Financial/Banking

New York – In a regulatory filing, PetSmart disclosed that its board of directors is considering changes to the company’s capital structure in order to return more capital to shareholders. The disclosure follows a July 3 announcement by activist investor Jana Partners that it holds a 9.9% stake in PetSmart and plans to ask the retailer to explore various options, including a sale.

Bed Bath & Beyond plans to spend nearly $3 billion buying back its own stock during the next two years after weak results earlier this year prompted a sell-off in the company’s shares.

Newport News, Va. - Marketplace at Tech Center, a mixed-use lifestyle center Newport News, Va., will be the site of several stores and restaurants that cannot currently be found elsewhere on the Virginia Peninsula. These “first-to-market” retailers (with the exception of those that have outlet stores in Williamsburg) that have inked deals include:

• Whole Foods: 35,000-sq.-ft. of retail space
• DSW Shoe Warehouse: 18,062-sq.-ft. of retail space
• BJ’s Brewhouse: 7,400-sq.-ft. of retail space

The nation’s largest pet specialty retailer could be in for a long summer now that activist investor Jana Partners is pressing for a review of strategic alternatives after acquiring a 9.9% stake in the company.

Vancouver – Lululemon Athletica Inc. is reportedly considering going private. According to the Wall Street Journal, advisors to Chip Wilson, founder, director and former CEO and chairman of Lululemon, have been speaking with private equity firms including Leonard Green & Partners about possibly taking the retail chain private, although no specific deal is imminent.
   

New York -- Activist investor Jana Partners LLC disclosed it has acquired a 9.9% stake in PetSmart, according to a regulatory filing, and plans to ask the retailer to explore various options, including a sale. Jana, $10 billion firm hedge firm run by Barry Rosenstein, has a reputation for pushing corporate managements to make changes.

Chicago – Cardtek Group, a provider of software for financial transactions and EMV migration, is launching Cardtek USA. The company’s North American headquarters, based in Chicago, will facilitate the U.S. adoption of Europay-MasterCard-Visa (EMV) technology in an effort to help prevent credit card fraud and data breaches.