Finance & Capital Management

Hoboken, N.J. – The countdown is on for the latest competitor to Amazon.com to take off. Jet.com, which hopes to compete with the Amazon Prime membership service using “profit-free” pricing, has an online clock on its homepage counting down to launch at 6 a.m. ET on Tuesday, July 21.

Ross Stores is crossing off a big chunk of its to-do list as the retailer moves forward with its plans to open 90 stores in 2015.

Montvale, N.J. – The rumors are true. As expected, the Great Atlantic & Pacific Tea Company Inc. (A&P) has filed for Chapter 11 bankruptcy.

In a brief statement on its website, privately held A&P says it has secured financing of $100 million and voluntarily filed for chapter. A&P has also entered agreements to sell 120 stores for $600 million and will close more of its 296 stores in the near future.

The former head merchant for Staples has been named president and CEO of eBags Inc.

The eBags board of directors appointed Mike Edwards as president, CEO and member of the board of directors effective immediately. He also joins the company as a new investor.

Edwards most recently held the position of executive vice president of global merchandising for Staples Inc. 

Baltimore –  An executive from the sports world is moving into the retail arena.

Terdema L. Ussery II has joined Under Armour Inc. as president, global sports categories, effective Sept. 14, 2015. Ussery previously served as the president and CEO of the Dallas Mavericks NBA team for the past 18 years.

In his new position, Ussery will be responsible for spearheading category management across all key brand and business units around the world to drive authenticity and connectivity with consumers.

New York — Macy’s is feeling the heat — from an activist investor and Donald Trump.

Activist investor Starboard Value wants the department store giant to follow the example set by such other retailers and Sears Holdings and Hudsons Bay Company and capitalize on its real estate holdings by spinning them off into a new investment vehicle. 

Starboard claims the move would double Macy’s stock value, Fortune reported. For more click here.

Macy's Inc. should split off its real estate holdings into a separate company to maximize shareholder value, Starboard Value hedge fund manager Jeffrey Smith said during an investor presentation, according to several news reports.

According to the Wall Street Journal, Smith said Wednesday it had taken a stake in Macy’s and is pushing the department store chain to spin off some of its real-estate assets.

Sidney, Neb. – Cabela’s Inc. has 400 million new reasons to feel confident about the growth of its Club Visa credit card portfolio.

The retailer has closed a $400 million securitization transaction, including $240 million of Class A-1 Notes with fixed annual interest of 2.25%, and $100 million of Class A-2 Notes with interest at a floating rate equal to one-month LIBOR plus 0.67% per year.