Department Store

Hingman, Mass. -- The Talbots Inc. said it has received a raised takeover offer of $214.6 million from private equity firm Sycamore Partners. The company also said it entered an exclusivity agreement with Sycamore, which will end on May 15.

Talbots said Sycamore had offered to pay $3.05 per share -- slightly higher than the $3.00 per share offer it made in December.

The board of retailer said it continues to evaluate strategic alternative.

New York -- St. Louis Real estate services provider Cassidy Turley announced that its retail corporate services team has been awarded project management services for DEB Shops new and remodeled stores throughout the United States.

Cassidy Turley will work with DEB to manage all components of the program, from store planning and design through construction, fixturing, closeout, and opening.

HOFFMAN ESTATES, Ill. — Sears has launched SearsLocalAd.com, an online service that provides customers with access to additional local deals beyond the weekly Sears print circular or Sears.com. The online shopping portal is dedicated to local customers, allowing them to shop smarter by previewing new local deals updated every week, and includes enhancements for Sears' Shop Your Way Rewards members.

New York -- Barneys New York said that it has reached an agreement with its largest lender, Perry Capital and other lenders to significantly reduce the retailer’s debt and improve its capital structure. Under the arrangement, Perry Capital has become the majority owner of Barneys. Under a debt-for-equity swap with Perry Capital, as well as other lenders, Ron Burkle's Yucaipa Cos and current owner Istithmar World, the chain's long-term debt will fall to $50 million from $590 million. The deal makes Perry Capital the majority owner of Barneys.

Toronto -- Sears Canada is launching a “hassle-free” return policy that includes a satisfaction guarantee with every purchase. If not completely satisfied, customers can now exchange or return almost all products within 30 days -- or 90 days if they use their Sears card.

The new policy is part of a new push by Sears to provide “exceptional” customer service. This week, Sears associates across Canada will sign a customer service pledge. 

New York -- Microsoft Corp. will open a store in Bridgewater Commons, Bridgewater, N.J., on May 16. The store will be located on the mall’s second level, close to the existing Apple store.

The computer giant is also moving into Massachusetts, with a store in Boston. The opening date has not been announced.

We’re pleased to announce that we’ll be opening a new Microsoft Store at The Shops at Prudential Center in Boston!,” the company wrote on its Facebook page and website.
 

New York -- Ann Inc. will open a 5,394-sq.-ft. Loft store in Fort Worth, Texas’s shopping, dining and entertainment district Sundance Square.

The new store, slated to open in the fall in a vacant restaurant space, will join a lineup of Houston St. retailers that includes Jos. A. Bank, Pappagallo Classiques and Leddy’s Ranch.

Sundance Square unveiled plans for three new buildings to open in 2013 with retail space on the ground level of the buildings.

 

St. Louis -- Build-A-Bear Workshop posted a narrower-than-expected loss for the first quarter. The retailer reported a net loss of $1.0 million for the quarter ended March 31, 2012, down from a loss of $2.3 million last year.

Consolidated net retail sales of $95.2 million represented a 1.6% increase compared to $94.2 million. Revenue came in at $96.4 million, missing the $97.6 million analysts had expected. Same-store sales in the quarter rose 3.6% in North America. Overall same-store sales rose 1.2%.