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Finance & Capital Management

  • Walgreens, Rite Aid extend date of merger agreement to allow for store divestures

    Walgreens, Rite Aid extend date of merger agreement to allow for store divestures   Walgreens Boots Alliance and Rite Aid announced that they have mutually agreed to extend the end date of their merger agreement from Oct. 27, 2016 to Jan. 27, 2017.   The companies now expect the transaction will close in early calendar 2017.  

  • Supervalu misses on sales, but on target with profit

    Supervalu Inc. posted disappointing sales results for its second quarter as the company continues to shift its business toward wholesale distribution.       The company released its second quarter results just days after it entered into an agreement to sell its Save-A-Lot discount grocery chain to Canadian private equity firm Onex for $1.37 billion in cash.   

  • Westfield plans $1.5 billion project to replace L.A. mall

    Once the mecca of “Valley Girls” lured by white marble interiors and retailers like Saks and I. Magnin, the Promenade Mall in Warner Center north of Los Angeles will be razed and replaced by a $1.5 billion mixed-use development.   Westfield, owner of the 43-year-old, 550,000-sq.-ft. mall, has announced a re-imagination of the site in line with the Los Angeles City Council’s Warner Center 2035 plan to urbanize the area.  

  • Report: Drexler seeks help to turn around struggling J. Crew

    Legendary retailer Mickey Drexler, chairman and CEO of J. Crew, is working with McKinsey & Co. to develop a new business strategy for J.Crew, reported The New York Post.      J. Crew is looking to reverse a two-year slump. In its most recent second quarter, same-store sales fell 8%, the eight straight quarter of declines.   

  • Poor staffing practices damaging retailers’ bottom lines

    Inefficient staffing processes and lack of adequate workforce engagement tools are causing retailers to leave money on the table.   That’s according to new survey by Workjam, which found that only 17% of retail managers feel their stores’ hourly associates are very motivated and engaged. As a result, 47% of the managers say at least 5% of their staff quit in an average three-month period.  

  • Gap to shut all Banana Republic stores in the U.K.

    Gap to shut all Banana Republic stores in the U.K.   Shoppers in the United Kingdom will soon be able to buy Banana Republic merchandise only via the chain’s website.   Gap Inc. plans to close all eight of its Banana Republic stores in United Kingdom by the end of its fiscal year, Bloomberg reported.    In May, Gap announced that it planned to shut about 75 stores across its Old Navy and Banana Republic brands, with most of the closures overseas.

  • Tile Shop tops Q3 estimates

    The surge in home improvement projects is helping fuel sales at The Tile Shop.    Tile Shop Holdings Inc. on Tuesday reported third-quarter profit of $4.6 million for the third quarter, ended Sept. 30. Earnings, adjusted for non-recurring costs, came to 10 cents per share.   The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 9 cents per share.  

  • OliverMcMillan names new COO

    Michael O’Hanlon, a 35-year real estate industry veteran, has been hired as OliverMcMillan’s new chief operating officer. The company’s properties include The Shops at Buckhead in Atlanta and the River Oaks District in Houston.  
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