WEINER’S NAMES CEO: Herbert R. Douglas, former president and chief executive officer of Jamesway Corp., on Monday was named president, ceo and a director of Weiner’s Stores Inc., an off-price chain based in Houston.
Jamesway, which filed Chapter 11 in October, is in the process of liquidating its 90 stores.
At 139-unit Weiner’s, which has been operating in Chapter 11 since April, Douglas will oversee efforts to restructure the chain’s debt and strengthen its financial position. He assumes responsibilities previously held by brothers Sol and Leon Weiner, co-chairmen of the board.
“Herb Douglas brings renewed enthusiasm and vision to Weiner’s,” Raymond J. Miller, chief financial officer, said in a statement. “He has demonstrated strong organizational, merchandising, store presentation and strategic skills that will be essential as we rebuild the company.”
Weiner’s operates stores in Texas and southwest Louisiana.
BRADLEES OPENINGS SET: Bradlees Inc., which has been operating under Chapter 11 bankruptcy protection since June, said last week it expects to open three new stores in March 1996. Originally, the three units had been planned for fall 1995.
The new stores are opening in Providence, R.I., with 88,000 square feet of selling area; Worcester, Mass., 94,000 square feet, and Danvers/Peabody, Mass., 86,700 square feet.
Additionally, Bradlees said it rejected leases for stores in Cheltenham, Pa., and Staten Island, N.Y., and leases for several, smaller off-site storage facilities. The two stores had been scheduled for fall 1995 openings. They are the only two leases Bradlees has rejected while in Chapter 11. Two stores in Virginia are closing at the end of the year when their leases expire, a spokesman said.
COMPETITION TRIMS MARGINS: Blaming lower same-store sales of general merchandise, ShopKo Stores Inc. said Tuesday that third-quarter profits fell 10.4 percent to $10.1 million, or 32 cents a share, from $11.3 million, or 35 cents, a year ago.
ShopKo noted that the decline in profits reflects “continued competitive pricing pressures in the discount marketplace and increased interest expense.”
Sales were up 4.3 percent to $491 million from $470.9 million, but same-store sales fell 1.5 percent. Gross margin fell to 25 percent of sales from 25.6 percent.
Dale P. Kramer, president and chief executive officer, said the company improved its inventory management with a 15 percent, or $72 million, year-to-year reduction. ShopKo, based in Green Bay, Wis., operates 129 stores in 15 states.
WINKELMAN’S CLOSINGS SET: A bankruptcy court judge has authorized Petrie Retail Inc. to close 23 Winkelman stores as part of a reorganization plan involving the closing of 270 units.
Petrie, which will conduct its own going-out-of-business sales at Winkelman’s beginning today, estimated the GOBs will bring in about $2.8 million. After the stores are closed, Petrie will have 62 Winkelman stores in New York, Michigan and Ohio.
Petrie, operating in Chapter 11 since Oct. 12, has also been authorized to return to vendors up to $8 million of seasonal and damaged goods delivered prior to its bankruptcy filing. Petrie will receive full credit against vendors’ pre-petition invoices.