Corporate Governance

San Francisco – Gap Inc. has reportedly signed a non-binding agreement for Australia-based Oroton Group to take control of its franchise operation in Australia, New Zealand, and some Pacific islands. According to the Wall Street Journal, Oroton Group will start running Gap’s three franchise stores in Australia in November 2013 and purchase some inventory and store fixtures from current Gap franchisee Brand Republic Pty Ltd.

Global ecommerce and payments leader eBay said its third quarter revenues increased 14% to $3.9 billion and noted exceptional strength from mobile initiatives.

Profits declined to $689 million, or 53 cents a share, compared to $837 million, or 64 cents a share, but on an adjusted basis to exclude non-recurring expenses increased to $837 million, or 64 cents a share, compared to $718 million, or 55 cents a share.

Seattle – Close to two million customers and employees have signed Starbucks Coffee Company’s “Come Together” petition that seeks to break the current deadlock in Washington. The petition urges the nation’s elected leaders to reopen the federal government, pay debts on time and pass a bi-partisan and comprehensive long-term budget deal by the end of the year has close to two million signatures.

Stride Rite Children's Group, a leading marketer of children's footwear brands, is partnering with the National Fire Protection Association (NFPA) to help families stay safe while trick-or-treating this Halloween season.  

Stride Rite offers a wide variety of comfortable shoes, featuring everything from Star Wars to Captain American, which complement Halloween costumes. Stride Rite also offers a variety of styles, from Spider-Man to Disney Princesses, which incorporate unique light-up technology to help trick-or-treaters stand out on Halloween night.

Covington, La. — Stirling Properties has opened a new office in downtown Mobile, Ala. The company’s first location in the state, the new office joins 11 others located in Louisiana and Mississippi, further strengthening Stirling’s presence in the Gulf South.

“This office will not only serve the surging market and growing economy of Mobile but also anchor the eastern side of the Interstate 10 corridor for Stirling Properties,” said Marty Mayer, Stirling’s president and CEO.

Shoppers responding to a recent National Retail Federation survey said they expect to spend slightly less this holiday season in contrast to an earlier economic forecast by the trade group which indicated spending during November and December would rise by 3.9%.

Chattanooga, Tenn. — CBL & Associates Properties, Inc. has closed on an $80 million non-recourse loan secured by The Outlet Shoppes at Atlanta, a 75/25 joint venture with Horizon Group Properties. The 10-year loan bears a 4.9% fixed interest rate. Proceeds from the loan were used to repay a $53.2 million recourse construction loan. CBL www.cblproperties.com used its share of the remaining funds to reduce outstanding balances on the company’s unsecured credit facilities.

The Vitamin Shoppe has announced the grand opening of a new distribution center in Ashland, Va., which positions the company for future growth. The new 311,740-sq.-ft. facility began receiving inbound inventory in June and outbound shipments to stores began in September.