Finance & Capital Management

New York -- Wet Seal Inc. sent a letter to its shareholders saying activist investor Clinton Group is looking to replace most of the retailer's board with its own nominees, Reuters reported.

Wet Seal urged its shareholders to reject Clinton's five-member slate, according to a filing with regulators on Sept. 24, the report said.

ATLANTA — The Home Depot has named Mark Vadon to its board of directors. Vadon will be a member of the audit and finance committees. His appointment gives the company 11 directors, 10 of whom are independent.

COLUMBUS, Ohio — Limited Brands has announced the appointments of Michael Morris and Dr. Gordon Gee to its board of directors.

When temperatures turn cooler this fall New Yorker’s will have a new Burlington Coat Factory store to satisfy their need for outerwear.

The national off-price chain and operator of 482 stores opened its newest unit in New York’s Union Square on Friday. The 92,000-sq.-ft store is located at 14th Street and University Place is the company’s sixth New York location, which means Manhattan residents are already familiar with the Burlington, NJ-based company.

For many retail brands, Chapter 11 is not always the end of the story. Just consider the sequel being crafted by home furnishings retailer Bombay Company, which was founded in 1978 as a mail-order operation and grew to a national presence with 461 stores before filing for bankruptcy in late 2007 and closing all its U.S. locations.

Brookshire Brothers has launched a comprehensive lighting update involving in-store, parking lot, exterior signage and refrigerated case fixtures.

Using a combination of new linear fluorescent lighting and LED technologies — from GE Lighting, East Cleveland, Ohio — Brookshire Brothers will reduce its annual operating costs more than $235,000. The relamping has eliminated more than 3.8 million lbs. of CO2 emissions, with a reduction of 2.4 million kilowatt hours (kWhs) in electricity use.

Parking lot maintenance is taking top billing in retail, as a growing number of facilities managers realize that extending the life cycle of an existing parking lot paves the way toward reduced expense in the long run.

Chain Store Age talked with Rose Paving’s C.B. Kuzlik about retail’s renewed focus on maintenance in today’s cost-conscious climate.

What role does weather play in parking lot management?

Retail has weathered the recessionary climate, but a quick temperature check will tell you that renovations continue to trump new builds even in a recovering economy.

San Juan -- Taubman Centers and New Century Development announced Friday the groundbreaking on the 650,000-sq.-ft. Mall of San Juan, the island's first luxury retail development. The $405 million, two-level mall will feature the first Saks Fifth Avenue and Nordstrom in the Caribbean.  

Of the approximately 100 stores and restaurants, it is expected that 60% will be new to the island.

Atlanta -- The Home Depot said Friday it has named Mark Vadon, co-founder of online jeweler Blue Nile, to its board of directors.

Vadon will serve on the audit and finance committees. His appointment gives the company 11 directors, 10 of whom are independent.