Finance & Capital Management

Los Angeles -- Specialty teen retailer Hot Topic is acquiring Geeknet, parent company of online retailers ThinkGeek and ThinkGeek Solutions, for approximately $122 million, which is more than double the company’s market value.  

ThinkGeek sells a wide range of merchandise, including clothing, toys, and gadgets mostly based on popular movies, television shows and brands that have strong "geek" appeal, such as "Star Trek," ''The Big Bang Theory," and ''Star Wars."

Declining sales and mounting losses at online retailer Geeknet weren’t enough to deter Hot Topic from paying a steep price to acquire the retailer of products designed to appeal to the geek in everyone.

Los Angeles-based Hot Topic, operator of 650 specialty stores, entered into an agreement with Fairfax, Va.-based Geeknet to acquire the company for $17.50 a share, a 122% premium above Geeknet’s closing share price of $7.90 on Friday, May 22.

AutoZone just logged its 35th consecutive quarter of double digit earnings per share growth, proving again that it is like the Honda Accord of the retail industry – a reliable performer that stirs emotions among those with an appreciation for consistency.

After reporting disappointing financial results for the first quarter, the Fresh Market can use all the help it can get in communicating its value proposition to shoppers.

So it may not come as a surprise that the grocery chain has selected a new advertising agency to drive growth going forward. The Fresh Market announced that its new agency, Zimmerman, will conduct strategic planning, creative services, brand activation, media planning & buying (traditional and digital), internal campaign development and social media activation for the company.

Nordstrom is looking to increase its capital efficiency by selling its credit card portfolio to a Canadian bank.

Nordstrom and Toronto-based TD Bank Group announced an agreement under which TD will acquire Nordstrom's existing U.S. Visa and private label consumer credit card portfolio, which currently totals about $2.2 billion in receivables. Terms of the purchase were not disclosed.

Nordstrom is looking to increase its capital efficiency by selling its credit card portfolio to a Canadian bank.

Nordstrom and Toronto-based TD Bank Group announced an agreement under which TD will acquire Nordstrom's existing U.S. Visa and private label consumer credit card portfolio, which currently totals about $2.2 billion in receivables. Terms of the purchase were not disclosed.

Amazon is reportedly looking to launch an artisanal-goods marketplace called Handmade, according to The Wall Street Journal.

The newspaper obtained invites that Amazon has sent to sellers at Etsy. Neither Amazon nor Etsy has agreed to comment on the Journal report.

The chairman of the board at 99 Cents Only Stores has assumed the role of CEO and president effective immediately.

Andrew Giancamilli will become the new interim president and CEO, replacing Stéphane Gonthier.

Beyond the 10 retail real estate pros highlighted as our Under 40 Rising Stars, we handpicked another 10 as the “Ones to Watch.” Following is an alphabetical list:

Crystal Allen, age 31, VP, Transwestern

D.J.

Birmingham, Ala. – Hibbett Sports Inc. cane up short of Wall Street expectations for earnings and revenues in the first quarter of fiscal 2016. Hibbett reported net income of $27.4 million, down 3% from $28.4 million a year earlier.

Increases in store operating, selling and administrative expenses, as well as depreciation and amortization, fueled the decline in profit. Net sales grew 3% to $269.8 million from $261.9 million, while same-store sales dropped 0.9%.