Finance & Capital Management

Queens, N.Y. — A new retail building is reportedly planned for the site of a former adult entertainment club in the Rego Park neighborhood of Queens. According to the Queens Chronicle, a 20,000-sq.-ft. building will occupy the location once occupied by the Goldfingers nightclub, which has been shuttered since 1999.  

All 10 members of Target’s board of directors were re-elected at the retailer’s annual meeting on June 11, but there was strong opposition to several members and a proposal requiring an independent chairman nearly passed.

St. Louis — Panera Bread Company has secured a five-year $100 million term loan from Bank of America, Wells Fargo and TD Bank. Proceeds from the loan will be used for general corporate purposes, including a range of growth initiatives such as the rollout of the Panera 2.0 in-store technology initiative.

With an 18% same store sales increase and a 217% profit improvement in the first quarter no wonder Restoration Hardware is looking to add 31 new stores to its 69 current locations.

The company is on track to open stores in Los Angeles and Atlanta later this year and is adding two floors to its top-performing store in New York. In addition, Restoration Hardware chairman and CEO Gary Friedman said the company has signed leases for six of its stores called “next-generation full line design galleries,” and is in negotiations for 25 additional locations.

City of Commerce, Calif. — 99 Cents Only Stores LLC reported net income of $9.57 million in the first quarter of fiscal 2015, up from $897,000 in the same quarter a year earlier. 

Net sales rose $477.9 million, up 7% from $445.2 million in the first quarter of fiscal 2014. 

Wayne, N.J. — Toys “R” Us reported a net loss of $196 million in the first quarter of fiscal 2014, up from a $111 million net loss in the year-ago period, amid a decrease in income tax benefit and  rise in expenses that included investments in e-commerce and U.S. store maintenance. But the struggling retailer saw its sales improve.

New York City — Forever 21 has taken space at the Mall at Bay Plaza, which is scheduled to open on August 14. The new store will span about 15,000 sq. ft.

A new 166,000-sq.-ft. Macy’s and an existing 150,000-sq.-ft. J.C. Penney will anchor the new mall. Forever 21 will join more than 100 retailers at Bay Plaza, including Kay Jewelers, Victoria Secret, H&M and Michael Kors.

Norwalk, Conn. — The Priceline Group Inc. and online restaurant reservation service OpenTable Inc. have entered into a definitive agreement whereby The Priceline Group will acquire OpenTable for $103 per share in an all cash transaction valued at $2.6 billion. OpenTable will continue to be headquartered in San Francisco and will operate as an independent business led by its current management team within The Priceline Group.