Financial/Banking

New York -- Private equity firm Clayton, Dubilier & Rice on Tuesday announced a definitive agreement to acquire the 300-store David’s Bridal in a deal that values the bridal dress retailer at $1.05 billion.
 
Leonard Green & Partners will remain a minority partner. CD&R operating partner Paul Pressler, former CEO of Gap Inc. and former senior Disney executive, will assume the role of chairman at the close of the transaction, expected in the fourth quarter.
  

Dallas -- Alliance Data Systems Corp., a provider of loyalty and marketing solutions derived from transaction-rich data, announced its retail services business has signed a multi-year renewal agreement to continue managing the private-label credit card program for Samuels Jewelers, which operates 104 stores under several banners.

MINNEAPOLIS — Richard Schulze has moved one step closer to achieving his goal of acquiring Best Buy. The company has agreed to let its founder and former chairman access to certain due diligence information and form an invesment group so that he may continue his efforts to attempt to buy the company.

By Jim Hogan, [email protected]

The retail industry is a bellwether for U.S financial health given that consumer spending is roughly 60%-70% of the economy. While the economy has sent mixed signals of late -- consumer confidence down, unemployment up -- consumer credit has swung up decidedly and leading companies in a wide swath of retail segments can point to positive year-over-year same store sales. This is prompting some retailers -- particularly discount stores--to begin opening new stores.

New York -- Tiffany & Co.'s net income in the second quarter rose 2 % to $91.8 million, up from $90 million last year. But the performance missed Wall Street's expectations and the jewelry company cut its full-year guidance, citing the tough global economy and weakness in key markets such as New York and Asia.

Atlanta -- Aaron's announced that R. Charles Loudemilk, Sr., chairman of the board of directors, will retire mid-September after founding and building Aaron's, which in now in its 57th year of operation.

Upon his retirement, Loudermilk will become chairman emeritus of the company.

Minneapolis -- Best Buy Co. announced Monday that it as agreed to let founder and former chairman Richard Schulze conduct due diligence and form an investment group with private equity sponsors as he tries to take the retailer private.

Best Buy said its agreement with Schulze establishes a non-exclusive, orderly process that satisfies his requests and protects the interests of shareholders.

Warrendale, Pa. -- Rue 21 earned a better-than-expected $9.1 million for the quarter ended July 28, up from $7.7 million in the same quarter last year.

Revenue rose 17% to $202.1 million, from $172.8 million. Same-store sales rose 0.5%, well below analyst expectations.