Finance & Capital Management

MOORESVILLE, N.C. — Lowe’s has donated $250,000 to the First Response Team of America, a nonprofit organization dedicated to responding to natural disasters and working alongside local agencies to help save lives in the wake of destruction.

Minneapolis -- A just-released report from the Wall Street Journal said that Best Buy founder Richard Schulze, who resigned his chairman of the board seat earlier this month, may be looking into buying out the company.

Schulze is said to be working with bankers from Credit Suisse. At the time of his resignation as chairman, he owned approximately 20% of the company.
 

New Orleans — Despite reporting an uptick in organized retail crime, the National Retail Federation revealed that retail theft rates decreased in 2011, according to preliminary results of the organization's latest National Retail Security survey.

New York — The Jones Group has named George Sharp EVP design, a newly created position. Sharp will report to Stefani Greenfield, chief creative officer, and will work across all brands.

"George is an exceptional talent who brings tremendous experience and knowledge to The Jones Group," said Stefani Greenfield, chief creative officer of The Jones Group. "He will work closely with all of our brands to ensure that great design leads the process by which our brands enter the market."

New York -- Ritz Camera & Image has filed for Chapter 11 bankruptcy protection. As part of its restructuring, the company, which has 265 stores in 34 states, plans to close 128 locations and cut its staff of 2,000 in half.

This is the second time Ritz has sought protection under the bankruptcy laws, having emerged from Chapter 11 two years ago.

MINNEAPOLIS — Target has donated $15,000 in monetary support and product to assist with Duluth flood relief efforts. A $10,000 cash donation was given to the American Red Cross Northland Chapter to support their response efforts. An additional $5,000 in gift cards will be donated to local nonprofit organizations for essentials such as water and food.

MOORESVILLE, N.C — Former Whirlpool executive, Kevin Summers, has been appointed chief information officer of Lowe's, effective July 9. Summers will report to chairman, president and CEO Robert Niblock. He replaces Michael Brown, who retired earlier this month.

SECAUCUS, N.J. — The Children's Place Retail Stores is expanding its presence in the Middle East with franchise agreements to open stores in the Arab Gulf States of United Arab Emirates, Kuwait, Qatar, Bahrain and Oman as well as Saudi Arabia. The first stores are scheduled to open in the UAE in September 2012 in Dubai and Sharjah. The first two stores in Saudi Arabia are scheduled to open during the second quarter of 2012.

Former Hewlett-Packard executive Shelley Perry was named SVP and chief technology officer at online electronics retailer Newegg, the company announced Monday. The company also name Merle McIntosh as SVP product management.

“Newegg is dedicated to attracting top industry talent as we prepare to propel the company through our next stage of growth,” said Bob Bellack, CEO of Newegg North America. “Both Shelley and Merle are tremendous additions to our leadership team and we’re all thrilled to have them on board.”

Seattle -- Nordstrom said it will open a Nordstrom Rack at The Fountains at Farah, a new power and lifestyle shopping center in El Paso, Texas. The store will be approximately 35,000-sq. ft. and is scheduled to open in the fall 2013.

The Fountains at Farah, with over 600,000 sq. ft. of retail and restaurant space, is being developed and managed by Centergy Retail LLC, Dallas.