Finance & Capital Management

After reporting disappointing financial results for the first quarter, the Fresh Market can use all the help it can get in communicating its value proposition to shoppers.

So it may not come as a surprise that the grocery chain has selected a new advertising agency to drive growth going forward. The Fresh Market announced that its new agency, Zimmerman, will conduct strategic planning, creative services, brand activation, media planning & buying (traditional and digital), internal campaign development and social media activation for the company.

Seattle -- Nordstrom and Toronto-based TD Bank Group announced an agreement under which TD will acquire Nordstrom's existing U.S. Visa and private label consumer credit card portfolio, which currently totals about $2.2 billion in receivables. Terms of the purchase were not disclosed.

In addition, the two companies have entered into a separate long-term agreement under which TD will become the exclusive U.S. issuer of Nordstrom-branded Visa and private label consumer credit cards to Nordstrom customers.

Seattle – Amazon.com is reportedly preparing an online marketplace for handmade goods that will appropriately enough be known as “Handmade.” According to the Wall Street Journal, Amazon has been sending targeted emails to Etsy sellers inviting them to sell their wares on Handmade.

The invites do not specify when Handmade will launch or what type of fees sellers will be charged. Etsy sellers are being asked what category of goods they make, such as apparel and baby, and can also select subcategories such as jewelry and home.

The chairman of the board at 99 Cents Only Stores has assumed the role of CEO and president effective immediately.

Andrew Giancamilli will become the new interim president and CEO, replacing Stéphane Gonthier.

Nordstrom is looking to increase its capital efficiency by selling its credit card portfolio to a Canadian bank.

Nordstrom and Toronto-based TD Bank Group announced an agreement under which TD will acquire Nordstrom's existing U.S. Visa and private label consumer credit card portfolio, which currently totals about $2.2 billion in receivables. Terms of the purchase were not disclosed.

Los Angeles -- Specialty teen retailer Hot Topic is acquiring Geeknet, parent company of online retailers ThinkGeek and ThinkGeek Solutions, for approximately $122 million, which is more than double the company’s market value.  

ThinkGeek sells a wide range of merchandise, including clothing, toys, and gadgets mostly based on popular movies, television shows and brands that have strong "geek" appeal, such as "Star Trek," ''The Big Bang Theory," and ''Star Wars."

Declining sales and mounting losses at online retailer Geeknet weren’t enough to deter Hot Topic from paying a steep price to acquire the retailer of products designed to appeal to the geek in everyone.

Los Angeles-based Hot Topic, operator of 650 specialty stores, entered into an agreement with Fairfax, Va.-based Geeknet to acquire the company for $17.50 a share, a 122% premium above Geeknet’s closing share price of $7.90 on Friday, May 22.

New York -- Saks Fifth Avenue Off 5th will open its first metro downtown store, on Market Street in downtown San Francisco. The new 40,500-sq.-ft. store will celebrate its grand opening on May 28.

“This store is the first Saks Fifth Avenue Off 5th store in a city center, and we believe San Francisco is an ideal location as we begin to expand into metropolitan markets,” said Jonathan Greller, president of outlets, Hudson’s Bay Company, parent company of Saks.