Finance & Capital Management

HUDSON, Ohio -- Jo-Ann Stores announced that its shareholders approved the adoption of the merger agreement between an affiliate of Leonard Green & Partners, L.P. and the company. Of the shares that were voted, over 99% were in favor of the adoption of the merger agreement. Approximately 82% of the total outstanding shares, as of the record date, voted in favor of the merger agreement. The company anticipates the closing of the transactions contemplated by the merger agreement, including the merger, will occur later today.

NEW YORK -- Walmart announced that it has donated $2 million to Dress for Success, a non-profit that helps femailes get back into the work force by providing clothes, interview preparation and other tools needed to land a job. The announcement was made at the third annual Dress for Success day of service in New York City.

Canton, Mass. -- Casual Male Retail Group reported net income of $5.3 million for its fourth quarter, up from $3.6 million in the year ago period. The retailer also said it will expand its superstore format, Destination XL, with 10 to 14 new stores due to open this year.

Sales for the quarter ended Jan. 29 were up 0.7% to $111.5 million, from $110.7 million a year ago. Same-store sales rose 2.9%.

New York City -- Shareholders of Jo-Ann Stores on Friday approved a $1.6 billion merger with an affiliate of Leonard Green & Partners.

Of all the shares that were voted, more than 99% were in favor of the agreement. Those in favor of the pact represented 82 of outstanding shares. The company expects the deal to close Friday.

The company will be delisted from the New York Stock Exchange.

Fairfield, N.J. -- Amerlux Global Lighting Solutions recently celebrated the grand opening of Guangzhou Amerlux Lighting Solutions Co. Ltd., its new facility in China, as well as a Hong Kong sales office. The Guangzhou location was officially launched on Feb. 15 with an elaborate traditional Chinese ceremony.

New York City -- VP Corp. plans to open 400 U.S. stores across its various brands during the next years. The company, whose stable of banners include Vans and The North Face, discussed its plans at an investor conference held recently in New York City.

In addition to the U.S. expansion, VF is looking to open some 225 stores in Europe and 80 in Asia. The expansion is expected to bring the company’s global store count to 1,500 units.

New York City -- The Illinois Nurses Association announced Thursday it has agreed to represent the approximately 180 nurse practitioners who work in the Take Care Clinics in the Chicago area, Rockford and Peoria. Walgreens operates 45 Take Care Clinics in Illinois.

The nurses are concerned about a pay reduction, an increase in the cost of their health benefits and other issues.

The Illinois Nurses Association has filed a petition with the National Labor Relations Board to form a union of nurse practitioners working at the clinics.

New York City -- Investment bank Goldman Sachs announced that H. Lee Scott Jr., former CEO of Wal-Mart Stores, will not stand for re-election at the annual meeting in May.

Scott has not been at Goldman for long. In 2010, Goldman tapped him to replace the former managing director of McKinsey & Company, Rajat K. Gupta, when he left the board.

New York City -- Borders Group will close another 28 superstore locations in addition to the 200 locations it is already shutting down as part of its reorganization under bankruptcy protection.

The closings are expected to occur by the end of April and include stores in Hollywood, Calif., and Stamford, Conn.

"We reached the determination about these stores after a further review of their ongoing economic viability," Borders spokeswoman Mary Davis said in a statement.

MOORESVILLE, N.C. -- Lowe's announced that it will donate $1 million to support the Red Cross Japan Earthquake and Pacific Tsunami relief effort that is assisting victims in Japan. The company said that customers who want to help Lowe's support Japan relief efforts can do so by making a donation on Lowes.com and Lowe’s Canada website, Lowes.ca. Money donated will go to the American Red Cross and the Canadian Red Cross.