Finance & Capital Management

Chesapeake, Va. -- Dollar Tree announced that it has completed its purchase of the assets of  Dollar Giant Store Ltd, which is based in Vancouver, B.C. The purchase is Dollar Tree’s first expansion of its retail operations outside of the United States.

Dollar Giant stores offer a wide assortment of quality general merchandise, contemporary seasonal goods and everyday consumables, all priced at $1.25 (CAD) or less. The stores average 9,000 sq. ft. and operate in British Columbia, Ontario, Alberta and Saskatchewan.

Allentown, Pa. -- New York City-based The Lightstone Group  announced two long-term lease extensions at Mountainville Shopping Plaza, its 118,000-sq.-ft. shopping center in Allentown, Pa.

Family Dollar has signed a 10-year lease extension for 9,135 sq. ft. of retail space at the shopping center. Studio II Nails has signed a four-year lease extension for 1,500 sq. ft.

Mountainville Shopping Plaza is anchored by a 33,000-sq.-ft. PriceRite Supermarket, an 11,500-sq.-ft. Retro Fitness gym and a 15,000-sq.-ft. Eckerd Pharmacy.

San Francisco -- W. Howard Lester, chairman emeritus and former CEO of Willliams-Sonoma, died Nov. 15 from cancer at his home in Indian Wells, Calif. He was 75.

Lester purchased the company with a partner in 1978, when it generated $4 million in annual sales and had four stores. During his time as CEO, from 1978 to 2001, and later as chairman, Lester took Williams-Sonoma public and expanded it to 600 stores and more than $3.4 billion in sales, the company said yesterday in a statement.

Fort Meyers, Fla.  -- Chico’s FAS said its third-quarter profit  rose 27% to $28.8 million from $22.7 million a year ago, driven by higher sales. The results beat analysts projections.

Net sales rose 8.1% to $483 million, from $446.9 million a year ago. Same-store sales rose 3.1%.

Direct-to-consumer sales, which includes online sales and isn’t included in comparable-store sales, increased about 41% to $34.4 million in the quarter.

In the November issue of Chain Store Age (page 28), leasing specialist Bill Bosco discussed what is being called the biggest threat to retailers’ earnings: the Financial Accounting Standards Board’s (FASB) proposed new rules for lease accounting.

According to Bosco and other experts, the new rules will essentially turn operating leases into capital leases for accounting purposes, wreaking havoc on retailers’ bottom lines.

New York City -- Barnes & Noble's shareholders on Wednesday ratified a shareholder rights plan that prevents an outside investor from acquiring 20% or more of the company's shares without board approval. 

Preliminary results show 72% of shareholders voted in favor of the plan at a special shareholder meeting in New York. The plan limits shareholder stakes to 20%, finally making the so-called "poison pill" official.

Minneapolis -- Target Corp.'s fiscal third-quarter earnings rose 22.6%, beating analysts' estimates, boosted by improvements in its credit-card business and rising food sales. The chain also projected a strong holiday, saying it expects an important sales measure to rise more sharply than it has in three years. It is hoping to lure more shoppers during the holidays with its updated store layout and a new credit-card program that offers 5% off all purchases.