FINANCE

Walgreens Boots Alliance has set in motion a mechanism that will result in the Federal Trade Commission having  60 days to either clear its $9.7 billion acquisition of Rite Aid or sue to block it,   Walgreens and Rite Aid Corp. announced late Monday afternoon that they have “certified substantial compliance” with the second request from the FTC regarding their proposed merger.   

Coach has acquired a brand with a strong following among millennials.   The luxury handbag company on Monday announced that it will acquire Kate Spade & Company for $18.50 per share in cash, which represents a premium of 9% to Kate Spade's closing price on Friday. The deal, which has a total transaction value of $2.4 billion, is expected to close in the third quarter of 2017 and add to adjusted earnings in fiscal 2018.  

Is Neiman Marcus about to be involved in a lawsuit as opposed to a merger?  

Gymboree Corp. is planning a significant reduction in its store fleet.   The retailer is looking to close hundreds of stores part of a restructuring under bankruptcy court protection, The Wall Street Journal reported. The final number of stores, however, has yet to be determined.  

Still awaiting approval on its acquisition by Bass Pro Shops, Cabela’s reported disappointing sales for its first quarter.    Total revenue in the quarter decreased 3.4% to $834.9 million, less than expected. Revenue from retail store sales decreased 3.9% to $542 million.   Online and catalog sales fell 12.6% to $136.1 million. Same-store sales fell 8.9%. U.S. comparable store sales decreased 9.1%.   

The retail environment in Canada is proving more challenging than some U.S. retailers had anticipated.     Express said it will close all 17 of its stores in Canada, and discontinue its Canadian operations through its Canadian subsidiary, Express Fashion Apparel Canada Inc. The retailer will continue to operate 635 stores in the United States.      

The fast-growing Floor & Decor Holdings announced the closing of its initial public offering.   The company’s shares are now trading on the New York Stock Exchange under the symbol “FND.” Founded in 2000, Floor & Decor is a multichannel specialty retailer of hard surface flooring and related accessories. It offers a broad in-stock assortment of tile, wood, laminate and natural stone flooring along with decorative and installation accessories.   

Coach reported better-than-expected profit for its third quarter as its turnaround efforts to reduce discounts on its goods sold in the United States gain increased traction.   The upscale retailer reported net income of $130 million, with earnings per diluted share of $0.46, in the quarter ended April 1, compared to $124 million in the year-ago period. Its results exceeded Wall Street expectations.