Corporate Governance

Paris -- LVMH announced the appointment of Caroline Brown as CEO of Donna Karan International, effective Jan. 15. She currently serves as president of Carolina Herrera.

Brown will replace Mark Weber, the incumbent CEO of Donna Karan International, who is becoming a consultant for LVMH.

The world’s retail capital is turning it up yet another degree, as a hot landmark project geared toward commuters launches development.

Turnstyle is the reinvention of a span of underground corridor that runs from West 57th St. to the Columbus Circle/59th St. subway. The new iteration, slated for a fall 2015 opening, will feature 26,000 sq. ft. of space divided among more than 30 retail shops and restaurants, ranging from trendy kiosks to 1,000-sq.-ft. storefronts and offering everything from jewelry and cosmetics to grab-and-go food and smart gathering places.

Fort Worth, Texas -- Trademark Property Co., the Fort Worth-based retail and mixed-use development, investment, and third-party services firm, announced that Kara Rafferty has joined the firm as director of leasing. An 18-year industry veteran, Rafferty will focus on Trademark’s leasing efforts throughout Texas.

Maplewood, Minn. -- Mid-America Real Estate Corporation’s investment sales team recently brokered the sale of Birch Run Station in Maplewood, Minnesota. The 278,347-sq.-ft. center was purchased by Greenwood Village, Colorado-based GDA Real Estate for $27.35 million.

Birch Run Station is located at the northwest quadrant of Beam Avenue and Southlawn Drive adjacent to the Maplewood Mall. The center is anchored by Marshalls, Jo-Ann Stores, Burlington Coat Factory, Herberger’s, and Dollar Tree.

Goodlettsville, Tenn. - Dollar General Corporation has extended its tender offer to acquire all outstanding shares of Family Dollar Stores Inc. for $80 per share, or about $9.1 billion, to Oct. 31. The offer was previously set to expire on Oct. 8. All other terms and conditions of the tender offer remain unchanged.

The step, which is largely procedural step, came as Family Dollar remained committed to its previously- agreed-upon deal with Dollar Tree for $74.50 a share.

New York — WebMD Health and Walgreens on Thursday announced  a partnership designed to improve health and wellness in America by helping and encouraging consumers to make healthier choices at home, work and on-the-go.
 
In the coming months, the companies will work together to provide WebMD’s virtual wellness-coaching programs directly to Walgreens customers. Walgreens will also incorporate WebMD content on a variety of health topics, co-branded by WebMD and Walgreens, into its digital experience and stores.

Boston – Online home furnishings retailer Wayfair Inc. launches its initial public offering (IPO) today. The online home furnishings retailer is offering 11 million shares of common stock at $29 per share, which is above Wall Street projections.

The share offering includes 10.5 million shares of Wayfair stock and 500,000 shares from selling stockholders. Wayfair will not receive any proceeds from the selling stockholder shares, meaning the company should raise about $304.5 million in the IPO.

Deerfield, Ill. – Walgreens and The Western Union Company have launched international and domestic money transfers through a new Western Union stage and pay kiosk model via the Walgreen’s Balance Financial platform. Customers can send or receive money at more than 7,650 Walgreens and Duane Reade locations in 49 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.

Camp Hill, Pa. - For the four weeks ended Sept. 27, 2014, same store sales increased 5.1% from the prior-year period at Rite Aid Corp. September front-end same store sales increased 2.3%, while pharmacy same-store sales increased 6.3% and same-store prescription count grew 4.4%.

Total drugstore sales for the four-week period increased 4.5% to $2.02 billion, compared to $1.935 billion.