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August 29, 2017

Fragrance retailer Perfumania files for bankruptcy protection

US-based omnichannel fragrance retailer Perfumania Holdings has filed for protection under Chapter 11 in the US Bankruptcy Court for the District of Delaware.

US-based omnichannel fragrance retailer Perfumania Holdings has filed for protection under Chapter 11 in the US Bankruptcy Court for the District of Delaware.

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Following the petition, Perfumania intends to proceed with a pre-packaged reorganisation plan that will enable it to optimise its retail store footprint and shift focus to e-commerce business through enhanced investments.

The move is also directed at becoming a private company.

Perfumania Holdings president and CEO Michael Katz said: “This process will allow us to more quickly adapt to the shift in consumer shopping habits by focusing more of our resources on implementing our e-commerce strategy, making Perfumania a stronger and more competitive company.”

“This process will allow us to more quickly adapt to the shift in consumer shopping habits."

The company noted that the bankruptcy filing will not affect its business operations and will continue to pay salaries to employees and make vendor payments.

Under the reorganisation programme, the company plans to go for equity investment to pay shareholders and fund ongoing operations.

It has also reached an agreement for up to around $84m in debtor-in-possession financing from existing lender Wells Fargo.

Katz added: “The company has been working diligently to amend its business model, reduce its cost structure, improve supply chain efficiency, optimise marketing, reduce expenses and improve operating results long-term.

“Today’s actions allow the company to expedite all of these initiatives to create a stronger company with the financial resources to invest in areas that will foster our long-term growth.”

As of July this year, Perfumania operated 230 retail stores across the US, Puerto Rico and the US Virgin Islands.

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Walmart: Going Beyond Company Disclosures

Walmart has rounded out its fiscal year with a strong set of numbers that show it has taken supply chain disruption, rising costs, heavy inflation, and various other problems in its stride. There is comfortable growth on both the top and bottom lines, which is extremely respectable given tough prior year comparatives. Walmart hiring is slowing down as compared to hiring in the months of April and March in 2022. Walmart posted close to 40,000 vacancies in March and 30,000 in April, which has gone below 10,000 in June 2022. Walmart Company Filings has most of the mentions related to the ESG and COVID-19 themes in 2021. ESG has more than 300 mentions in the company’s 2021 filings which indicates the rising focus on ESG-related issues. Our report on Walmart: Going Beyond Company Disclosures, demonstrates GlobalData Explorer’s ability to:  
  • Track and monitor a company’s movements through alternative indicators to gain insights into the strategy before it is disclosed by the company
  • Gain insight into a company’s capital deployment strategy, by assessing historical deal volumes and specific transactions executed by the company, in addition to identifying sectors of focus
  • Go beyond basic financial information, to access key industry-relevant indicators for a company and how these have progressed over time
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.