News

New York City -- Barnes & Noble said Tuesday that the FTC has granted early termination of the waiting period under the Hart-Scott-Rodino Act, allowing investor Liberty Media to move forward with its stock purchase in the bookseller.

Barnes & Noble announced on Aug. 18 that Liberty Media invested an aggregate of $204 million in the company through the purchase of newly issued convertible preferred stock, totaling a 16.6% interest in Barnes and Noble.

Memphis -- AutoZone reported Tuesday that profit for the quarter ended Aug. 27 rose 12% to $301.5 million, compared with $268.9 million in the year-ago period.

Sales rose 8.1% to $2.64 billion from $2.45 billion, topping Wall Street expectations of $2.61 billion in sales. Same-store sales in the U.S. rose 4.5%.

During the quarter, AutoZone opened 68 new stores, replaced five stores, and closed one store in the United States and opened 18 new stores in Mexico.

In past columns, I’ve spent time discussing how supermarkets and big-box retailers are successfully rolling out smaller stores. What hasn’t been talked about much is how that trend is starting to spread across the industry, in particular, with specialty retailers. It’s not just the big boys getting smaller any more, it’s almost everyone.

San Jose, Calif. -- Online auctioneer eBay said Monday it has launched a virtual outlet mall in the United States it is calling Fashion Outlet.

The virtual mall will allow users to access discounted apparel and accessories across brands and retailer banners. Featured brands and banners include BCBG, Neiman Marcus, Brooks Brothers, Last Call and Timberland.

According to eBay’s head of global fashion Miriam Lahage, the company is leveraging the burgeoning popularity of the outlet category as the fastest-growing retail channel.

By Richard Hearn, CEO, Crown Partners

JACKSONVILLE, Fla. — Stein Mart announced the appointment of Jay Stein as interim CEO, effective immediately, following the retirement of David Stovall, Jr., who has held that position since 2008.

"On behalf of the board, I want to thank Dave for his service to Stein Mart over the last three years, and in particular, his accomplishments in returning the Company to solid profitability," said Jay Stein, chairman of the board of Stein Mart. "We wish him many happy years of well-earned retirement."

MINNEAPOLIS — Target announced that this fall it is investing more than $50 million in education. The donation will fund programs such as Target School Library Makeovers, Take Charge of Education and a series of education grants and awards that will provide the resources needed to help students and teachers excel, the company reported.

NAPERVILLE, Ill. — OfficeMax announced the fifth anniversary of its A Day Made Better program to support teachers. Through the program, OfficeMax will surprise 1,000 teachers on Oct. 4 with $1,000 each worth of school supplies. 

The beautiful people were out in force Saturday night in Southern California to party and support the fundraising efforts of the Motion Picture and Television Fund. The organization hosts an annual “Evening Before” event that precedes the Emmy Awards, which were held Sunday night and is modeled after the “Night Before” fundraiser, which precedes the Academy Awards.

Exclusive arrangements with celebrities can be a good thing, as long as the right celebrity is involved. Target appeared to pick a winner last year when it tied up with Food Network celebrity chef Giada De Laurentiis to launch an exclusive line. Now, Consumer Reports has confirmed that at least one of the key items in the line tastes really good.