Corporate Governance

New York –  Specialty retailer Cache Inc. has received an inquiry about a potential sale of the company to a third-party buyer. The Cache board will explore and evaluate strategic alternatives including a possible merger, sale or other form of business combination.    

Even if Dollar General is unsuccessful in acquiring Family Dollar, the company plans to get bigger faster in 2015 by opening two stores every day and enhancing the productivity of an already expansive footprint.

New York – An increase in selling, general & administrative (SG&A) expenses helped increase net loss at New York & Company Inc. to $9.7 million in the third quarter of fiscal 2014, up from $3.4 million a year earlier. Net sales declined 3% to $210.6 million from $217.3 million, and same-store sales dropped 3.4%.   New York & Company cited soft performance in its wear-to-work category and the impact of product delays resulting from West Coast port labor issues as negatively impacting sales. 

Hoffman Estates, Ill. – Sears Holdings Corp. reported a third quarter fiscal 2014 net loss of $548 million, up from the $534 million loss it reported in the year-ago period but smaller than its previously estimated. Cost-cutting measures helped Sears reduce its net loss growth. The discounter also revealed that  it plans to close a total of 235 underperforming stores in 2014, which is nearly double the projection of 130 it made in August.  Sears said eliminating those stores should boost EBITDA by $50 million.  

Momentum continues to build at Kroger where the company elevated expectations for its fourth quarter performance after a better than expected showing in the third quarter.

Bentonville, Ark. - Sam’s Club is introducing a new free Sam’s Club Travel mobile application designed to offer Sam’s Club members savings on hotels, rental cars, vacation homes, and other travel activities. Sam’s Club is the first mass market retailer to offer members a mobile app exclusively dedicated to leisure and business travel needs.   

Atlanta - Avison Young has completed the $15 million sale of Brannon Crossing, an upscale shopping center with 60,780 sq. ft. of leasable space located at 405-435 Peachtree Parkway in Cumming, Georgia, just outside of Atlanta.    The transaction comes on the heels of the firm’s recent disposition of the 27,057-sq.-ft. Lindbergh Crossing Shopping Center in Atlanta for $7.06 million.   

Sam’s Club Travel is the name of the warehouse club operator’s new mobile application that offers interesting new functionality and members only savings.

Sam’s has offered travel services for a long time but the new app is a noteworthy development because it is distinct from the existing Sam’s Club app. Sam’s Club said it is the first mass market retailer to offer members a mobile app exclusively dedicated to leisure and business travel needs.