Finance & Capital Management

London -- A report released Tuesday by Bloomberg said that U.K. clothing chain Bonmarche will close as many as 160 out of 390 stores after its owner Peacock Group sold the chain to an affiliate of Sun European Partners.

KPMG administrated the transaction; the new buyer said that about 2,400 of 3,800 jobs will be retained.

The report said that KPMG had been seeking a buyer for Bonmarche since being appointed earlier this month as administrator to Peacock, which also owns Peacock’s Stores Ltd., a U.K. discount apparel chain.

MENOMONEE FALLS, Wis. — Kohl’s Department Stores announced that it has entered into a purchase agreement to build a new e-commerce distribution center located at I-35 and Centre Park Blvd. in DeSoto, Texas. Expected to open in summer 2012, upon completion the approximately 951,000 sq.-ft. building will fulfill Kohls.com purchases. Kohl’s will close on the agreement once the building process is complete.

NAPLES, Fla. — The Retail Industry Leaders Association has appointed new members to its board of directors, including a new board chairman.

RILA said Target chairman, president and CEO Gregg Steinhafel was appointed RILA chairman of the board. Steinhafel, who previously served as vice chairman, succeeds Bill Rhodes, who currently serves as chairman, president and CEO of AutoZone.

New York City -- Hudson’s Bay Co. has completed the acquisition of Lord & Taylor, according to a report by Women’s Wear Daily.

The report said that HBC owner Richard Baker has dissolved the umbrella company that had until now held the two chains, and that HBC would now operate The Bay and Lord & Taylor. The new entity will be run by Bay CEO Bonnie Brooks, according to the report.

One thing merchants know about markdowns is they are best taken early and at a modest level to stimulate sales as opposed clinging too long to the belief goods will sell at full price only to realize steeper cuts are needed. Apparently this philosophy doesn’t apply in the financial services world where Target has temporarily suspended the sale of its credit card receivables portfolio on better terms.

SAN FRANCISCO — Williams-Sonoma has announced that Mary Ann Casati and Lorraine Twohill have been elected to its board of directors.

“We are excited to have Mary Ann and Lorraine join our board,” said Adrian Bellamy, chairman of the board of directors of Williams-Sonoma Inc. “These two individuals each bring a unique perspective and expertise that we believe will help shape the success of our company.”

Jacksonville, Fla. -- Regency Centers Corp. announced changes in its executive management team. Bruce Johnson, executive VP and CFO has announced that he will retire at the end of 2012. Effective with his retirement, Lisa Palmer, senior VP of capital markets, will succeed him as CFO.

Target chairman, president and CEO Gregg Steinhafel was elected chairman of the board of the Retail Industry Leaders Association (RILA).

Steinhafel previously served as the board’s vice chairman and in his new capacity succeeds former RILA board chairman Bill Rhodes, chairman, president and CEO of AutoZone.