Finance & Capital Management

New York -- Forever 21 opened a 36,000-sq.-ft. store on Manhattan’s Fifth Avenue, joining such other fast-fashion retailers already in the neighborhood as Uniqlo, H&M and TopShop.  

The four-level space houses all of retailer’s collections under one roof, including Forever 21 Men. The store is located in a building that formerly housed an H&M store, which closed in December when the retailer moved to a different location on Fifth and 48th Streets.

Facing significant headwinds in its core business of bookselling, Books-A-Million has received a take-private proposal by the family who hold a majority of the company's shares.

The Anderson family has proposed to acquire 100 percent of the company's outstanding shares for $2.75 per share. Books-A-Million’s board of directors has appointed a special committee of independent directors to consider the proposal. The special committee has retained King & Spalding LLP as its legal counsel, and is in the process of retaining financial advisers.

New York -- West Coast port congestion issues could cost retailers as much as $7 billion this year, according to an analysis by Kurt Salmon. Work stoppage threats and major trade associations’ calls for federal intervention have retailers and consumer products companies on high alert.
 

Phoenix – Same-store sales rose 2.6% at PetSmart Inc. during the fourth quarter of fiscal 2014. Average ticket increased 2%, and same-store transactions increased 0.6%.

Hangzhou, China – Alibaba Holding Group Inc. is bolstering its mobile commerce position by purchasing a $590 million minority stake in Chinese smartphone manufacturer Meizu. As a result of the investment, Alibaba and Meizu will collaborate to integrate Meizu’s hardware and Alibaba’s mobile operating system.

New York -- In a surprise move, Kate Spade & Company announced it is closing all 19 of its lower-priced Kate Spade Saturday stores and all 12 of its Jack Spade menswear stores. Both brands will remain in the luxury company's portfolio, with Kate Spade Saturday being folded into Kate Spade, and Jack Spade being sold at other retailers and online. The company also announced a new joint venture to speed its growth in China, where it sees a long-term potential for 100 stores.

San Francisco -- Delivery Agent, whose technology allows television viewers to engage with and buy directly from advertisements and television shows via web, mobile, and advanced television applications, has tapped board member James Peters as president and COO. Peters previously held key leadership roles at Office Depot, Staples and Ross Stores.

Lowe's is helping to fulfill the makeover wishes of 515 schools in 46 states with money for improvement projects.