Finance & Capital Management

New York -- A controversial bill requiring Wal-Mart Stores Inc. and other large retailers to pay their employees a "living wage" of at least $12.50 an hour has been sent to District of Columbia Mayor Vincent Gray.   
    
The mayor has 10 business days, starting Tuesday, to either sign or veto the bill, which was passed by the D.C. Council at the beginning of July.

San Francisco -- Gap Inc. will open its first franchise-operated Old Navy stores in the Philippines in 2014. Earlier this year, the company announced that it would begin franchising Old Navy stores internationally.

Gap will partner with Stores Specialists, which operates Gap brand and Banana Republic stores in-market, to open two Old Navy locations in the beginning of 2014 with plans to open additional stores by the end of the same fiscal year.

NORTHFIELD, Ill. — Kraft Foods Group has appointed former Procter & Gamble executive Teri List-Stoll as the company's SVP of finance, succeeding current CFO Timothy McLevish in the first quarter of 2014.

Benicia, Calif. — Cycle Gear Inc. has announced the chain’s first Wisconsin store in Brookfield, a suburb of Milwaukee. With this new location, Cycle Gear now operates more than 100 stores in 29 states.

The Brookfield store is now open now and will have a grand opening celebration from Sept. 13 to Sept. 15 featuring sales and vendor appearances.

The world’s largest digital coupon marketplace, RetailMeNot.com, has introduced new functionality and platform integration capabilities to its popular service with the launch of version 3.0 of its iOS and Android coupons app.

Brentwood — GBT Realty Corp. has added four new members to its team.

Ivan Lozina, a 20-year industry veteran has been appointed senior construction manager. Lozina will oversee construction management for new developments in the Shopping Center Division. Prior to joining GBT, Lozina spent 17 years at Benderson Development Company, managing the construction of more than 20 million square feet of commercial real estate.

Hoffman Estates, Ill. -- Sears Hometown and Outlet Stores Inc.’s second-quarter net income dropped to $9.1 million, down from $21.1 million a year earlier, on expenses associated with its spinoff from Sears Holdings Corp. The company also announced that its board approved a $25 million buyback.

Revenue increased 2% to $656.9 million from $644.5 million. Same-store sales rose 1.4%, with an 8.2% increase for the chain’s outlet segment.

New York -- Yankee Candle has agreed to be acquired by global consumer products company Jarden Corp. for $1.75 billion in cash from its private equity owner Madison Dearborn Partners. Yankee Candle, based in South Deerfield, Mass., operates about 575 stores in the United States and Canada.

Madison Dearborn bought Yankee Candle in 2007 for $1.4 billion cash and the assumption of $300 million in debt.