Corporate Governance

Fairfax, Va. – Geeknet Inc. has determined that an acquisition offer from an unnamed strategic bidder of $20 per share, or about $134.6 million, is superior to a previous offer from Hot Topic of $17.50 per share, or about $117.3 million.

Columbus, Ohio – Big Lots Inc. beat Wall Street predictions for profit and revenue with a solid performance in the first quarter of fiscal 2015. Improved gross margin helped Big Lots increase net income by a factor of roughly 10, to $32.21 million from $3.35 million the same period a year earlier.

Net sales slipped 0.1%, staying at roughly $1.28 billion. A reduction in stores offset same-store sales growth of 1.6%.

Deerfield, Ill. – Walgreens Boots Alliance plans to keep its headquarters in the U.S. and never went beyond the consideration stage of moving operations outside the U.S. in an “inversion” to reduce corporate taxes. At  the Walgreens annual shareholder meeting May 28, Walgreens chairman James Skinner said Walgreens headquarters will remain in Deerfield, Illinois.

Charlotte, N.C. – Investments in higher margins and topline growth helped boost net income at Belk Inc. 13% to $21.8 million in the first quarter of fiscal 2015 from $19.3 million in the same period a year earlier. Net sales were $985 million, up 3% from $955.1 million.

Same-store sales rose 3.3%. The strongest merchandise categories were men’s and women’s apparel, especially activewear, across all areas. The company’s online sales increased 37%, positively affecting same-store sales by 2.1%.

Nashville, Tenn. – Genesco Inc. reported profit beneath Wall Street expectations in the first quarter of fiscal 2016, with planned inventory reductions and e-commerce-related expenses hindering growth. The retailer reported net earnings of $9.88 million, a 29% decrease from $13.97 million the same period the previous year.

Net sales rose 5% to $661 million from $629 million. Same-store sales grew 4%. Genesco said that West Coast port-related delivery delays impeded same-store sales growth.

Richmond, Va. - InvenTrust Properties Corp. has acquired Westpark Shopping Center, a 176,935-sq.-ft., 95% leased shopping center located in Glen Allen, Virginia, for $33.75 million.  
 

Deerfield, Ill. -- Walgreens Boots Alliance  announced Friday that Tim Theriault, the company's executive VP and global CIO, will step down for personal reasons, effective June 1. Theriault will continue to serve as a consultant to the company and as a senior advisor to executive vice chairman and acting CEO Stefano Pessina on a range of issues, including cyber security. Anthony Roberts, senior VP, international CIO, will  assume the role of senior VP, global CIO.

Outdoor specialty retailer Gander Mountain remains on a path for national expansion with its recently opened store in El Paso giving the operator of 160 units its westernmost presence.

Most of St. Paul, Minn.-based Gander Mountain’s stores are concentrated in the upper Midwest and Mid-Atlantic state, but recent years have seen a steady incursion into new markets in the south and West. Prior to the opening of the 61,000-sq.-ft. El Paso location on May 26, Gander Mountain’s westernmost market was Denver where it operates two stores.

GameStop continued to reap rewards from its omnichannel strategy in the first quarter, as the retailer reported an impressive increase in same store sales.

Walgreens Boots Alliance has appointed a PepsiCo and UPS veteran as its new CIO.