Finance & Capital Management

Ollie’s Bargain Outlet raised $143 million in a wildly successful initial public stock offering that positions the company for steady expansion of its 181 unit store base beyond core markets.

Ollie’s co-founder and CEO Mark Butler told Retailing Today that although the company has identified 950 suitable store locations, proceeds from the IPO will be used to repay debt and the company will maintain a measured pace of expansion.

Washington, D.C. -- The National Retail Federation on Wednesday asked the Labor Department to give businesses more time to respond to the administration’s proposal to expand overtime saying the plan’s “drastic changes” will require “extensive analysis” and require companies to speculate on “hypothetical proposals.”

Houston – Mattress Firm Inc. is giving its customers credit.

San Jose, Calif. – PayPal Holdings Inc. is still not officially an independent company, but is getting some serious respect from the investment world.

Once PayPal splits from parent company eBay and starts trading on the Nasdaq Stock Market under “PYPL” (expected July 17), it will be listed on several prominent stock indices.

Istanbul, Turkey – Mudo, a Turkish retailer for clothing, accessories, furniture and home decorations, operates more than 120 stores across the country and has a strong online presence. To obtain better insight into enterprise-wide transactional data, Mudo uses the SAP Business Warehouse (SAP BW) application, based on the SAP HANA business intelligence platform.

The Department of Labor’s long-awaited proposed revisions to the “white collar” overtime exemptions are finally here – at least, in part.  On June 30, 2015, the DOL unveiled its proposed revisions to the required salary levels for many of the “white collar” exemptions to the FLSA’s overtime requirements.(The FLSA establishes minimum wage, overtime pay, recordkeeping, and youth employment standards affecting employees in the private sector and in Federal, State, and local governments.)

Guess, operator of more than 800 stores worldwide, has appointed a fast fashion veteran as executive chairman. 

Walmart's Asian business is regrouping after the founders of the retailer's e-commerce arm in China, Yihaodian, have left the company, according to Bloomberg.

The news service reported the company confirmed Wednesday that Yu Gang, Yihaodian’s chairman, and Liu Junling, the CEO, left to start a new venture.

Los Angeles -- The chief executive of Guess is stepping down.

Guess co-founder Paul Marciano announced that he will be succeeded as CEO of the apparel maker by former Inditex executive Victor Herrero in August. Marciano will continue to serve as chief creative officer, and will also replace Maurice Marciano as executive chairman.

Herrero, a 12-year Inditex veteran, served as head of Asia Pacific for the apparel conglomerate, whose brands include Zara. He is credited with building the company's multi-million dollar Asian business.

Oak Brook, Ill. - Retail Properties of America Inc. (RPAI) is shuffling some executives as part of a strategic realignment of its operating platform geographically between the eastern and western regions of the country. Timothy Steffan, former senior VP, asset management and commercial leasing for Macerich's eastern region, has joined RPAI as divisional president – eastern region.