PACSUN CLOSINGS: Pacific Sunwear of California said Tuesday that it planned to close 74 underperforming d.e.m.o. stores that contributed to a pre-tax operating loss of about $9 million in 2006. The teen specialty retailer will renovate 20 to 25 top-performing d.e.m.o. units in fiscal 2007. PacSun lowered fourth-quarter guidance to 36 cents from 38 cents per share, and expects total 2006 earnings in the range of 78 cents to 80 cents a diluted share. The d.e.m.o. closings will begin in the first half of fiscal 2007. The company operates 849 PacSun stores, 116 PacSun Outlet stores, 225 d.e.m.o. stores and nine One Thousand Steps stores.
EAGLE ON THE NYSE: American Eagle said Tuesday that it was cleared to apply to list on the New York Stock Exchange. If approved, the teen retailer’s shares will trade on the NYSE as “AEO” beginning March 8. Until then American Eagle will continue to trade on the Nasdaq.
LIBERTY’S NEW LOOK: Liberty of London is having a little work done. The Regent Street store famous for its Arts & Crafts furniture, paisley fabrics and understated fashion collections is re-designing its central atrium with help from the London firm Universal Design Studio. The new ground-floor area will showcase Liberty-branded products only, instead of designer accessories, which will move to the room next door. The atrium space will feature smoked charcoal glass, multi-level mirror and timber units, and peacock-blue “treasure box” display cases. The Liberty collection consists of scarves, bags and small accessories in vintage Liberty prints and fabrics. The space will be unveiled on Feb. 14, during London Fashion Week.
NEW BOARD MEMBER: Alan Kane, dean of the School of Business and Technology at the Fashion Institute of Technology, has joined the board of American Eagle Outfitters Inc. Previously, he was a professor of retailing at the Columbia Graduate School of Business. Earlier in his career, he held senior executive and merchandise positions at Federated Department Stores, The May Department Stores Co. and Grossman’s Inc. He also is on the board of Circuit City Stores Inc.
This story first appeared in the February 7, 2007 issue of WWD. Subscribe Today.