Finance & Capital Management

MONTVALE, N.J. -- A&P announced that it has filed a motion seeking approval to close 32 stores in six states as the company continues to fully implement its comprehensive financial and operational restructuring. The store closures are expected to be completed in the company’s fiscal first quarter, subject to court approval.

New York City -- Jo-Ann Stores announced Tuesday that it has received no other takeover bids after a nearly two-month "go-shop" period. The fabric and crafts chain said it will therefore ask shareholders to vote on the company's proposed $1.6 billion sale to Leonard Green & Partners LP.

The meeting is scheduled for March 18.

Jo-Ann Stores, which operates 751 stores in 48 states, announced the proposed sale in December. The company had until Feb. 14 to seek a better offer.

New York City -- A Tuesday report by the Wall Street Journal said that hedge fund billionaire and Sears Holding Corp. chairman Edward Lampert has reported holding a 5.8% stake in Gap Inc.

Lampert reported the stake in a 13G filing, or a filing for passive investors, with the Securities and Exchange Commission late Monday.

His ESL Partners company and affiliates reported beneficially holding 35 million common shares.

New York City -- A&P plans to close 32 stores in six states, including four in the New York City area, Crain’s New York reported.

Among the stores slated to close are 14 Pathmarks, seven Super Fresh shops, four A&Ps and three Waldbaums, according to the report.

A&P operates 395 stores in eight states and the District of Columbia under the banners A&P, Waldbaum's, Pathmark, Best Cellars, The Food Emporium, Super Fresh and Food Basics. The company filed for Chapter 11 bankruptcy in December.

Berlin, N.J. -- A.C. Moore Arts & Crafts said Tuesday it is considering a potential sale of the company.

The arts-and-crafts retailer revealed that its board is looking at strategic options to boost shareholder value, which may also include corporate financing or raising capital. It said there has been third-party "expressions of interest," but that it won't discuss any developments unless its board approves a specific transaction.

Ankeny, Iowa -- Casey's General Stores said Tuesday it has signed a definitive purchase agreement to acquire 11 convenience stores from NuWay Cooperative of Trimont, Minn.

All of the stores are located in Minnesota operating under the NuMart banner and will be immediately rebranded to Casey's, according to the company. Terms of the acquisition were not disclosed.

Mahwah, N.J. -- Jeweler Bailey Banks & Biddle said Tuesday it has joined TD Retail Card Services’ L.J.C. private-label credit-card program. 

Under the agreement, TD Bank, N.A. will direct the L.J.C. program, which features a revolving private-label credit card created specifically for independent and small-chain retailers of jewelry and other luxury items. Cardholders can avail themselves of a number of special financing options, including multiple deferred interest and equal payment promotions.

Jacksonville, Fla. -- Winn-Dixie Stores reported Tuesday that it lost $24 million in the quarter ended Jan. 12, compared with a profit of $2.1 million in the year-ago period.

Sales were flat at $2.1 billion, and same-store sales fell 0.3%.

Analysts expected sales of $2.05 billion, according to FactSet.

Washington, D.C. -- A report released Tuesday by the U.S. Commerce Department said sales at U.S. retailers edged up 0.3% in January, less than the expected 0.5% to 0.6% increase, but still the seventh straight month of gains. A series of snow storms that hit much of the country throughout the month was cited as one of the factors for the weaker showing.

CINCINNATI — The former president and CEO of Ebay has returned to Procter & Gamble's board of directors, effective immediately.

Meg Whitman, who worked as a brand assistant for P&G after graduating from Harvard Business School, served on P&G's board from 2003 to 2008. During her career, Whitman served as president and CEO of eBay from 1998 until 2008. Whitman also ran for governor of California in the 2010 elections.