Financial/Banking

WESTBOROUGH, Mass. — At a special meeting held Friday, BJ's Wholesale Club stockholders approved the definitive agreement between the company and Leonard Green & Partners and CVC Capital Partners to be acquired in an all-cash transaction valued at about $2.8 billion.

BJ's anticipates the closing of the transaction, which was announced in late June, will occur around the end of the month.

By Robert Machson,

WASHINGTON — The National Retail Federation announced that it has sent a letter to the congressional “super committee” on deficit reduction urging the panel to focus on initiatives that will boost the economy and create jobs.

New York City -- Speaking at the Goldman Sachs 18th Annual Global Retailing Conference in New York City, Myron Ullman III, chairman and CEO of J.C. Penney Co., expressed confidence that the chain is well positioned for the holiday selling season. However, he noted that uncertain economic conditions have caused the chain to pull back on its expectations.

Ullman noted that customers are still purchasing promotionally priced items along with full-priced goods.

 

Hingham, Mass. — Talbots Inc. posted a bigger-than-expected second-quarter loss on Wednesday, largely due to increased markdowns. The retailer also said that chief creative officer Michael Smaldone has departed the company, effective immediately.

Talbots reported a net loss of $37.3 million for the period ended July 30, compared with a profit of $941,000 a year earlier. Revenue fell 10% to $271.1 million from $300.7 million. Same-stores sales fell 10.4%.

PURCHASE, N.Y. — The apparel, e-commerce, grocery, and luxury segments all showed continued growth in August, as the hardware, restaurant, and automotive repair sectors returned to positive territory, according to MasterCard Advisors SpendingPulse, a macroeconomic report tracking national retail and services sales.

Toronto -- Blockbuster Canada Co. is winding down operations. Grant Thornton Ltd., the receiver in charge of selling the chain, announced that it is seeking a court order to shut down the company’s remaining 253 stores.

The accounting firm was appointed receiver for the video chain in May.  In June, it shuttered about 150 underperforming Blockbuster outlets, and began the hunt for a buyer for the remaining outlets. But Grant Thornton said it has been unable to find a suitable buyer.
 

New York City -- A Friday report by Reuters said that a former Borders Group employee is attempting to represent a class of about 300 Ann Arbor, Mich., workers in suing the bankrupt retailer for not giving proper notice of impending mass layoffs.