Finance & Capital Management

Greensboro, N.C. -- Apparel giant VP Corp. announced that it has completed its previously-announced acquisition of The Timberland Company in a deal valued at $2.3 billion.

Timberland will become part of VF's Outdoor & Action Sports Coalition, which includes The North Face. The formerly family-held company will remain headquartered in Stratham, N.H.

Dallas -- Neiman Marcus Group reported a fiscal fourth-quarter loss on debt-related expense and slightly lower margins, even as its revenue rose 11%.

For the quarter ended July 30, Neiman Marcus lost $61.4 million, compared with a year-earlier loss of $32.8 million. Excluding a $42.7 million after-tax loss on debt extinguishment, the adjusted loss was $18.7 million. Gross margin narrowed to 30.5% from 30.9%.

Minneapolis -- Best Buy Co. reported Tuesday that net income for the quarter ended Aug. 27 plummeted 30% to $177 million from $254 million a year earlier, missing Wall Street expectations.

MINNEAPOLIS — Target announced that it has donated $60,000 to assist with Texas wildfire relief efforts. A $25,000 cash donation was made to the American Red Cross with the additional cash and product donations made to other nonprofit organizations in the Texas area.

Target teams provided 12,000 bottles of water, 3,600 bottles of Gatorade, and 500 boxes of snacks to Bastrop Public Works yard last week, along with donations of clothes, diapers, toiletries and bedding to support wildfire relief efforts, the company reported.

ATLANTA — Canada's importance to the retail industry continues to grow, made evident by the recent news that Office Depot has engaged ShopVisible, a leading provider of on-demand e-commerce, social commerce, and mobile commerce solutions, to launch the retailer’s new Canadian-facing e-commerce site.

HOUSTON — Stage Stores has announced that Mike Searles has joined the company as president and COO of its South Hill division, which is headquartered in South Hill, Va. Searles, who will report to Rich Maloney, EVP and chief merchandising officer, will be responsible for all operations of the South Hill division, including merchandising, planning and allocation, and store operations.

The wheels of justice turn slowly. So slowly in fact that just last week a former adviser to President George W. Bush was stripped of his license to practice law in Washington, D.C. for one year in connection with a fraudulent return scheme perpetuated at Target and other retailers in early 2006.

New York City -- Most than a quarter of Americans expect to spend less during the holidays this year, according to a survey by American’s Research Group, Reuters reported.

About 27% of people surveyed said they planned to spend less this year, while about 55% expect to spend only as much as last year. The question was one of several asked exclusively for Reuters as part of a larger America's Research Group survey.

Houston -- Stage Stores announced that Mike Searles has joined the company as president and COO of its South Hill Division, which is headquartered in South Hill, Va.

Searles will be responsible for all operations of the South Hill Division, including merchandising, planning and allocation, and store operations. He has served as chairman and CEO of Wilsons Leather Stores, and Factory 2-U Stores, in addition to holding senior executive level positions at several other national retail chains.

Beachwood, Ohio -- Developers Diversified Realty Corp. announced Monday that it will officially change its name to DDR Corp., and adopt its New York Stock Exchange ticker symbol and most commonly referred identity, DDR, as its official brand name.

The company also unveiled a new logo, tagline and brand identity.