Content about Personal finance

January 8, 2013
Owner of Mandee and Annie Sez files Chapter 11, citing impact of Superstore Sandy

Big M Inc., which operates Mandee and Annie Sez stores, has filed for Chapter 11 bankruptcy protection.

New York -- Big M Inc., which operates Mandee and Annie Sez stores, has filed for Chapter 11 bankruptcy protection. The New Jersey-based retailer cited the impact of Superstorm Sandy, which resulted in closures that affected its stores, corporate office and distribution center for more than a week. The company cited liabilities of between $50 million and $100 million, along with assets of the same amount.

November 14, 2012
Gift card spending to reach record $28.79 billion

The National Retail Federation’s 2012 holiday consumer spending survey conducted by BIGinsight showed that 81.1% of shoppers will purchase at least one gift card and will spend an average of $156.86 on gift cards, the highest amount in the survey’s 10-year history.

Washington, D.C. -- The National Retail Federation’s 2012 holiday consumer spending survey conducted by BIGinsight showed that 81.1% of shoppers will purchase at least one gift card and will spend an average of $156.86 on gift cards, the highest amount in the survey’s 10-year history. Total spending on gift cards will reach $28.79 billion.

According to NRF’s first holiday survey, released in October, six in 10 (59.8%) of those polled said they’d like to receive gift cards this year, up from 57.7% last year.

September 12, 2012
Piccadilly Restaurants files for bankruptcy

Cafeteria-style restaurant chain Piccadilly Restaurants filed for Chapter 11 bankruptcy protection on Friday, citing a breakdown in talks with its lender Atalaya Capital Management.

Baton Rouge, La. -- Cafeteria-style restaurant chain Piccadilly Restaurants filed for Chapter 11 bankruptcy protection on Friday, citing a breakdown in talks with its lender Atalaya Capital Management.

Atalaya had recently purchased part of Piccadilly’s debt, which hasn’t been quantified by the chain.  

Piccadilly was given a commitment for debtor in possession financing of up to $5 million, providing the company with ample liquidity, Piccadilly said.

 

September 12, 2012
Ritz Camera to go out of business

Ritz Camera & Image LLC plans to go out of business after 94 years and close its remaining 137 stores after it failed in a bankruptcy auction to find a buyer to keep the camera chain afloat, the Chicago Tribune reported.

New York -- Ritz Camera & Image LLC plans to go out of business after 94 years and close its remaining 137 stores after it failed in a bankruptcy auction to find a buyer to keep the camera chain afloat, the Chicago Tribune reported.

U.S. bankruptcy judge Kevin Gross in Wilmington, Del., approved a plan to turn over most of Ritz's assets to Gordon Brothers Retail Partners LLC and Hilco Merchant Resources LLC.

July 26, 2012
Research report: Most retailers plan to use mobile gift cards

Research released Thursday by Transaction Wireless and Aberdeen Group, which examined the benefits of mobile and digital gifting and emerging trends in mobile and social frontiers, found a shift toward digital gifting.

San Diego -- Research released Thursday by Transaction Wireless and Aberdeen Group, which examined the benefits of mobile and digital gifting and emerging trends in mobile and social frontiers, found a shift toward digital gifting.

In fact, online gift cards have risen to prominence in the past few years and are now used by nearly a third (28%) of retailers. More than half – 61% – plan to use mobile gift cards, and 43% of customers prefer to use the mobile medium for gift cards.

July 24, 2012
Walmart issues statement in opposition to proposed interchange fee settlement

Wal-Mart Stores Inc. issued a statement on indicating its position on the proposed settlement with Visa and MasterCard over credit card fees.

Bentonville, Ark. -- Wal-Mart Stores Inc. issued a statement on Tuesday indicating its position on the proposed settlement with Visa and MasterCard over credit card fees.

July 18, 2012
New MasterCard report: Small retailer growth outpaces larger retailers for nine consecutive months

June spending at small retailers increased 8% in 2012 compared to June 2011, higher than the overall U.S. retail growth rate of 6.9%, according to a new SpendingPulse report issued by MasterCard Advisors in partnership with Wells Fargo.

Purchase, N.Y. -- June spending at small retailers increased 8% in 2012 compared to June 2011, higher than the overall U.S. retail growth rate of 6.9%, according to a new SpendingPulse report issued by MasterCard Advisors in partnership with Wells Fargo. The same report also found that sales growth at small retailers has now outperformed growth of overall retail sales for nine consecutive months, since October 2011.  

July 12, 2012
The Pantry announces debt refinancing

The Pantry said that it is pursuing debt refinancing consisting of up to $480 million of senior secured credit facilities and $250 million aggregate principal amount of senior notes.

Cary, N.C. -- The Pantry said Thursday that it is pursuing debt refinancing consisting of up to $480 million of senior secured credit facilities and $250 million aggregate principal amount of senior notes.

May 23, 2012
Kmart launches walk-in bill pay program

Kmart announced it is launching an in-store bill pay program that will allow customers to pay bills from more than 3,000 companies—everything from electric, gas and cable bills to credit card statements and auto loans.

Hoffman Estates, Ill. -- Kmart announced it is launching an in-store bill pay program that will allow customers to pay bills from more than 3,000 companies—everything from electric, gas and cable bills to credit card statements and auto loans.

The program is being offered through the CheckFreePay walk-in bill payment service from Fiserv (FISV). Customers seeking an easy and convenient way to pay bills in person can now visit any Kmart store nationwide.

April 5, 2012
Second company pulling gift cards from New Jersey

InComm, a leading third-party gift card provider, is following the example of American Express and is pulling out of New Jersey, effective June 30, rather than comply with changes in the unclaimed property law.

Atlanta -- InComm, a leading third-party gift card provider, is following the example of American Express and is pulling out of New Jersey, effective June 30, rather than comply with changes in the unclaimed property law.

InComm supplies some 2,500 retail locations throughout New Jersey with cards for such brands as Visa, iTunes, Macy's, Subway, Chili's, and Lord & Taylor. InComm also announced the removal of its Vanilla Visa Gift Card and Vanilla MasterCard Gift Card products from the state.

April 3, 2012
American Express stops selling gift cards in New Jersey over ZIP code requirement

American Express Co. has become the first company to pull its gift cards from being sold in New Jersey drug stores, supermarkets and convenience stores in response to a controversial new revision in the state's unclaimed property law.

New York -- American Express Co. has become the first company to pull its gift cards from being sold in New Jersey drug stores, supermarkets and convenience stores in response to a controversial new revision in the state's unclaimed property law. (The only way New Jersey residents can now buy AmEx gift cards is directly from the company.)

February 23, 2012
Bankruptcies Key to Chain Retailers Overcoming ‘The Squeeze’

By Dave Spargo, Huntley, Mullaney, Spargo & Sullivan

By Dave Spargo, dspargo@hmsinc.net

December 20, 2011
Sports Chalet selects Transaction Wireless to deliver e-gift cards

Transaction Wireless announced that Sport Chalet has selected the Transaction Wireless cloud-based gift card platform to deliver personalized plastic and e-gift cards with added marketing capabilities to drive digital promotional campaigns when delivering notifications to gift card recipients.

San Diego -- Transaction Wireless announced that Sport Chalet has selected the Transaction Wireless cloud-based gift card platform to deliver personalized plastic and e-gift cards with added marketing capabilities to drive digital promotional campaigns when delivering notifications to gift card recipients.

November 21, 2011
Dollar General accepting MasterCard credit cards

Dollar General is now accepting MasterCard credit cards at all of the nearly 10,000 Dollar General locations across the country, expanding on previous acceptance of MasterCard debit and prepaid cards.

Purchase, N.Y. -- Dollar General is now accepting MasterCard credit cards at all of the nearly 10,000 Dollar General locations across the country, expanding on previous acceptance of MasterCard debit and prepaid cards. 

“Dollar General was the first among small-box value discounters to roll out readers for electronic benefits cards and bank debit and credit cards, making transactions even more convenient for customers.

November 18, 2011
NRF: Gift card spending to reach $27.8 billion this holiday season

Holiday shoppers are expected to spend $155.43 on average for gift cards this season, and total gift-card spending is projected to reach $27.8 billion, according to a survey released Friday by the National Retail Federation.

Washington, D.C. -- Holiday shoppers are expected to spend $155.43 on average for gift cards this season, and total gift-card spending is projected to reach $27.8 billion, according to a survey released Friday by the National Retail Federation.

November 15, 2011
American Express launches Target prepaid card

American Express announced that it has launched Target prepaid cards featuring email and text alerts.

New York City -- American Express announced Tuesday that it has launched Target prepaid cards featuring email and text alerts.

The cards, sold exclusively at Target stores, work like debit cards and can be reloaded with cash, and are usually marketed to lower-income consumers who don't have credit cards or checking accounts. Fees on cards can range widely depending on the issuer.

November 7, 2011
Target’s gift cards makes for interesting viewing

Target Corp. is in a class by itself when it comes to gift cards, offering a broad selection to suit all ages.

New York City -- Target Corp. is in a class by itself when it comes to gift cards, offering a broad selection to suit all ages. In fact, the cards are so unusual that the retailer patents them, according to the Minneapolis/St. Paul Journal.

Click here to read the full story and see a slide show of some of Target’s most unusual gift cards.
 

November 1, 2011
Buca Di Beppo teams with Transaction Wireless for digital gift cards

Digital gift card solution-provider Transaction Wireless said that restaurant chain Buca di Beppo has selected Transaction Wireless to power its digital gift card program.

San Diego -- Digital gift card solution-provider Transaction Wireless said Tuesday that restaurant chain Buca di Beppo has selected Transaction Wireless to power its digital gift card program.

The cloud-based digital gifting platform will enable Buca di Beppo, which is owned by Planet Hollywood International, to leverage channels such as email, mobile and Facebook for digital gift card promotions and marketing initiatives.

October 27, 2011
Neiman Marcus to accept Visa and MasterCard

Neiman Marcus announced Thursday that it had entered into agreements with Visa and MasterCard to begin, effective Nov. 1, accepting MasterCard and Visa credit, debit and prepaid cards at all 41 Neiman Marcus stores.

Dallas -- Neiman Marcus announced Thursday that it had entered into agreements with Visa and MasterCard to begin, effective Nov. 1, accepting MasterCard and Visa credit, debit and prepaid cards at all 41 Neiman Marcus stores.

The luxury retailer had long been criticized for accepting only its private-label credit cards, American Express and cash.

"We listened to our customers and heard that they wanted more flexibility in their payment choices," said Karen Katz, president and CEO, Neiman Marcus.
 

September 30, 2011
NRF: Swipe fee cut will save merchants and consumers billions

Retailers and their customers will save billions of dollars when new Federal Reserve regulations cutting debit-card swipe fees roughly in half take effect this weekend, the National Retail Federation said.

Washington, D.C. -- Retailers and their customers will save billions of dollars when new Federal Reserve regulations cutting debit-card swipe fees roughly in half take effect this weekend, the National Retail Federation said.

September 27, 2011
First Data Advisors reports on mid-year gift card performance

The prepaid gift card market remained healthy in the first half of 2011, experiencing a higher rate of growth than U.S. consumer spending despite the sluggish macroeconomic environment.

Atlanta -- The prepaid gift card market remained healthy in the first half of 2011, experiencing a higher rate of growth than U.S. consumer spending despite the sluggish macroeconomic environment. That’s one finding of a new analysis on the U.S. gift card market from First Data Advisors.

September 15, 2011
Williams-Sonoma and Barclaycard announced co-branded Visa card

Williams-Sonoma and Barclaycard announced Thursday a new co-branded Visa credit card and loyalty program.

San Francisco -- Williams-Sonoma and Barclaycard announced Thursday a new co-branded Visa credit card and loyalty program, allowing cardholders to earn points redeemable for culinary-themed awards and enjoy a wide range of perks.

 

July 11, 2011
McDonald’s Canada rolls out MasterCard’s PayPass contactless payment technology

McDonald's Restaurants of Canada Limited and MasterCard Canada have introduced the MasterCard PayPass contactless payment technology at participating restaurant locations throughout the country.

Toronto -- McDonald's Restaurants of Canada Limited and MasterCard Canada have introduced the MasterCard PayPass contactless payment technology at participating restaurant locations throughout the country.

PayPass point-of-sale payment terminals have been installed at more than 1,400 McDonald's restaurants in Canada, giving patrons the option to tap-and-go when making purchases.

June 20, 2011
Gift Cards: Opportunity and Issues for Retailers

The growth of gift cards has been nothing less than phenomenal. But while gift cards have come to provide a critical source of earnings, they also face an intensifying regulatory environment, including tax and financial reporting for gift cards, that has become increasingly complex.


June 17, 2011
Borders extends leases on 11 stores

Borders Group has reached agreements with its landlords to extend the leases on 11 stores it had previously asked a bankruptcy court to shutter, the Associated Press reported.

New York City -- Borders Group has reached agreements with its landlords to extend the leases on 11 stores it had previously asked a bankruptcy court to shutter, the Associated Press reported.

Last week, the chain asked permission to start liquidating 51 stores because of a condition for its financing. But it said at the time it was actively working to keep them open.