Finance & Capital Management

Walmart's Asian business is regrouping after the founders of the retailer's e-commerce arm in China, Yihaodian, have left the company, according to Bloomberg.

The news service reported the company confirmed Wednesday that Yu Gang, Yihaodian’s chairman, and Liu Junling, the CEO, left to start a new venture.

Istanbul, Turkey – Mudo, a Turkish retailer for clothing, accessories, furniture and home decorations, operates more than 120 stores across the country and has a strong online presence. To obtain better insight into enterprise-wide transactional data, Mudo uses the SAP Business Warehouse (SAP BW) application, based on the SAP HANA business intelligence platform.

Washington, D.C. -- The National Retail Federation on Wednesday asked the Labor Department to give businesses more time to respond to the administration’s proposal to expand overtime saying the plan’s “drastic changes” will require “extensive analysis” and require companies to speculate on “hypothetical proposals.”

Birmingham, Ala. -- In a deal that may take it private again, Books-A-Million Inc. has given its OK to a buyout deal from the family of its original owners.

The chain reached an agreement to be acquired by a newly organized entity owned by the Anderson Family, which includes Books-A-Million executive chairman Clyde B. Anderson, for $21 million, or $3.25 a share in cash. (According to the most recent SEC filing, the Anderson family already owns 58.2% of the company).

Grapevine, Texas – GameStop Corp. has completed a very geeky purchase. The video game chain has acquired 86% of outstanding shares of Geeknet Inc. in a tender offer that expired July 13, 2015.

GameStop Corp. purchased about 5.92 million shares for $20 per share in cash, or roughly $11.8 million. The retailer will make payment on July 17, 2015.

Los Angeles -- The chief executive of Guess is stepping down.

Guess co-founder Paul Marciano announced that he will be succeeded as CEO of the apparel maker by former Inditex executive Victor Herrero in August. Marciano will continue to serve as chief creative officer, and will also replace Maurice Marciano as executive chairman.

Herrero, a 12-year Inditex veteran, served as head of Asia Pacific for the apparel conglomerate, whose brands include Zara. He is credited with building the company's multi-million dollar Asian business.

With Amazon.com’s share price approaching $500 on the heels of a highly publicized 20th anniversary promotional event, the struggling Books-A-Million chain announced a deal to go private for a paltry sum.

The Books-A-Million chain was always a distant competitor to the likes of Barnes & Noble and even the now defunct Borders chain. Then along came Amazon.com and Books-A-Million grew more irrelevant. As its sales and profits declined so did its growth prospects in the eyes of investors and its stock price.

New York -- Starbucks Corp. is expanding its already extensive global footprint.

The chain announced it will open its first stores in South Africa next year in a partnership deal with South African management group Taste Holdings. The initial store is scheduled to open in Johannesburg during the first half of 2016.