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J. Crew to be acquired in $3 billion buyout
New York City -- J. Crew Group is close to an agreement to be bought by TPG Capital and Leonard Green & Partners for about $2.8 billion, according to reports by the Associated Press, Bloomberg and other news groups.
TPG and Leonard Green would pay $43.50 a share in cash, or 16% more than J. Crew’s closing share price yesterday, according to various reports.
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Report: Belk investing in IT upgrade
New York City -- Belk is investing $150 million to boost online sales and upgrade its IT systems, The Charlotte Observer reported.
The department store operator plans to focus on improving its e-commerce functions and replace its current systems for ordering and allocating merchandise, according to the report.
Belk has sought to boost its online presence in recent years to keep up with competitors in a marketplace where online sales are growing rapidly.