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Jul 02, 2008 -- Seaway Valley Capital Corporation (OTC BB: SWVC | Quote | Chart | News | PowerRating) today is pleased to report that the grand opening of the Canton location of wholly owned subsidiary, Hackett's, was a great success with sales continuing to remain significantly higher since the opening. The new Hackett's Canton location has a full service True Value hardware section, men's, women's and children's apparel and footwear, home decor, gifts, sporting goods, toys, and seasonal items. The Canton location also leases space to Payless ShoeSource. The grand opening weekend saw over 1,400 transactions totally over $47,000 in sales. Average weekly sales since the grand opening have been about $63,000 per week, which compares well to the average sales of $21,000 per week that both WiseBuys and the smaller Hackett's were doing on a combined basis prior to the transition. Norm Garrelts, President of Hackett's, stated, "We were very excited with the opening results of the new location, and considering that Canton usually picks up in the fall as students return to the two colleges here, we are even more pleased." Mr. Garrelts added, "We expect the summer sales to slow somewhat with average weekly sales probably settling in at $50,000. After the students return, we would expect a fairly significant jump. Either way, sales have more than doubled what WiseBuys and the closed Hackett's were doing together, which is about what management has been expecting after each WiseBuys transition."
Jul 02, 2008 -- Gander Mountain (NASDAQ: GMTN), the nation's largest retail network of stores for all things outdoors, will begin selling firearms this July in a surprising new hue -- blue. The new blue laminate shotgun and rifle -- exclusively available at Gander Mountain -- is coming to the sales floor after overwhelming interest from parents and youth across the country. The blue addition complements Gander Mountain's highly successful pink firearms launch in the fall of 2007. "Our pink firearms designed for girls and women are so popular, we've had a hard time keeping them in stock," said Gary Buescher, Vice President for Hunting and Firearms. "After the pink shotguns came out, we heard from parents and their sons requesting a unique firearm made just for boys. "Boys and girls are actively participating in family hunting traditions, but they want their own firearm that is distinct from their parents," said Buescher. The Remington 870 Express Junior shotgun offered exclusively at Gander Mountain is made specifically for the young beginner. Building on the success of pink firearms for women, Gander Mountain is also enhancing their pink firearm line offerings with a full size stock Remington 870 pump shotgun and a full size Remington 11-87 semi-automatic shotgun, currently available in stores. Both of these shotguns are available exclusively at Gander Mountain. "Remington has worked closely with us to design the firearms in the colors our customers want. We appreciate their support for our initiative," said Buescher.
Jul 02, 2008 -- GameStop Corp. (NYSE: GME), the world's largest video game and entertainment software retailer, today announced that it has entered into an agreement to purchase The Gamesman, New Zealand's largest independent gaming specialist. The eight Gamesman video game stores will expand GameStop's presence in New Zealand to a total of 38 stores, bringing the total store count to 308 in Australia and New Zealand. GameStop operates over 5,400 locations worldwide under the GameStop and EB Games brands. Stephen Wilson, Managing Director, EB Games New Zealand and Australia commented, "We are very excited about the union of EB Games and Gamesman. Both companies and their staff have a passion for games and now we can bring together the best of both retailers to offer our customers the finest in service and products, both new and pre-owned." Phil McPhee, General Manager at The Gamesman, remarked, "We would like to thank our customers and staff for their support. This move will enhance the service and experience for customers, and our staff will benefit from the support structure and career opportunities available through GameStop." Subject to the satisfaction of customary closing conditions, the transaction is expected to close in mid-July, 2008.
Jul 02, 2008 -- DGSE Companies, Inc. (AMEX: DGC), which wholesales, retails and auctions fine watches, jewelry, diamonds and precious metal and rare coin products via traditional and Internet channels, today announced that it has launched the first direct to the public website for jewelry and precious metals products acquired directly from consumers. DGSE is one of the largest purchasers of jewelry in direct transactions with the public with transactions for 2008 expected to exceed $50 million. For the first time DGSE, in real time, will offer these products as it buys them directly to the public for 36 hours. If the items are not sold they will be melted or disposed of for their scrap value. Products are offered based on their precious metals and other content at small premiums from the scrap value without conventional retail mark-ups. In many instances these prices will be lower than dealers can acquire them. "The 'Treasure Hunt' has been a complicated project because of the velocity of our transactions. We have built the robust infrastructure necessary to process hundreds of real time purchases every day. Our objective is offer the public a unique opportunity to acquire jewelry and other products that they would not find anywhere else at huge discounts," noted William H. Oyster, President and Chief Operating Officer of DGSE Companies, Inc. "Because we are one of the largest jewelry buyers in the United States, we see things in the market that few jewelers and consumers can find and we know that every item has sold at least once before at a price significantly higher than our offering price. In the past, all items that were not immediate candidates for our jewelry operations were sent directly to refiners and melted for their content values. So many wonderful pieces were disposed of in that fashion, that we decided to allow the public to interrupt the flow to our refiners. We are confident that over time the consumers will find the opportunity exciting and rewarding."
Market Wrap for July 2nd, 2008
The stock market finished 1.8% lower Wednesday, closing near its worst level of the session. The downturn brings the stock market within a hair of a 20% downturn from its high, reached last October. The loss is a disappointment as investors were unable to build on early gains as stocks continue to trade without leadership. Rising oil prices also continue to weigh on investors' mood. All ten of the major economic sectors closed lower. Particular weakness was seen in the materials sector (-5.2%). The materials sector has traded lower in recent sessions, reversing its year-to-date advance. The sector is under pressure as investors take money off the table amid concerns that slower global growth may adversely impact demand for input materials. Notably, materials represents less than 4% of the S&P 500. Financials (-1.4%) fought to advance in the face of widespread selling, but succumbed in the end. The sector had been up 0.5%, but closed well into negative ground. Financials are the third largest sector in the S&P 500, behind tech (-1.8%) and energy (-3.2%). Meanwhile, Merrill Lynch downgraded shares of General Motors (GM 9.98, -1.77) and lowered the firm's price target amid cash concerns. The assessment was released just a day after GM announced better-than-feared monthly sales results, which provided a spark during yesterday's action. Reuters. Shares of GM fell below $10, its worst level in decades. In merger and acquisition news, The Wall Street Journal reported Microsoft (MSFT 25.88, -0.99) may still have an interest in Yahoo! (YHOO 20.88, +0.68) as it has allegedly approached other parties regarding a deal that would lead to a breakup of Yahoo! Afternoon losses were largely held in check until oil prices climbed higher to close at a record high of $143.58 per barrel. Earlier in the day the Department of Energy reported oil inventories posted a draw of 1.98 million barrels. Many were expecting inventories to increase. In terms of economic news, factory orders for May climbed 0.6%, which is better than the 0.5% increase economists forecast.
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