Finance & Capital Management

New York -- Coach Inc. on Tuesday reported a 12% drop in net income in its fourth quarter amid weaker same-store sales in North America, and also said it would sell its Reed Krakoff business to a group led by Reed Krakoff, who will depart the company as executive creative director when the deal is completed.

New York -- Women’s specialty retailer Cache announced it has secured a new, five-year, $25 million credit facility through Wells Fargo Capital Finance, part of Wells Fargo & Company.

Cache CEO and chairman Jay Margolis stated: “We are pleased to partner with Wells Fargo Capital Finance to secure a credit facility. This facility enhances our financial flexibility to pursue our key initiatives that are expected to drive improvement in our operating performance and place us on a path to deliver sustained long term growth.”

Big 5 Sporting Goods Corporation saw a slight uptick in customer traffic and same-store sales improvement for each of its major product categories — apparel, footwear and hardgoods — which contributed to a 4.4% same-store sales increase for the second quarter ended June 30 compared to the prior-year period. 

Net sales for the quarter increased to $239.9 million from $226.6 million for the second quarter last year. 

DALLAS — Bridgett Zeterberg, general counsel and secretary of Zale Corporation, has been promoted to SVP, general counsel and secretary. Zeterberg joined Zale in September 2010 and became general counsel and secretary in February 2012. Zeterberg is responsible for all legal, compliance and contractual matters, as well as corporate and board governance. She will continue to report to Theo Killion, CEO.

SEATTLE — As Amazon prepares one of its distribution warehouses for a visit from President Barack Obama, and the economy continues on its path toward recovery, the Internet retailer has announced plans to create more than 5,000 new full-time jobs in its U.S. fulfillment network to meet growing customer demand. 

Seattle -- Amazon said it will hire more than 5,000 full-time workers in its U.S. fulfillment centers and 2,000 customer service staff, including part-time and seasonal employees, to meet growing customer demand.

The company said it will immediately begin hiring at 17 fulfillment centers for tasks that include picking items from warehouse shelves, packing them for delivery and operating new technology installed to streamline operations.

DALLAS — Zale Corporation has promoted Bridgett Zeterberg to the position of SVP, general counsel and secretary. Zeterberg joined Zale in September 2010 and became general counsel and secretary in February 2012.

She is responsible for all legal, compliance and contractual matters, as well as corporate and board governance. She will continue to report to Theo Killion, CEO.

BOCA RATON, Fla. — In a letter to shareholders, the board of directors of Office Depot Inc. said it has made significant progress toward a successful closing of the planned merger with OfficeMax by the end of this year. The letter also urges shareholders to support the board’s 10 nominees for the company’s board of directors.