Finance & Capital Management

Charlotte, N.C. - Resale clothing retailer Buffalo Exchange brings the original concept of buy-sell-trade clothing to Charlotte with the opening of its first North Carolina store, located in the Plaza-Midwood neighborhood at 1521 Central Avenue, in mid-April.

New York City -- Urban Outfitters has been sued by a shareholder who alleges company officials misled investors before the stock declined, Bloomberg reported.

The retailer wrongly led shareholders to believe business was going well until March 7, when it reported earnings of 13% less than analysts had suggested, Edward Koller III claims in a lawsuit filed yesterday in federal court in Philadelphia, the report said. Shares fell 17% the next day, Koller said.

The $33 million profit Office Depot posted in 2010 turned into a $46 million loss late Thursday after the company released restated financial results that reflected an unfavorable tax ruling by the Internal Revenue Service.

Boca Raton, Fla. -- Office Depot said it will restate its finances for the second and third quarters of fiscal 2010 as well as for the full fiscal year. The company said the U.S. Internal Revenue Service denied its claim for an $80 million benefit related to taxes.

The removal of the benefit, which had already been recorded in financial statements, will result in a loss for 2010 of $46 million. Previously the company said it earned $33 million.

Orlando, Fla. -- Olive Garden plans to remodel or refresh more than half of its 700 plus restaurants across the United States to its new Tuscan farmhouse-inspired design.

Called “Via Tuscany,” the updated décor includes new tables, chairs and booths, a palette of warm, rustic tones and design elements of a farmhouse in Tuscany. Other updates include new window treatments.

PITTSBURGH — General Nutrition Centers Thursday evening announced its initial public offering of 22.5 million shares of its Class A common stock at an opening price of $16 per share.

Of the shares offered, 16 million are being issued and sold by GNC and 6.5 million shares are being sold by selling stockholders.

In addition, selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 3.4 million shares. That offering is expected to close on April 6.

Family Dollar is at the midpoint of its fiscal year, and on track to open a total of 300 new stores, the company announced in conjunction with the release of it second-quarter financial results. Dollar stores have emerged as a key competitive threat to Walmart as they have beefed up assortments of food and consumables and their abundant stores are often more convenient than Walmart’s supercenters. A few weeks earlier, Dollar General said it would open 625 stores during it fiscal year.

Fort Lauderdale, Fla. -- SRS Real Estate Partners announced that Greg Roth has returned to the company, serving as senior VP and market leader in South Florida.

A veteran of Staubach Retail Services (now SRS), Roth also served as director of retail investments for Archon Group and, most recently, was managing principal of LDR Realty Partners.