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Financial/Banking

  • Kenneth Cole will take his namesake company private in $245 million deal

    New York -- Kenneth Cole Productions said its board has approved founder Kenneth Cole's offer to buy up the remaining part of the company that he doesn't already own in a deal worth $245 million.

    Cole, currently the chairman and CEO of Kenneth Cole, holds about 46% of its outstanding common stock and controls 89% of its voting power. He will pay $15.25 for each share of the company that he doesn't already own.

  • Home Depot increases share buyback plan and reaffirms outlook

    Atlanta -- The Home Depot on Wednesday expanded its share buyback plan for the year by $500 million and reaffirmed its full-year outlook.

    The retailer said it now expects to buy back $4 billion of its shares and that the increase in its share repurchase plan would not have a material impact to earnings per share for 2012.

  • Private equity firm buys majority stake in Party City in $2.7 billion deal

    New York -- The Boston-based private equity firm Thomas H. Lee Partners has agreed to acquire a majority stake in Party City Holdings Inc., Rockaway, N.J., in a deal valued at $2.69 billion.

  • Walgreens May sales dip 1.6%

    Deerfield, Ill. -- Walgreens reported Tuesday that net sales for the month of May dropped 1.6% to $5.98 billion, compared with $6.08 billion in the year-ago period.

    Total front-end sales edged up 0.3%, and same-store sales dipped 1%.

    Total sales for the third quarter of fiscal 2012 were $17.77 billion, down 3.3% from $18.37 billion in the third quarter last year.

  • Sport Chalet swings to loss in Q4

    Los Angeles -- Regional sporting goods retailer Sport Chalet reported Monday that it lost $3.8 million in the quarter ended April 1, compared with net income of $300,000 in the year-ago period.

    The company cited warm weather trends for the weakened performance.

    Revenue fell 16.6% to $81.9 million, from $98.2 million. Same-store sales dropped 5.3%.

     

  • Furnitureland South to offer private label credit card from TD Retail Services

    Mahwah, N.J. -- Furnitureland South, in Jamestown, N.C., has selected TD Retail Card Services to develop and administer its new private label credit card.
     

  • New acronym enters the Walmart lexicon

    EDLP (every day low price) and EDLC (every day low cost) are the most familiar acronyms at Walmart, but FCPA (Foreign Corrupt Practices Act) is giving them a run for their money these days.

  • FCPA allegations were buying opportunity for investors, including Walmart

    Walmart shareholders may wish the company were investigated more often, judging from the performance of shares since alleged violations by the Foreign Corrupt Practices Act first surfaced.

    Walmart share’s closed Friday at $65.55, or 5% higher than the $62.45 price they were trading at on Friday, April 20 before The New York Times first reported on allegations of FCPA violations.

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