SKFBQ S&K Famous Brands Inc. featured news, full reports, and detailed charts
S&K Famous Brands Inc. (SKFBQ/SKFBQ.PK) Wrap Up:
S&K Famous Brands, Inc. operates as a retailer of men?s apparel in the United States. It offers suits, sport coats, shirts, ties, slacks, outerwear, sportswear, shoes, and accessories. The company also rents tuxedos. S&K Famous Brands was founded in 1967 and is based in Glen Allen, Virginia. On February 9, 2009, S & K Famous Brands, Inc. filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Eastern District of Virginia, Richmond.S&K Famous Brands Inc. (SKFBQ:OTC)
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Key developments for S&K Famous Brands Inc. (SKFBQ)
S&K Famous Brands Inc. will close all 105 of its S&K Menswear stores in 26 states, including five in the Charlotte region. The company has begun a going-out-of-business sale that will continue until all merchandise is sold. S&K's local stores are at The Centrum mall in Pineville, Valley Hills Mall in Hickory, Concord Mills in Concord, Northlake Mall in Charlotte and Matthews Township Festival in Matthews.
Joseph A. Oliver 3rd was fired as president and chief executive officer of S&K Famous Brands Inc. Stuart Siegel and his family are putting together a bid to purchase the company out of bankruptcy and install Howard Rose, vice president of real estate at S&K and a nephew of Siegel's, as CEO. Jonathan M. Tibus of Alvarez & Marsal North America was installed as chief restructuring officer. Siegel will assume 'an unpaid full-time executive position with the company' to provide support. The appointment of Tibus must be approved by the U.S. Bankruptcy Court for the Eastern District of Virginia. The former CEO had been with the company for three years and has served as chief executive for one-and-a-half years.
S&K Famous Brands Inc. has repaid a credit line used in bankruptcy and can continue operating without the threat of liquidation currently. The company is also actively scouting for a buyer or investor who could help the company emerge from bankruptcy court protection. The company filed for Chapter 11 bankruptcy February 9. The president and CEO said that S&K could be sold for about $3 million.
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SKFBQ transactions
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Merger/Acquisition
October 19, 2009 |
S&K Famous Brands Inc., Substantially All Assets |
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S&K FAMOUS BRANDS INC Financials
PERIOD ENDING30-Oct-0431-Jul-041-May-0431-Jan-04Total Revenue42,585 40,479 50,910 56,129 Cost of Revenue23,452 22,567 27,946 33,004 Gross Profit19,133 17,912 22,964 23,125 Operating ExpensesResearch Development - - - - Selling General and Administrative18,018 17,226 19,351 21,152 Non Recurring30 - - - Others745 753 750 667 Total Operating Expenses - - - - Operating Income or Loss340 (67)2,863 1,306 Income from Continuing OperationsTotal Other Income/Expenses Net29 (67)38 8 Earnings Before Interest And Taxes369 (134)2,901 1,314 Interest Expense116 66 43 101 Income Before Tax253 (200)2,858 1,213 Income Tax Expense96 (76)1,086 461 Minority Interest - - - - Net Income From Continuing Ops157 (124)1,772 752 Non-recurring EventsDiscontinued Operations - - - - Extraordinary Items - - - - Effect Of Accounting Changes - - - ...Click here to read the whole Article (external link)