Apparel

New York -- Women’s specialty retailer Cache announced it has secured a new, five-year, $25 million credit facility through Wells Fargo Capital Finance, part of Wells Fargo & Company.

Cache CEO and chairman Jay Margolis stated: “We are pleased to partner with Wells Fargo Capital Finance to secure a credit facility. This facility enhances our financial flexibility to pursue our key initiatives that are expected to drive improvement in our operating performance and place us on a path to deliver sustained long term growth.”

Englewood, Colo. -- Sports Authority has named Stephen Binkley, formerly senior VP of merchandising and softlines, as its new chief merchandising officer. He replaces Greg Waters, formerly executive VP, chief merchant and chief marketing officer, who has decided to leave the company after 24 years to pursue personal interests.

During his tenure at Sports Authority, Waters held several leadership roles.

By Tom Friedman, [email protected]

New York -- Coach Inc. on Tuesday reported a 12% drop in net income in its fourth quarter amid weaker same-store sales in North America, and also said it would sell its Reed Krakoff business to a group led by Reed Krakoff, who will depart the company as executive creative director when the deal is completed.

Seattle -- Nordstrom said it plans to open a Nordstrom Rack at 505 Fulton Street in Brooklyn, N.Y. The approximately 41,000-sq.-ft. store is scheduled to open in spring 2014.  The developer for the project is United American Land LLC.

The store will feature a unique design that will blend the architecture of the site — the landmark Offerman building — with the contemporary style of an adjacent, newly built structure. The single-level store will occupy the second floor retail space.

Emeryville, Calif. – Consumers in the U.S. and U.K. feel overwhelmed by targeted apparel marketing messages, but are responsive to messaging that includes genuinely personalized information. A new study of 409 U.S. and U.K. consumers from the Economist Intelligence Unit (EIU) indicates that 66% of consumers say that many personalized apparel messages are annoying because attempts at personalization are superficial.

New York – The proposed acquisition of Saks by Hudson’s Bay Company is spurring investigations by at least three law firms. Law firms Harwood Feffer LLP, Robbins Arroyo LLP and Kahn, Swick and Foti LLP are all investigating concerns such as whether the Saks board of directors is fulfilling its fiduciary duties, maximizing the value of the company, disclosing all material benefits and costs, and obtaining full and fair consideration for shareholders.

ENGLEWOOD, Colo. — Sports Authority has named Stephen Binkley as the company’s new CMO. He replaces EVP, chief merchant and CMO Greg Waters, who has decided to resign his position to pursue personal interests after 24 years at the company. 

During his tenure at Sports Authority, Waters held several leadership roles, including EVP, marketing and merchandising, COO and SVP of store operations.

SAN DIEGO, Calif. — The Shareholders Foundation has announced that an investor who currently holds Maidenform shares filed a lawsuit to halt the proposed takeover of Leap Wireless International by HanesBrands for $23.50 per share.

Investors who purchased shares of Maidenform Brands prior to July 24, 2013 and still hold them are being asked to contact the Shareholders Foundation at [email protected] or 858-779-1554.

Los Angeles — Westfield, an Australian-based company that operates 47 U.S. malls, is leveraging mobile technology and social media to promote its back-to-school campaign.