Financial/Banking

NEW YORK — Gilt Groupe has announced that Andrew Page has been promoted to the role of president from CFO, effective immediately. Page will report directly to Kevin Ryan, Founder and CEO. In his new position, Page will have operational responsibilities for Gilt's various business units, including Women's, Gilt MAN, Gilt Children, Gilt Home, Gilt Taste, Park & Bond, and Gilt City.

Madison, Wis. -- Lee & Associates’ Madison office said it has completed $2.8 million of leases at The Shoppes at Hartford; a 24,000-sq.-ft. retail center in Hartford, Wis. 

Located next to a new Wal-Mart Super Center, Lee Madison had the center 75% pre-leased before construction commenced and 100% leased before construction was finalized. Construction commenced April 1, and all tenants are expected to open before Christmas 2011.

Atlanta -- First Data Corp. and Associated Bank said Tuesday that the companies have signed a long-term merchant services renewal agreement.

Through the agreement, First Data will continue to provide merchant processing services to the bank’s business clients nationwide, providing them access to a comprehensive line of electronic payment solutions, including acceptance of all major credit cards including PIN and signature-based debit cards, gift cards, customized reporting and electronic check verification services.

Berlin, N.J. — The 134-store arts and crafts chain A.C. Moore said Tuesday it has agreed to be acquired by an affiliate of arts and crafts distributor Sbar’s Inc. for about $40.8 million.

Last January, the company said it had formed a committee to review strategic alternatives, including a potential sale.

Seattle -- Starbucks Coffee Company is teaming up with the Opportunity Finance Network (OFN)  to launch a “Create Jobs for USA” fund. 

Starting Nov.1, the new initiative will pool donations from Starbucks customers, partners (employees) and citizens into a nationwide fund for community business lending. One-hundred percent of the donations will go toward loans for firms and organizations that can add jobs or stem job losses, Starbucks said. 

Washington, D.C. -- A report released Friday by the Commerce Dept. showed that consumer spending in the U.S. slowed in August, impacted by falling incomes and sporadic hiring.

Commerce Dept. figures showed that purchases edged up 0.2% after a 0.7% increase in July. However, a 0.2% increase in prices wiped out the slight spending gain. Incomes dipped 0.1%, the first decline since October 2009.

Westborough, N.H. -- Private equity firms Leonard Green & Partners and CVC Capital Partners on Friday completed their $2.8 billion acquisition of BJ's Wholesale Club. The move, which takes the chain private, sets the stage for a stock delisting, effective Monday before the markets open.

The deal was announced in late June after months of speculation. BJ’s shareholders approved the buyout on Sept. 9. The chain currently operates 190 warehouse clubs in 15 states.
 

WESTBOROUGH, Mass. — BJ's Wholesale Club officially is owned by Leonard Green & Partners and CVC Capital Partners, just a few weeks after the retailer's stockholders approved the agreement.

BJ's was required in an all-cash transaction valued at $51.25 per share, or $2.8 billion.

BJ’s common stock will be delisted from the New York Stock Exchange prior to the opening of business on Monday, Oct. 3, the companies said.

The deal was announced in late June after months of speculation. BJ’s board of directors unanimously approved the agreement.