Finance & Capital Management

Abercrombie & Fitch elevated the head of its Hollister brand to the newly created role of president and chief merchandising officer after announcing the departure of another top executive.

Mahwah, N.J. – It took close to a year, but Ann Inc., owner of the Ann Taylor and Loft banners, has followed the wishes of major shareholders including Engine Capital LP and Red Alder LLC and agreed to an approximate $2.15 billion buyout from specialty apparel rival Ascena Retail Group Inc. Ascena, whose store brands include Lane Bryant and Dressbarn, will acquire Ann Inc. for $47 in cash and stock per share, a 21% premium over Ann Inc.’s May 15 closing price.

Dollar General’s nearly 13,000 stores will be closed on Christmas Day, but the retailer is offering an enticing online discount in hopes of making a digital connection with shoppers.

Auto chain Pep Boys announced Monday that a $16.50 per share takeover bid by activist investor Carl Icahn is a "superior offer" to a rival proposal by Bridgestone Retail Operations in September.

It's just the latest chapter in the ongoing saga of who gets to acquire Pep Boys, which has 800 locations in 35 states.

Pep Boys says it now prefers to take the offer from Icahn Enterprises and that Tokyo's Bridgestone Corp. has until Wednesday to up its bid.

Springfield, Va. -- PREIT announced that Springfield Town Center in Springfield, Virginia, has recorded $505 PSF in sales for tenants less than 10,000 sq. ft. open during the center's first full year of operation, 18% above the company's portfolio average as of September 30, 2015.

The newly redeveloped 1.35 million sq. ft. regional mall was acquired by PREIT March 2015 and celebrated its grand re-opening in October 2014 after undergoing a dramatic renovation and rebranding.

Houston -- Baker Katz announced the sale of a 2.12-acre property with an existing 13,000 sq. ft. office building located in Houston, near the cross streets of U.S. Highway 59 N and West Little York Road.

Baker Katz principal Kenneth Katz made the announcement.

Westfield Corp. announced Monday it has sold five of its U.S. shopping malls — totaling more than 6 million sq. feet of retail space across four states — to help fund a property development program. The move is line with the company’s recent strategy to focus on its flagship assets, which include the new World Trade Center mall, due to open in spring 2016.

Walmart and the Walmart Foundation is out with its annual Giving Report, which puts a monetary value on all the ways the retailer and its charitable arm sought to make a difference during the 2015 fiscal year.

From a big picture standpoint, Walmart and the Walmart Foundation donated more than $1.4 billion in cash and in kind donations, primarily food, and Walmart’s 2.2 million employees also contributed more than 1.5 million hours of their time outside of work to volunteer causes.

The former president of Trader Joe's has created a supermarket concept in the Boston area that offers fresh, healthy food at affordable prices. Now just a few months since opening, the store boasts over 300 customers visiting daily and has begun to look into expanding with a second location in the Boston area. [Food World News]

Levis Strauss & Co. has named a new leader with experience at Nike, Petco and Target to drive growth at its 2,700 unit global retail division.

Levi Strauss & Co. said Carrie Ask will join the company on Feb. 16, 2016 as executive vice president and president of global retail. She fills a position that has been vacant since June when Craig Nomura resigned after just 16 months with the company. Ask will report directly to Chip Bergh, president and CEO of the $4.8 billion global apparel company.