News

CITY OF COMMERCE, Calif. — First it was Family Dollar, now 99 Cents Only Stores finds itself in buyout talks, as investors are seeing the value in discount store chains.

The company has received a proposal to take the company private from the company's founding family and investment firm Leonard Green & Partners LP for $19.09 per share, the Associated Press reported.

New York — Ann Taylor Stores Corp. On Friday posted a bigger-than-expected quarterly profit on improved sales. The company, which said it will change its corporate name to Ann Inc. to better reflect its multichannel focus, also forecast strong first-quarter sales.

The retail industry is abuzz these days with talk of small format stores; whether it is Best Buy Mobile, CityTarget or now Walmart Express. Bill Simon, president and CEO of Walmart U.S., added more fuel to the fire this week with comments about several 15,000-sq.-ft. test stores that would open during the second quarter in rural and urban locations. Simon also introduced the prospect of rapid organic growth and potential acquisitions even though the first stores have yet to open.

Tarrytown, N.Y.-based DLC Management Corp. has launched the redevelopment of Wing Park Shopping Center in Elgin, Ill.

DLC has pre-leased the redevelopment to a pair of anchor tenants: Walgreens has signed a 75-year lease for a 14,820-sq.-ft. prototypical store with drive-through that will be built to suit, and the existing Family Dollar will be relocating and expanding into an 8,400-sq.-ft. space. The overall redevelopment is 80% pre-leased.

New York City -- The Arkansas Senate voted Thursday to require many out-of-state online retailers to collect sales taxes the same way in-state stores do, a move that is pitting Wal-Mart Stores against online stores and anti-tax activists, the Associated Press reported.

Tim White, SVP marketing at Fashion Bug, and a 30-year retail industry veteran, this week was inducted into the Retail Advertising and Marketing Association’s Advertising Hall of Fame. White is currently leading a team focused on building a brand identity at Fashion Bug that satisfies the clothing wants and needs of today value conscious woman. White spent the early part of his career with Kmart, ascending the ranks to become the lead marketing executive for Kmart’s launch of the super center initiative.

PLANO, Texas -- JCPenney is giving underprivileged teens the chance to have their very own prom dress, while at the same time encouraging those more fortunate to give to a worthy cause. The company announced that from March 13 through April 2, customers can donate their gently worn prom dresses at one of more than 1,100 JCPenney stores nationwide.

City of Commerce, Calif. — Discount store retailer 99 Cents Only Stores has received a proposal to take the company private from the company's founding family and investment firm Leonard Green & Partners LP for $19.09 per share, the Associated Press reported.

The offer would value the company at about $1.3 billion. According to 99 Cents, the purchasers would include the Schiffer-Gold family, which owns about 33% of its outstanding stock. David Gold is company founder and chairman, and his son-in-law Eric Schiffer is CEO.