Finance & Capital Management

Roswell, Ga. -- PGA Tour Superstore announced plans to open a location in Paramus, N.J. The store, scheduled to open later this year, is PGA Tour’s 15th location.

The PGA superstores are owned and operated by Golf & Tennis Pro Shop, whose controlling owner and chairman is Arthur M. Blank, retired Home Depot co-founder and owner of the Atlanta Falcons.

New York -- Lower cotton costs will boost the earnings of US retail apparel companies during the coming back-to-school season, according to a report by Moody's Investors Service.

The report, "Back to School: Lower Cotton Costs, Gas Prices Set Stage for Higher 3Q Earnings,” notes that for the third quarter overall, Moody's expects the apparel-makers' growth in earnings to outpace their growth in sales.

New York -- Richard Schulze, the founder of Best Buy, is recruiting a team of managers to run the company should his attempt to take the company private be successful, according to a report by Bloomberg.

“He is talking to people he trusts. There is a small group he’d like to have with him in righting the ship,” J.D. Wilson, senior VP of enterprise capabilities, said in an interview with Bloomberg.

Wilson said his position is being eliminated as part of Best Buy’s planned cutbacks.

New York -- Sycamore Partners extended its tender offer to buy The Talbots Inc. to Aug. 2. It is the second extension given by Sycamore to the retailer.

The private equity firm said in May that it would buy Talbots for $193.3 million. The tender offer was previously scheduled to expire at 5 p.m. ET on July 27.

Bentonville, Ark. -- Wal-Mart Stores announced on Monday that the retired chairman of accounting and consulting firm KPMG International has joined its board of directors, effective immediately.

Timothy Flynn, 55, will serve as a member of the retailer's audit committee and becomes the 17th member of Wal-Mart's board.

San Francisco -- Williams-Sonoma has named Julie Whalen as permanent CFO. Whalen replaces Sharon McCollam, who retired in March. Whalen had been serving as acting CFO since McCollam retired.

Whalen joined Williams-Sonoma, which operates namesake stores, Pottery Barn, West Elm, and other stores, in 2001 and has served in a variety of positions, including treasurer.

Minneapolis -- Supervalu Inc. said on Monday that its chairman Wayne Sales has been named president and CEO. He replaces Craig Herkert as CEO.

PITTSBURGH — GNC recently extended its relationship with Sam's Club, the company announced in conjunction with its second-quarter results.

Beginning in third quarter 2012, GNC's presence in all Sam's Club locations will incorporate established shelf space with branded signage, adding to the existing rotational assortment program.

Shoppers aren’t stupid. With momentum gathering around e-fairness, it’s only a matter of time before the online giant is required to collect sales tax. And when shoppers get wind of the looming change, watch out!

Amazon.com’s sales will surge in the quarter before the e-fairness legislation kicks in and the retailer is required to collect sales tax on behalf of jurisdictions nationwide. It will mark the end of a golden era for shoppers who will rush to make purchases, especially big ticket items, in advance of the legislation’s effective date.

An “exclusive” report from Reuters this week suggests U.S. authorities are poised to put the retail industry under the microscope as a result of Walmart’s bribery scandal in Mexico.