Finance & Capital Management

WASHINGTON — The National Retail Federation welcomed today’s announcement that the Federal Trade Commission plans to investigate patent trolls. 

“Patent trolls are a drain on the economy,” NRF SVP and general counsel Mallory Duncan said. “It’s time for Washington to put an end to this abuse of our nation’s laws. Seeing this issue receive top-level attention from the FTC is a significant development.”

Washington, D.C. -- The National Retail Federation on Wednesday welcomed a letter from lawmakers urging the Internal Revenue Service to back off a proposed accounting rule change that could cost many retailers millions of dollars a year.



Springfield, Ill. -- OfficeMax Inc. is asking the state of Illinois for tax breaks to keep the company's headquarters in-state after the office supply chain's merger with Office Depot Inc. is complete.

OfficeMax CEO Ravi Saligram and state Sen. Tom Cullerton made their pitch Tuesday during a hearing on the state's pension crisis. Cullerton is a Villa Park Democrat sponsoring legislation to provide incentives if the company keeps at least 2,000 full-time jobs at its headquarters and other non-retail locations.

Camp Hill, Pa. — Rite Aid is offering to buy back $810 million worth of debt while increasing the amount of a new bond sale announced Tuesday, the retail pharmacy chain said.

Rite Aid said it would buy back all of its $810 million worth of 9.5% senior notes due 2017. The company also said it would increase the $400 million offering of 6.75% senior notes due 2021 by another $410 million, for a total of $810 million, as part of a debt-refinancing plan.

New York -- George Zimmer, the founder and pitchman of Men’s Wearhouse, wasted no time in firing back at the company that fired him as executive chairman on Wednesday morning.  In a statement released to CNBC, Zimmer suggested that disagreements with the company’s board led to his abrupt termination:

Los Angeles -- PizzaRev, the fast-casual artisan pizza concept, will build a flagship location in Burbank’s shopping and entertainment district at the intersection of E. Palm Ave. & N. San Fernando Blvd.

The company has announced plans to add two new locations in Oxnard and El Segundo, Calif. this summer and to begin franchising soon. PizzaRev currently operates three locations in Studio City, Woodland Hills and Northridge, Calif.

San Jose, Calif. -- A Wednesday report by Bloomberg said that Orchard Supply Hardware Stores Corp. has been given approval by the bankruptcy court to seek bids from liquidators to run going-out-of-business sales at eight underperforming stores and potentially another 22.

Cicero, Ill. -- The town of Cicero, Ill., and Wal-Mart Stores announced an agreement on Tuesday to build a Walmart Supercenter on a portion of a former racetrack site.

Under the contract, Wal-Mart will pay $7.5 million for 24.67 acres of land at the long-vacant and dilapidated Sportsman’s racetrack to construct a 190,000-sq.-ft. store.

Cicero will continue to own 10 acres of the remaining Sportsman's property, which is reserved for future retail expansion and development.

Fremont, Calif. -- Men’s Wearhouse announced Wednesday that it has fired its founder and executive chairman George Zimmer; no reason was given for the sudden move.

NEW YORK — The Estée Lauder Companies has appointed Michael O’Hare as the company’s EVP, global human resources. O’Hare will report jointly to executive chair William P. Lauder and president and CEO Fabrizio Freda.