Finance & Capital Management

New York -- Investment firm TowerBrook Capital Partners is acquiring women’s apparel retailer J. Jill, which operates some 250 stores nationwide. TowerBrook is buying the company from Investment firm Arcapita and private equity firm Golden Gate Capital.  

In a statement, J. Jill CEO Paula Bennett noted that the retailer has just completed its best sales year in history and 12 quarters of consecutive growth.

Camp Hill, Pa. – Rite Aid’s positive momentum continued in March, with the drugstore chain reporting a 4.3% increase in March overall same-store sales.

Total drugstore sales for the four-week period increased 4.1% to $2.026 billion, compared to $1.947 billion for the same period last year. Prescription sales accounted for 69.9% of sales.
 

New York -- There’s been a change at the top at Saks Fifth Avenue. On Thursday, Saks parent company Hudson’s Bay Company announced that company veteran Marc Metrick, 41, is replacing Marigay McKee as president of Saks Fifth Avenue, effective April 2, 2015. It’s a return of sorts for Metrick, who is HBC’s executive VP and chief administrative officer. He spent the first 15 years of his career at Saks Fifth Avenue, ultimately becoming its chief strategy officer, before joining the leadership team of HBC in 2012 as chief marketing officer.

New York -- Belk Inc., the largest family owned and operated department store chain in the United States, is exploring strategic alternatives. The news was first reported by Reuters on Thursday, and was confirmed later in the day by the retailer in a statement issued to media outlets.
 

Fort Worth, Texas - General Wireless Inc., an affiliate of Standard General LP, has officially received U.S. Bankruptcy Court approval to acquire the inventory and assume leases of 1,743 RadioShack stores following a bankruptcy auction. The company operates a long-term partnership with Sprint, and Sprint will provide services, products and accessories at some stores.

The stores will feature emerging technologies, as well as the traditional accessories and DIY for which RadioShack is known. Approximately 1,440 stores will be co-branded with Sprint.

Toano, Va. – Despite bad publicity from a March 2015 “60 Minutes” report alleging carcinogenic materials in the laminate of some Chinese hardwood it sells, Lumber Liquidators beat Wall Street sales estimates in first quarter 2015. In a sales update, Lumber Liquidators said sales were $260 million, an increase of 6% from first quarter 2014.

Stoughton, Mass. -- Ikea has gone live with the expanded solar energy array atop its store that opened nine years ago in Stoughton, Massachusetts. The 51,516-sq.-ft. solar panel addition consists of a 318-kW system built with 1,248 panels, and will produce 385,900 kWh more of electricity annually for the store. It sits atop a 58,575-sq.-ft. store extension completed last summer.

Oak Brook, Ill. - McDonald’s USA has decided to give employees a break, in the form of higher pay, paid time off and educational assistance. McDonald’s is raising starting wages at company-owned restaurants in the U.S. one dollar more than the locally-mandated minimum wage, as of July 1.

Boston - Gordon Brothers Group’s Valuation & Advisory Services Division and AccuVal-LiquiTec have entered into a merger to form Gordon Brothers-AccuVal.  The new group will operate as a wholly owned subsidiary of Gordon Brothers Group.

Grand Rapids. Mich. - Meijer will invest nearly $50 million in extensive remodel projects for four supercenters located in Kettering, Miami Township, Englewood and Beavercreek, Ohio.