Corporate Governance

Foothill Ranch, Calif. -- As part of its push toward forcing Wet Seal to put itself up for sale, investor Clinton Group on Thursday named its own slate of board candidates to replace the existing members.

Clinton’s candidates include former United Retail Group chief Raphael Benaroya, former chairman and CEO of Charming Shoppes Dorrit Bern, former Aeropostale co-CEO Mindy Meads, former Aeropostale COO John Mills, and investment banker Lynda Davey.

New York -- H&M will open its largest store in the world, on Fifth Avenue in Manhattan, Women’s Wear Daily reported.

The company will open a six-level, 57,000-sq.-ft. store on Fifth Avenue at the corner of 48th Street sometime next year, according to the report.
 

New York -- On Thursday, Saks’ top shareholder Carlos Slim sold 1.5 million of his shares in Saks Inc., remaining the retailer’s No. 1 shareholder but reducing his holdings to 25 million shares.

The Mexican billionaire, through Inmobiliaria Carso SA De CV, sold the 1.5 million shares on Monday and Tuesday.
 

Minneapolis -- Target Corp. said Thursday it has awarded $2.5 million in Target gift cards to schools across the country, much of it due to a strong Give With Target campaign with a robust Facebook participation.

Phoenix -- Sprouts Farmers Markets said Thursday that current CEO Shon Boney will move into the role of chairman, and that current president Doug Sanders will take the reins of the organic grocery chain as president and CEO.

Sanders joined Sprouts in 2002 when the company had only one store. He became president in 2005 after serving in various roles including CIO and COO.
 

Memphis -- Fred’s reported Thursday that net income for the quarter ended July 28 rose 19% to $6.1 million, compared with $5.1 million in the year-ago period.

Sales rose 4% to $470.8 million from $452.7 million, and same-store sales dipped 1%.

Profit results missed Wall Street expectations, and the discounter has lowered its full-year earnings forecast.


 

Gurnee, Ill. -- Indianapolis-based Simon Property Group said that Bed Bath & Beyond, along with Buy Buy Baby, will open this fall in a shared space at Gurnee Mills outlet center, in Gurnee, Ill.

The Bed Bath & Beyond/Buy Buy Baby prototype store will be located near Last Call by Neiman Marcus, The Gap Outlet and Build-a-Bear Workshop at the value center.
 

Cherry Hill, N.J. -- Philadelphia-based Pennsylvania Real Estate Investment Trust said that Essensuals London will open a high-end salon – its first on the East Coast – at PREIT’s Cherry Hill (N.J.) Mall property.

The 1,530-sq.-ft. salon will be the third of its kind in the country, and will join recently opened Henri Bendel. Pottery Barn and The North Face are opening in the fall.


 

Minneapolis -- William & Friends, the company behind Lili Salon and Spa concept in Minnetonka, Minn., has opened a second location at Galleria Edina, in Minneapolis.

The company worked with Shea, a Minneapolis-based design and marketing firm, on the design of a 5,000-sq.-ft. space formerly occupied by Smith & Hawken.

Lili opened on Aug. 13.
 

Fort Worth, Texas -- Dallas-based Cypress Equities said that CD Ski & Sports will open its fifth Climate store, locating it at the West 7th mixed-use project in Fort Worth, Texas.

The new 4,221-sq.-ft. store is slated to open in late September.