Corporate Governance

New York City — Forever 21 has taken space at the Mall at Bay Plaza, which is scheduled to open on August 14. The new store will span about 15,000 sq. ft.

A new 166,000-sq.-ft. Macy’s and an existing 150,000-sq.-ft. J.C. Penney will anchor the new mall. Forever 21 will join more than 100 retailers at Bay Plaza, including Kay Jewelers, Victoria Secret, H&M and Michael Kors.

Secaucus, N.J. — The Children’s Place Inc. has named Susan Sobbott to the board of directors as a Class II director to serve for a three-year term expiring in 2017. Sobbott currently holds the position of president of Global Corporate Payments, a global division of the American Express Company. From 2004 to early 2014, she was President and General Manager of American Express Open. The addition of Sobbott expands the company's board of directors to eight.

The drought’s effect on fresh produce in California and the timing of this year’s Easter holiday adversely affected 99 Cents Only Stores’ comparable-store sales in the first quarter of fiscal 2015.

Same-store sales decreased 0.5%, calculated on a comparable 13-week period of the prior year. The company reported net sales of $477.9 million, an increase of 7% from $445.2 million in the first quarter of fiscal 2014.

Boston — A joint committee of the Massachusetts state House of Representatives and Senate has filed a bill to gradually raise the state’s minimum wage from its current hourly rate of $8 to $11. The increase would occur in stages until reaching $11 in 2017.

GNC financial chief and EVP Michael M. Nuzzo is exiting the company to take an executive position at a private equity funded consumer products company.

Nuzzo will remain with the company at least through July 18, which will include preparation of its second quarter earnings release and 10Q, both of which are expected to be issued on the normal schedule in late July or early August.

City of Commerce, Calif. — 99 Cents Only Stores LLC reported net income of $9.57 million in the first quarter of fiscal 2015, up from $897,000 in the same quarter a year earlier. 

Net sales rose $477.9 million, up 7% from $445.2 million in the first quarter of fiscal 2014. 

Wayne, N.J. — Toys “R” Us reported a net loss of $196 million in the first quarter of fiscal 2014, up from a $111 million net loss in the year-ago period, amid a decrease in income tax benefit and  rise in expenses that included investments in e-commerce and U.S. store maintenance. But the struggling retailer saw its sales improve.

A new website from PayPal is looking to help businesses navigate global markets. PassPort, which is free and was launched earlier this week, provides insight into global markets by country, outlining gift-giving traditions and major holidays, as well as providing shipping tools for sellers.