Finance & Capital Management

New York – Sean P. Murphy has been hired as a consultant to advise management regarding strategic and other business matters. As a result, Murphy has resigned from Ralph Lauren’s board of directors.

Murphy served on Ralph Lauren’s board since November 2005. He was the CEO of Christie’s International from September 2010 through December 2014. He previously served as the president and CEO of Rodale Inc. from 2002 to December 2009, and joined Rodale in 2000 as its president and COO.
 

Littleton, Mass. – Dover Saddlery Inc. experienced an increase in net loss during the first quarter of fiscal 2015, seeing it jump to $776,000 from $543,000 the same quarter a year earlier. Total revenues rose 16% to $22.8 million from $19.7 million, and same-store sales rose 3%.

Photo: Dov Charney

Los Angeles – In the latest set of dueling lawsuits to hit a major retailer, American Apparel is suing its founder and ousted CEO Dov Charney for violating a standstill agreement with the company. Standstill agreements typically limit the amount of stock in a company a party can buy during a certain period of time.

Alpharetta, Ga. - McAlister's Deli has signed three development agreements with new and existing franchisees to open restaurants in Southern Georgia and North, Central and Southwest Florida.

Existing franchisee DMAC 81 LLC, based in Summerville, South Carolina, plans to open several new restaurants between southern Georgia and northern Florida.

By Brian Ehrig

The U.S. dollar has risen by more than 20% against the other major currencies over the last year, buoyed by a respectable if not torrid economic recovery and sinking oil prices, among other factors. That could be a breath of fresh air for U.S. shoppers with a taste for imported goods. For global mega-brands like PVH, Microsoft and Coach, however, the implications are closer to a gathering storm.

New York -- Surging rents in Manhattan have claimed another victim, and this time it's one of the city's most iconic retail establishments. F.A.O. Schwarz will close its legendary toy store on Fifth Avenue this summer, citing the high and rising costs of operating a store on one of the city's most pricey blocks of real estate. Toys "R" Us, which acquired F.A.O. Schwarz in 2009, said it will close the 45,000-sq.-ft.

Surging rents in Manhattan have claimed another victim, and this time it's one of the city's most iconic retail establishments.

Ascena Retail Group may be looking to attract younger, more career-oriented shoppers with its $2.15 buyout of rival Ann Inc.

Kohl’s is preparing to open a store in Southern New Jersey called "Off Aisle by Kohl's," a name that suggests the company may be following the lead of other retailers opening off-price formats.

It is not readily apparent what the assortment or pricing will be at the new offering from Kohl's. Multiple attempts to reach representatives at Kohl's were unsuccessful.

Vancouver -- Fast-growing Canadian online footwear retailer Shoes.com has reported record first quarter. In its first quarterly financial report since consolidating three online businesses under one platform, the company reported an increase in gross revenue of 89% to $60 million and a 129% increase in revenue from repeat customers.

Gross profit margins remained robust at 44%.