Finance & Capital Management

Salt Lake City -- Overstock.com has announced the opening of a distribution center in Jonestown, Pa. The new operation will enable faster fulfillment through state-of-the-art warehouse technologies, while providing room for growth. The new center will fill orders to customers from Maine to Florida within two days.

Initially, the Jonestown warehouse will bring 15 jobs to the area with additional jobs as the operation grows over the next few years. The company’s primary warehouse will remain in Salt Lake City.

New York – Jos. A. Bank Clothiers has put in an offer to acquire Men’s Wearhouse for about $2.3 billion in a $48 per share all-cash offer, Reuters reported.

The acquisition would create a men’s apparel powerhouse with over 1,700 stores across the nation. Jos. A. Bank said Men’s Wearhouse was reviewing the proposal, according to the report.

Jos. A. Bank is partnering with Golden Gate Capital on the offer. The investment firm would make a $250 million equity investment in the company.

Saks chairman and CEO Stephen Sadove has been named to the board of directors at J.C. Penney to fill a position being vacated by Geraldine Laybourne.

Sadove will be leaving his position at Saks soon as the upscale department store chain was recently sold to Hudson’s Bay Company. Sadove joined Saks in 2002 as vice chairman and assumed the additional post of chief operating officer in 2004. He became CEO in 2006 and the following year was named chairman.

Jacksonville, Fla. -- Bi-Lo and Winn-Dixie parent Bi-Lo Holdings said it would begin in 2014 the process of converting all Sweetbay stores to the Winn-Dixie name and Reid's stores to Bi-Lo, but that the Harveys banner would remain intact.

The grocery retailer acquired all three banners from Brussels, Belgium-based Delhaize Group last May.

New York -- Changes in foreign exchange rates had a negative impact on Costco’s comparable store sales for the fourth quarter ended Sept. 1, but the wholesaler still reported increases in both its U.S. and international markets. 

The company’s comparable sales for the quarter increased 5%. U.S. comparable store sales increased 5% for the quarter, while international comparable store sales increased 4%. 

Leading consumer products company Helen of Troy saw solid growth in all its business segments during the second quarter, which led to record sales of its stable of well known brands, but stagnant profits.
Sales increased 11.1% to $319 million during the quarter ended August 31, but profits were essentially flat at $23.3 million, or 72 cents a share, compared to $23 million, or 72 cents a share. Gross margins declined to 38.6% from 40.7% the prior year while expenses as a percent of sales declined to 29.1% from 30%.

New York — RKF has formed an affiliation with CWM Retail Property Advisors, LLP, a U.K.-based retail consulting firm.

Under the agreement, RKF has acquired CWM’s New York City office, whose current staff will join RKF. In addition, CWM and RKF have each committed to an exclusive relationship involving shared business referrals within the U.S. and the U.K.

The CEO of Delhaize Group's European division has resigned, effective Oct. 31, according to the Belgian supermarket operator.

Delhaize said Stefan Descheemaeker had decided to resign as CEO of Delhaize Europe, though the company did not give a reason. Delhaize said that as a result of Descheemaeker's departure, Delhaize Group EVP and Delhaize Group Southeast Europe and Asia CEO Kostas Macheras would report directly to group CEO Pierre-Olivier Beckers, as would Delhaize Belgium CEO Dirk Van den Berghe, effective Nov. 1.