Corporate Governance

New Albany, Ohio -- Abercrombie & Fitch Co. and Abercrombie & Fitch Stores, Inc. have offered to pay about $4,000 to one assistant manager for failing to pay proper overtime wages from May 16, 2010 to present, in connection with a lawsuit filed in the Eastern District of New York. Abercrombie agreed to pay the assistant manager's attorney's fees and court costs to be determined by the court.

Columbus, Ohio – DSW Inc. is opening two new stores on March 14. The stores will be located in Schererville, Ind., and Birmingham, Ala.

Customers will be eligible to participate in DSW Rewards, a free loyalty program in which customers earn certificates toward future DSW purchases and receive special member-only offers. Customers can also participate in the Shoe Lover community on Facebook to receive exclusive offers and giveaways.

Kearney, Neb. - Michelle Hoffman has been appointed to the position of VP of sales and Kyle L. Hanson has been appointed to the position of VP, general counsel, and corporate secretary at The Buckle Inc., both effective immediately.

The company also made the following changes to its leadership team:

Issaquah, Wash. – Costco Wholesale Corp. reported a bigger-than-expected 15% drop in net income for the second quarter amid deep-discounting during the holidays. Net income in the quarter ended Feb. 16 fell to $463 million from $547 million.   
 
Costco blamed the lower earnings on several factors, including weaker sales of certain nonfoods merchandise categories and lower international profits. The year-ago period was also helped by a tax benefit.
 

Framingham, Mass. -- Staples on Thursday said it will close 225 stores by the end of 2015 amid falling fourth-quarter revenue, increased competition, and a shift to online sales. The big-box office-supply category, which was battered by the recession, has come under increased competition from Walmart and other discounters and online retailers such as Amazon. Most recently, Staples’ rivals Office Depot and OfficeMax completed a $1.2 billion merger.

Los Angeles — The Lipsey Company has named CBRE Group the top global brand in commercial real estate for the 13th consecutive year.

A training and professional development firm specializing in commercial real estate, Lipsey has surveyed commercial real estate professionals on their perceptions of the industry’s leading brands since 2001. More than 100,000 U.S. and international professionals participated in the 2014 survey. Respondents included property owners, investors, lenders, occupiers, brokers and property managers.

Tampa, Fla. — RMC Property Group has acquired a 60,000-sq.-ft. shopping center in Palm Harbor, Fla., for $6.75 million, or $112 per square foot. It is located at the intersection of U.S. Highway 19 and Nebraska Avenue.

Anchor retailer Office Depot leases 100% of the center, which was built in 1997.

New York — Edens has announced the winner of the 2014 Edens Retail Challenge, a nation-wide student competition seeking compelling new retail concepts.

This year’s winner is Joe Cut, a mobile hair salon that brings the haircut directly to the business college student through a mobile store and reservation app. Babson College undergraduates Michael Kliska, Paulina Bosque, Adriana Contreras and Nina Shapiro founded the business, which will primarily service male customers on campuses in the U.S.

Fort Worth, Texas — Trademark Property Co. will oversee management, retail leasing and redevelopment analysis for The Shops at Highland Village, a 351,631-sq.-ft. open-air retail center in Highland Village, Texas, serving affluent communities in southern Denton County.

Canton, Mass. — Dunkin’ Donuts has signed a multi-unit store development agreement with Sizzling Donuts, an existing franchise group, for 46 new restaurants throughout the greater Sacramento, Calif., metro area and the surrounding cities of Stockton, Modesto, Tracy, Manteca, Placerville and Davis.