Finance & Capital Management

New York -- Women’s footwear designer Vince Camuto, who co-founded Nine West Group and then went on to establish his own successful namesake clothing and footwear business, has passed away at the age of 78. Camuto died Wednesday at his home in Greenwich, Connecticut, after a battle with cancer.

In 1978, Camuto and Jerome Fisher founded Nine West Group, which they grew into a retail powerhouse. In 1999, the company was acquired by Jones Apparel Group for nearly $900 million.

New York – Apparel retailer Cache Inc. is reportedly preparing to file for bankruptcy as early as the week of Jan. 26. According to Bloomberg, the 237-store chain is feeling the effects of reduced mall traffic and increased online and foreign-based competition.

In December, Cache said it was exploring options and had received an inquiry about a possible purchase. The company’s chief marketing officer also resigned that month. Cache previously filed for Chapter 11 bankruptcy protection in 1986 and came out of bankruptcy in 1988.

Cupertino, Calif. – Mickey Drexler, chairman and CEO of J. Crew and former CEO and president of Gap Inc., is retiring from the board of directors of Apple Inc. as of March 2015. Apple disclosed the impending retirement in a filing with the Securities and Exchange Commission (SEC).

Drexler has served on the Apple board since 1999 and is currently its longest-tenured member. No replacement has been announced. Drexler was initially recruited to the Apple board to help the company, which opened its first store in 2001, create a retail strategy.

Corte Madera, Calif. – Restoration Hardware Holdings Inc. (RH) has named Ali Rowghani to its board of directors. He will also serve on the board’s Nominating and Corporate Governance Committee.

Fort Worth, Texas - RadioShack Corp. announced that it received a continued listing standards notice from the New York Stock Exchange (NYSE) on Jan. 15. The retailer received the notice because its average market capitalization was less than $50 million during a period of 30 consecutive trading days and stockholders' equity of the company was below $50 million.

Cincinnati – Kroger Co. has reportedly purchased a soon-to-be shuttered Macy’s store located in the Kingsdale shopping center in Upper Arlington, Ohio, for $10.5 million. According to Columbus Business First, Kroger may include multifamily housing or offices in its redevelopment plans for the site.

The Zoning Board would have to approve any Kroger redevelopment plans. Giant Eagle also operates a grocery store in the Kingsdale center. Kroger did not comment.
 

Irving, Texas – The underwriters of a public offering of 18.8 million shares of The Michaels Companies common stock have priced it at $23.52 per share. In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 2.82 million shares of common stock.

The selling stockholders will receive all of the net proceeds from this offering. No shares are being sold by the company.
 

Canton, Mass. -- Athletic-shoe maker New Balance has teamed up with private-equity firm Berkshire Partners LLC to acquire The Rockport Company from the Adidas Group for $280 million.

Financial terms were not disclosed.

As part of the deal, New Balance affiliate Drydock Footwear LLC, whose brands include Cobb Hill, Aravon and Dunham, will join with The Rockport Co. to create The Rockport Group.

Seattle -- Starbucks Corp. has appointed Kevin Johnson as president and chief COO, effective March 1. He replaces the company's current COO, 23-year Starbucks veteran, Troy Alstead, who, as previously announced, will take a sabbatical beginning March 1. Over the next month, Alstead will work to immerse Johnson into his levels of responsibility as they work together to ensure a smooth transition.
 

Macy’s plans to quadruple the size of a central California distribution facility that has played a key role in the execution of the retailer’s omnichannel strategy.

The company plans to relocate its West Sacramento, Calif., direct-to-consumer fulfillment center to a larger facility in a nearby location in Sacramento County to support continued sales growth driven by Macy's omnichannel strategy.