In the wake of their Saturday deadline, J.Crew recieved no additional takeover bids during their "go shop" period a provision that is frequently included in leverage buyout deals (the deadline for other potential companies to throw in their hats was on the 15th). Well today, the retailer announced they would be extending the deadline to February 15th for other/rival bids and to settle a shareholder lawsuit. As it stands, TPG Capital and Leonard Green have been the only ones to come to the table so far with a $3 billion offer. There was some talk about $SHLD and $URBN possibly throwing their hats in (it was reported by DealBook both retailers had signed confidential agreements to study J.Crew's books during the solicitation period) but it was unclear whether they were seriously considering counteroffers.
J.Crew vs. Jack Spade: Which is more "new dad" gift worthy?
My best friend just had a baby. And while I've been busy purchasing cute clothes for him and fun mommy items for her, I sort of forgot about her amazing (and also a dear friend of mine) husband who is putting in double duty as diaper changer, baby feeder and nerve calmer. I know! I'm the WORST.
So you can imagine how psyched I was when the Jack Spade Spring 2011 look book crossed my path/in box today. For me, Jack Spade has always been the go to stop for all things hip-male/ perfect gift source for a new dad who fits the former description. With that said, I was compelled to check out www.jcrew.com since I've had $JCG on the mind for the past four weeks. Hate to say it, but I think $JCG is encroaching on Jack Spade's market share of snazzy man bags and tailored over coats. Check it:
This Waxwear-Pocket Brief looks like can double as a work and baby bag. It's on the high budget side ($365) but what a great design, no?
My friend's husband does want a coat. This Herringbone Field Coat at $525 seems appropriate for a southern California winter.
I think new dads are in need of new shirts as much as moms. While I don't think my friend's husband will be wearing the Chambray Triple Stitch while burping the little one, at $225 it may be work shirt worthy.
Meanwhile, I am convinced part of the reason why $JCG is killing it on the earnings side is because of the mens business and thier "In Good Company" designer collaborations. For example, the Barbour Sylkoil Bedale Jacket ($379 shown at the top of this post) is almost as awesome, if not more than the Jack Spade Field coat.
And check out the Belstaff Colonial shoulder bag 554. To me t his seems a little more functional as a baby bag for dads than the Waxwear Pocket Brief.
Instead of the present being a surprise I might cave and have him pick something out of the options listed. Can't believe how far Jcrew has come from the roll sweaters of 1990.
Post holiday shopping: the best and worst return policies
I find it strange how 99% of retailers are scrambling to get the consumer to start spending and build customer loyalty through rewards programs, etc., (Eye on you Amazon (AMZN), Target (TGT) and Best Buy (BBY)) meanwhile they have some of the worst return policies on the planet! This morning I discussed the best and worst return policies on NPR's "The Takeaway." Really JCrew (JCG)? Are you REALLY not going to let me return a sale item for a full refund? Ugh. Here are my notes from the interview:
What do you think is the ideal/fair return policy? I think a full refund (which very few stores rarely do) is fair, OR return/exchange a gift without a reciept which is what H&M is doing. Target (TGT) is also sort of doing that just as long as the price of gift does not exceed $70 in one year.
What do you think is an unfair policy?
Definitely "final sale" at J Crew (JCG) on sale items. What is that all about? Also,
Amazon (AMZN) has 29 different product-specific return policies in addition to it's regular one for example: -most unopened items can be returned within 30 days -items they do not accept back: Hazardous materials, Kindles (after 30 days), downloadable software products, gourmet baskets, health and beauty products, some jewelry AND If the value is $75 must have a tracking method, items at $500 must be insured. If you are missing orgininal documentation, there will be a 15% re-stocking fee. Annoying!
JC Penny (JCP) requires special occasion dresses to be returned with the "return tag" still in place which prevents people from wardrobing i.e., buying wearing once, and then returning it.
Overstock.com has a 60% restocking fee for some open used or late items.
Office Max will not accept returns of opened cameras and software unless it is defective.
I don't think a lot of people are fully aware of these return policies at these stores.
What kind of the hardest items to return? Undergarments, swimsuits, software, electronics (due to restocking fees, shorter time to return the item and sometimes stores won't take them back at all).
If I have to retun a gift for a store online do you have suggestions on how to make this return as EASY as possible? Do your research- most stores do not post their return policies for example, Best Buy lengthened its holiday return period for most items by one to three weeks (until Jan. 31st) but computers still have their 14 day return policy so computer bought on Black Friday can not be returned.
Ask about re-stocking fees: If an item is open add the fee, 30% from Overstock.com, Macys, 15%
Be aware of the tier method (what Amazon and Best Buy (BBY) are doing) : apparel that might have a different date you can return at vs. different than electronics
Buy things on your credit card in case you lose your reciepts: I tend to have about 1,000 slips of paper in my wallet/handbag and the most important reciepts get lost in the tsunami of paper. If you put purchases on your credit card the retailer can pull it up your purchase more quickly.