Finance & Capital Management

Hoffman Estates, Ill. -- Cesar L. Alvarez, co-chairman of the international law firm of Greenberg Traurig, LLP, has been elected to membership on the Sears Holdings board of directors.

Alvarez joined Greenberg Traurig in 1973. Prior to his appointment as co-chairman, Alvarez served the firm as its executive chairman for more than three years, and as its CEO 13 years. Prior to becoming CEO in 1997, he practiced securities, corporate and international law for more than 25 years.

Fort Worth, Texas – Pier 1 Imports boosted net income and sales during the third quarter of fiscal 2014 compared to the same period in the prior year, partially aided by strong Thanksgiving weekend performance. Net income totaled $26.8 million, up 13% from $23.7 million.

Total sales for the third quarter were $465.5 million, a 9.6% increase from $424.5 million in the year-ago quarter.

Same-store sales rose 6.9%, primarily attributable to increases in conversion rate and higher average ticket.

New York – Barney’s New York plans to open a flagship in the Chelsea neighborhood of Manhattan in 2017. The downtown store will consist of five floors totaling close to 57,000 sq. ft. and be located on the site of a former Barney’s flagship on Seventh Avenue that was open from 1923-1998.

New York -- Chipotle Mexican Grill announced that it has partnered with restaurateurs Bobby Stuckey and Lachlan Mackinnon-Patterson to launch a fast-casual pizza concept called Pizzeria Locale.

The format debuted in Denver, and is based on a full-service pizzeria by the same name located in Boulder, Colo. The company is exploring options for second and third locations in Denver, according to the Denver Post.

Ikea plans to launch an employee loyalty program launch in the new year. Beginning in 2014, every employee worldwide will receive an equal contribution to their pension plan, based on the company's financial goals being met.

The program named Tack! — which means ‘thank you’ in Swedish — was inspired by Ikea founder Ingvar Kamprad's wish to “share the success of the Ikea Group with all employees.”

Sears Holdings has elected law firm executive Cesar Alvarez to its board of directors.

Alvarez is co-chairman of the international law firm Greenburg Traurig, which he joined in 1973. Before his appointment as chairman, he served as executive chairman for more than three years and as its CEO for 13 years, starting in 1997.

Target early Thursday confirmed widespread media reports that it suffered a major data breach that affected as many as 40 million credit and debit card transactions during a period that began the day before Thanksgiving through December 15.

Cheshunt, England – British supermarket and general merchandise retailer Tesco plc has reportedly applied to the Indian government for permission to buy a 50% stake in the Indian hypermarket chain Trent Hypermarket Ltd. According to Reuters, Tesco wants to open stores in western India and would become the first foreign retailer to open a supermarket in India.