|Over a week ago|
B. Riley Financial: New York & Company store closing sales begin » 08:0407/2807/28/20
B. Riley Financial (RILY)…
B. Riley Financial (RILY) affiliate, Great American Group, and Tiger Capital Group announced that store closing sales have begun at all New York & Company retail locations across the United States. The firms are conducting liquidation sales across approximately 380 store locations in connection with the recent bankruptcy filing of New York & Company's parent company, RTW Retailwinds (RTW).
Two new option listings and one option delisting on July 8th » 08:3007/0807/08/20
New option listings for…
New option listings for July 8th include RTW Retailwinds Inc (RTWI) and Direxion Work From Home ETF (WFH). Option delistings effective July 8th include RTW Retailwinds Inc (RTW).
RTW Retailwinds suspends trading on NYSE » 16:0707/0707/07/20
RTW Retailwinds announced…
RTW Retailwinds announced that on July 6, 2020, the company received confirmation that the New York Stock Exchange will apply to the Securities and Exchange Commission to delist the company's common stock upon completion of all applicable procedures, including any appeal by the company of the decision. Trading of the company's common stock on the NYSE was suspended on July 6, 2020. The company does not intend to appeal the decision. As a result, the company's trading of its common stock commenced on July 7, 2020 on the OTC Pink, under the symbol "RTWI." The company's transition to the OTC Pink does not affect the company's business operations, nor does it trigger any violation of its asset-based credit facility or other obligations.
Retailwinds trading halted, news pending 16:4907/0607/06/20
|Over a month ago|
RTW Retailwinds gets continued listing notice from NYSE » 16:0606/2506/25/20
RTW Retailwinds announced…
RTW Retailwinds announced that on June 19, 2020, the company received notice from the NYSE that the company is non-compliant under Section 802.01B of the NYSE Listed Company Manual, as the result of the company's average market capitalization over a consecutive 30 trading-day period was less than $50 million and its stockholders' equity was less than $50M. In order to avoid delisting under Section 802.01B, the company has 45 days from the receipt of the Notice to submit a business plan advising the NYSE of definitive actions the company has taken, or is taking, that would bring the company into compliance with the market capitalization listing standards.
RTW Retailwinds dives over 40% after 'going concern' warning » 12:5906/0306/03/20
RTW Retailwinds is down…
RTW Retailwinds is down over 40% after warning earlier on Wednesday that it has determined that it is unable to file its Form 10-K within the prescribed time period without unreasonable effort or expense and warned that about its ability to continue as a going concern. RTW Retailwinds added that any opinion delivered by BDO its independent auditor, is expected to reference a substantial doubt about the company's ability to continue as a going concern...The company cannot reasonably estimate the length or severity of COVID-19 but it currently anticipates a material adverse impact on its financial position, results of operations, and cash flows during fiscal year 2020. As such, the company's revenues, results of operations, and cash flows have been materially adversely impacted which raises substantial doubt about the Company's ability to continue as a going concern...The company believes that seeking protection under the bankruptcy laws is probable. The company will re-open stores utilizing a staggered approach, with the goal of a majority of its brick-and-mortar stores re-opened by the last week of June 2020. Effective April 27, the company permanently reduced its corporate headquarters headcount by over 50%. In addition to furloughing a substantial number of the company's personnel and terminating certain corporate personnel, the company has taken steps to reduce operating costs and improve efficiency, including targeted reductions in capital expenditures, and engaging in conversations with landlords and vendors to defer payments until the company's brick-and-mortar stores reopen.
Retailwinds trading resumes 10:0006/0306/03/20
Retailwinds trading halted, news pending 06:4806/0306/03/20
Fly Intel: What to watch in Salesforce earnings report » 11:3305/2805/28/20
CRM, RTW, BBW
Salesforce (CRM) is…
Salesforce (CRM) is scheduled to report results of its first fiscal quarter after the market close on Thursday, May 28, with a conference call scheduled for 5:00 pm ET. What to watch for: 1. GUIDANCE: Along with its fourth quarter earnings report, Salesforce set its fiscal year 2021 adjusted earnings per share view at $3.16-$3.18. Consensus for earnings, which was $3.10 at the time, has remained the same. The company also raised its 2021 revenue view to $21B-$21.1B from $20.8B-$20.9B. Consensus, which was $20.93B at the time, has dropped slightly to $20.77B. In addition, the company provided first quarter adjusted EPS guidance of 70c-71c on a revenue of $4.875B-$4.885B. Consensus for earnings, which was at 55c at the time, has risen to 69c, and estimates for revenue, which was at $4.84B, have increased to $4.85B. 2. CO-CEO STEPS DOWN: The company announced in February that Keith Block had stepped down as co-CEO of Salesforce and Marc Benioff would remain as Chair and CEO of the company. Additionally, Salesforce named Gavin Patterson, former BT Group CEO, its president and CEO of Salesforce International. 3. VLOCITY ACQUISITION: The company announced with its earnings report that it entered into an agreement to acquire Vlocity, a provider of industry-specific cloud and mobile software built natively on the Salesforce platform, for approximately $1.33B. The purchase price will be paid in cash and the assumption of outstanding unvested equity awards held by Vlocity employees. The acquisition is expected to close during Q2 of 2021, subject to customary closing conditions. 4. PARTNERSHIPS: RTW Retailwinds (RTW) announced in February a multi-year partnership for Salesforce to be its new digital ecommerce platform partner for all businesses, including New York & Company, Fashion to Figure, and Happy x Nature. Additionally in March, Salesforce announced an expanded relationship with Build-A-Bear Workshop (BBW) as its strategic partner in digital transformation. 5. ANALYST VIEWS: In May, Oppenheimer analyst Brian Schwartz raised the firm's price target on Salesforce to $195 from $165 and kept an Outperform rating on the shares. While the analyst acknowledges that the company is not immune from the COVID-19 issues, he believes the high priority SaaS enjoys across global enterprises is broadly unchanged. Jefferies analyst Brent Thill also raised the firm's price target on Salesforce to $205 from $180 and kept a Buy rating on the shares. The analyst noted that his survey of over 50 partners indicated that over 70% saw their CRM pipelines decrease due to the pandemic, but longer term, he sees its pipeline remaining robust. Additionally in May, RBC Capital analyst Alex Zukin lowered the firm's price target on Salesforce to $210 from $230 but kept an Outperform rating on the shares. The analyst said the company is not immune to the global demand trends, but he continues to see its Service Cloud, Commerce Cloud, Healthcare, FinServ and Contact Tracing efforts driving bookings momentum.
|Over a quarter ago|
RTW Retailwinds extends store closures, furloughs all store associates » 16:0803/3003/30/20
RTW Retailwinds announced…
RTW Retailwinds announced that in light of the continued efforts to slow the transmission of the coronavirus pandemic and in an effort to ensure the safety of its associates, customers and communities, the Company is temporarily extending its previously announced store closures. The Company will continue to monitor this ongoing situation, relying on recommendations from the Centers for Disease Control and Prevention, the World Health Organization and government officials to determine when its closed stores will reopen. At the present time, RTW's eCommerce platforms and third party fulfillment center remain operational and continue to serve customers online and through social media. In response to the current challenges, the Company has also announced that it has made the extremely difficult decision to furlough all store associates as well as a significant portion of its corporate home office associates, resulting in an approximately eighty percent reduction in weekly payroll expense. The Company will provide furloughed associates with continued benefits coverage and support to identify potential government assistance during this temporary furlough. "In this time of unprecedented volatility and disruption to the retail sector, we are taking the necessary actions to protect our customers and employees, and preserve our financial liquidity and flexibility," said Traci Inglis, in-coming Chief Executive Officer of RTW Retailwinds. "We are extending our store closures at this time and have made the difficult decision to furlough employees in our field operations and corporate home office. This was not a decision made lightly, but one that was necessary to preserve liquidity in order to manage our business through this challenging time."