Corporate Governance

The Wet Seal has filed for Chapter 11 bankruptcy protection for the second time in a little over two years.   The move comes after the struggling teen apparel retailer said it planned to close all its stores after it was unable to find a buyer or fresh capital.  The company’s website is still selling merchandise, with all goods discounted.     

Dillard’s has signed an agreement to move into a shuttered Macy’s store at the Layton Hills Mall in Layton, Utah, north of Salt Lake City. Construction on the 160,000-sq.-ft. site is set to begin in April, looking toward a fall 2017 opening.  

More than 100 retailers and trade associations, including Walgreens Boot Alliance, Rite Aid, Walmart and Target, have joined the Americans for Affordable Products coalition in an effort to stop the Border Adjustment Tax, otherwise known as BAT, which is a component of the U.S. House Republican tax reform proposal.  

Kirkland’s same-store sales fell in the fourth quarter amid weak traffic early in December.   The home décor chain reported that its net sales for the 13 weeks ended January 28, 2017, increased 2.1% to $203.2 million compared to the year-ago period. Same- store sales for the quarter, including e-commerce sales, decreased 4.6%.  

Whole Foods Market makes its El Paso debut with a store that reflects the culture and flavor of the locale.   The 45,000-sq.-ft. store is bright and colorful, with a lively atmosphere. Individual departments stand out with their own distinctive color palette and lighting, with signage in both English and Spanish.      The space features a meeting room for community events, and an 82-seat bar and restaurant (“Thunderbird Taproom”).     

Dollar General is setting records with its upcoming employment search.   With plans to open 1,000 new stores and two new state-of-the-art distribution centers this year, the chain is preparing to fill approximately 10,000 new jobs — about a 9% overall increase to its workforce.    The hiring spree marks the largest one-year employee increase through organic store and distribution center growth in the company’s 78-year history, the chain said.  

Alibaba Group Holding Ltd. is making a new strategic investment — one that will up the ante in the hyper-competitive e-commerce marketplace.  

Levin Management Corp. has been named as the exclusive managing agent for two New Jersey shopping centers — Raintree Towne Center in Freehold and Mansfield Plaza in Hackettstown.   The 134,000-sq.-ft. Raintree is anchored by a Stop & Shop supermarket and includes CVS, Starbucks, and Hallmark. It is located on Route 537 near the CentraState Medical Center and Freehold Raceway Mall.   Mansfield Plaza, a 156,000-sq.-ft. property, features a 14-screen Cinepolis complex and a ShopRite supermarket.