Finance & Capital Management

New York -- Private equity firm Clayton, Dubilier & Rice on Tuesday announced a definitive agreement to acquire the 300-store David’s Bridal in a deal that values the bridal dress retailer at $1.05 billion.
 
Leonard Green & Partners will remain a minority partner. CD&R operating partner Paul Pressler, former CEO of Gap Inc. and former senior Disney executive, will assume the role of chairman at the close of the transaction, expected in the fourth quarter.
  

St. Louis, Mo. -- Brown Shoe Co Inc. on Tuesday  posted a smaller second-quarter loss, helped by cost-cutting and higher sales at its Famous Footwear stores. The retailer also raised the lower end of its full-year profit outlook.

Brown Shoe’s quarterly loss narrowed to $2.5 million, compared with a loss of $4.6 million a year earlier.

Revenue decreased  to $599.3 million. Same-store sales rose 3.9%.
 

MINNEAPOLIS — Richard Schulze has moved one step closer to achieving his goal of acquiring Best Buy. The company has agreed to let its founder and former chairman access to certain due diligence information and form an invesment group so that he may continue his efforts to attempt to buy the company.

NEW YORK — A switch to LED lighting technology in its refrigerated coolers has resulted in combined energy and maintenance savings of more than $1 million annually for convenience store operator Wawa.

The new technology, Immersion from GE Lighting Solutions, has been installed in Wawa’s 600 locations across the Mid-Atlantic region, and has reduced refrigerated cooler/freezer electricity and maintenance expense by a combined 78% since its adoption.

AMSTERDAM — Royal Ahold's U.S. subsidiary saw net sales rise 3.4% in light of challenging market conditions, the retailer reported last week.

Indianapolis -- The Finish Line announced that Harvey Bierman has joined the company as VP digital technology.

Bierman comes to Finish Line after seven years with Demandware, where he most recently served as senior director, global strategic solutions.

“Harvey’s appointment is an important step toward driving long-term growth for Finish Line through aggressive expansion of our digital business,” said Chris Ladd, executive VP chief digital officer for Finish Line.
 

York, Pa. -- The Bon-Ton Stores Inc. said that it plans to close its Carson's store in the River Oaks Mall in Calumet City, Ill., when the lease expires in January. 

The department store company said doesn't expect costs tied to the closing to be material.

Bon Ton received the leasehold interests in the store as part of its Northern Department Store Group acquisition in 2006.
 

New York -- Tiffany & Co.'s net income in the second quarter rose 2 % to $91.8 million, up from $90 million last year. But the performance missed Wall Street's expectations and the jewelry company cut its full-year guidance, citing the tough global economy and weakness in key markets such as New York and Asia.

Atlanta -- Aaron's announced that R. Charles Loudemilk, Sr., chairman of the board of directors, will retire mid-September after founding and building Aaron's, which in now in its 57th year of operation.

Upon his retirement, Loudermilk will become chairman emeritus of the company.

Minneapolis -- Best Buy Co. announced Monday that it as agreed to let founder and former chairman Richard Schulze conduct due diligence and form an investment group with private equity sponsors as he tries to take the retailer private.

Best Buy said its agreement with Schulze establishes a non-exclusive, orderly process that satisfies his requests and protects the interests of shareholders.