Financial/Banking

Atlanta -- Dollar volume growth in credit, signature debit, PIN debit, EBT, closed-loop prepaid cards and checks at U.S. merchant locations in October 2013 was 6.8%, an uptick from the prior month’s growth of 5.3%. First Data Corporation’s First Data SpendTrend analysis shows the growth was supported by the onset of cooler temperatures, which drove sales of seasonal merchandise and early holiday advertising attracting shopper foot-traffic.

New York – More than half of Americans (53%) prefer general purpose gift cards as opposed to branded gift cards. In addition, new survey data from Bankrate.com shows that almost two in three Americans have given a gift card, and more than three in four have received one.

The most common value of gift cards, both given and received, is between $25 and $50. People older than 65 and those between 18 and 29 years old are the least likely to give a gift card. As income level increases, Americans are more likely to give and receive gift cards.

New York -- American Retail Capital Properties (ARCP) has appointed Glenn Kindred as executive VP of its restaurants division. Kindred will join Nicholas S. Schorsch, executive chairman and CEO, Lisa Beeson, COO, Brian S. Block, CFO, and Lisa Pavelka McAlister, chief accounting officer, as part of ARCP's self-managed executive team. Joining ARCP from GE Capital, Mr. Kindred will oversee ARCP's growing portfolio of restaurant and quick service assets.  

Houston – Jos. A. Bank has officially withdrawn its all-cash bid to purchase Men’s Wearhouse for $48 per share, or about $2.3 billion, after failing to get the retailer to enter into merger talks ahead of a Thursday deadline.

Robert N. Wildrick, chairman of the board of Jos. A. Bank, sent a letter to Men’s Wearhouse CEO Doug Ewert informing him that since Men’s Wearhouse had not engaged in good faith negotiations by a previously stated Nov. 14 deadline, Jos. A. Bank would terminate its proposal.

New York – Patrick F. McGuiness, CFO of Tiffany’s, has resigned his position effective Nov. 27, 2013. James M. Fernandez, 58, executive VP and COO of Tiffany’s, will assume the position of CFO on an interim basis.

Plymouth, Minn. -- The Tile Shop says it rejects a report stating its historical financial statements may require restatement along with other accounting irregularities. The company denies these allegations and believes that the financial statements are properly stated and its business practices are appropriate.

Tiffany’s chief financial officer, Patrick F. McGuiness, has resigned his position effective Nov. 27. The company’s EVP and chief operating officer, James Fernandez, will assume the position of CFO on an interim basis.

Fernandez has been with Tiffany’s since 1983. The board of Tiffany’s has authorized a search for a new CFO.

Isis, a mobile commerce joint venture created by AT&T Mobility, T-Mobile USA and Verizon Wireless, has unveiled its upgraded Isis Mobile Wallet, which allows customers to pay at contactless payment terminals directly from their smartphones.