviews View All

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search