Finance & Capital Management

New York City -- Sur La Table has been acquired by Investcorp, a global asset management firm. The Seattle-based retailer, which specializes in kitchen goods, operates 86 stores nationwide.

Investcorp acquired Sur La Table from the Behnke family and investment firm Freeman Spogli & Co., who will both remain as investors in the kitchen goods retailer. Terms of the deal were not disclosed. No management changes are expected.

SACRAMENTO, Calif. — Walmart is taking its commitment to renewable energy to new levels in California. The chain announced plans to install solar panels on up to 60 additional stores in the Golden State. The initiative, done in partnership with SolarCity, expands the company’s solar portfolio to more than 75% of its locations in California.

When Quincy, Mass.’s new downtown shopping district is officially unveiled, the City will host some of America’s premier retail destinations — thanks to a first-of-its kind joint venture between Street-Works Development and National Realty and Development Corp., based in Purchase, N.Y.

The partnership was announced on Sept. 21 by the City of Quincy, Street-Works and NRDC.

Montreal -- Jewelry chain Birks & Mayors said Wednesday that its president and CEO Tom Andruskevich has said he will resign from the company, effective spring 2012, and will continue in a new board role as vice chairman.

His spring 2012 resignation is contingent upon the naming of a successor. He said he is leaving because he wants to pursue “board positions and advisory roles for luxury brands and other high-end companies.”

Andruskevich joined the company in his current capacity in June 1996.
 

New York City -- American Express announced it is launching American Express Merchant Financing, a program that provides qualified merchants with quick and simple access to cash for their business needs. The launch comes as small- and medium-sized businesses (SMBs) struggle with access to capital in today’s tight credit economy.

UNION, N.J. — Bed Bath & Beyond's aggressive promotional strategy appears to be paying off as the company reported another quarter of strong sales. The company reported that net sales for the fiscal second quarter of 2011 were approximately $2.314 billion, an increase of approximately 8.3% from net sales of approximately $2.137 billion reported in the fiscal second quarter of 2010. Comparable-store sales in the fiscal second quarter of 2011 increased by approximately 5.6%, compared with an increase of approximately 7.4% in last year's fiscal second quarter.

Irvine, Calif. -- Pet retailer Passionate Pets said Thursday it has named Keith Martin, former senior VP operations at Petco, to its board of directors.

The company also named Todd Peterson, CPA at KSNE2 Enterprises, to the board.

The company is preparing for an IPO and, according to its president and CEO John Dunn, who worked with Martin at both Petco and Office Depot, the pair is expected to help lead Passionate Pet through the IPO stage.
 

Camp Hill, Pa. -- Rite Aid Corp. reported Thursday that it narrowed its loss in the quarter ended Aug. 27 to $94.7 million, from $199.3 million in the year earlier period.

Revenue rose 1.8% in the quarter to $6.3 billion, and same-store sales – as previously reported – increased 2.2%.

The drugstore retailer has modified its outlook, now expecting smaller losses for fiscal 2012 than originally anticipated.