News

New York City -- J. Crew Group said Wednesday that it did not receive any alternative takeover bids during an 85-day "go shop" period, in which the company sought alternatives to an offer from its former owner.

J. Crew agreed in November to be taken private in a $3 billion deal with two investment firms, TPG Capital and Leonard Green & Partners. It originally had until Jan. 15 to vet other prospects, and that period was extended by a month.

Phoenix -- Private equity firm Apollo Management will acquire majority ownership in Phoenix-based Sprouts Farmers Market. Apollo plans to combine Sprouts operations with another of its holdings, Henry's Farmers Market, based in Irvine, Calif. The combined company will operate under the Sprouts Farmers Market name.

Terms of the deal, expected to close in the second quarter of this year, were not disclosed. The combined grocers will have 98 stores and generate annual sales that exceed $1 billion.

Sidney, Neb. -- Cabela's reported Thursday that net income for the quarter ended Jan. 1 rose to $59.9 million, compared with $52.4 million in the year-ago period.

Total revenue for the quarter increased 8.4% to $934 million; retail store revenue increased 11.4% to $479 million.

Same-store sales increased 7.3%.

"With this quarter's performance, it is clear our strategies are working and we are gaining momentum," said Tommy Millner, Cabela's CEO.

St. Louis -- Build-A-Bear Workshop said Thursday that it recorded net income of $8.3 million in the fiscal fourth quarter, compared with a loss of $0.9 million in the year-ago period.

Total sales for the period rose 2.2% to $125.8 million, from $123.1 million a year earlier. Same-store sales companywide dipped 3.7%.

For the full year, total revenues rose 1.4% to $401.5 million.

New York City -- Italian eyewear maker and retailer Luxottica Group SpA said Thursday it will acquire two specialty sunglass retailers in a deal worth about $23 million in a move to gain entry to the Mexican market.

Luxottica’s deal to buy Stanza and High Tech includes more than 70 stores that will eventually be rebranded as Sunglass Hut locations.

Washington, D.C. -- A report released Thursday by the Labor Department said that applications for jobless benefits increased by 25,000 to 410,000 in the week ended Feb. 12, exceeding the 400,000 median forecast of economists surveyed by Bloomberg News.

The filings increase indicates that labor market will take time to develop.

The total number of people receiving unemployment insurance was little changed, while those collecting extended payments decreased.

New York City -- The National Retail Federation said Thursday that it expects retail sales growth of 4% this year, the biggest increase since 2006.

However, the group warned that shoppers are likely to remain cautious as they cope with slow job growth and rising prices.

The NRF said it expects retail sales to reach $2.47 trillion in 2011, up from $2.37 trillion in 2010, excluding automobiles, fuel and restaurants.

Minneapolis -- Another Target store is coming to downtown Chicago as the retailer disclosed it would open a small-format store under the new CityTarget banner in the Sullivan Center development at South State Street and Madison.

PLEASANTON, Calif. — Safeway has introduced its new SimpleNutrition program, an in-store shelf tag system that makes it easier for shoppers to find better nutrition choices among foods and beverages. The SimpleNutrition green shelf tags on qualifying items are located throughout the store next to Safeway’s everyday low prices and club card specials.

NEW YORK -- The Jones Group Inc. announced that it has appointed Sally Ross EVP merchandising for Nine West Direct, effective immediately. Ross' focus will be on leading the merchandise initiatives for Nine West Retail, Nine West Outlet and NineWest.com, and she will report directly to Ron Offir, President, Jones Direct Group, the company reported.