FINANCE

A South African-based company is now the owner of the largest mattress retailer in the United States.   Steinhoff International Holdings NV announced it completed its acquisition of Mattress Firm Holding Corp.    As a result of the completion of the transaction, which was first announced in August, Mattress Firm’s common stock will no longer be traded on the NASDAQ stock market.  

A first-of-its kind arrangement has saved Aeropostale.    A consortium made up of Authentic Brands Group (ABG) and two of the nation’s largest real estate companies — General Growth Properties and Simon Property Group — announced it has finalized the acquisition of the teen apparel retailer. It is the first time that mall operators have participated in a deal to acquire a retail chain.  

Photo: Brian Cornell
  Target Corp. CEO Brian Cornell made a rousing appeal to the chain’s associates at the company’s annual fall meeting.   "We have 137 days in front of us to turn this into a winning year, to start that second-half rally," he said, the Star Tribune reported.      

Walmart Canada is extending its ban on accepting Visa credit cards.   The discounter said it will stop accepting Visa credit cards at all 16 of its stores in Canada’s Manitoba province starting on Oct. 24.   

Retail sales fell more than expected in August after a strong June and a relatively flat July.   The National Retail Federation said that retail sales, excluding automobiles, gasoline stations and restaurants, were down 0.3% over July. On a year-over-year basis, however, NRF calculates that retail sales increased 4.1%.    The slowdown in August was broad-based and, notably, there was a drop-off in non-store sales, NRF noted. Clothing sales increased 0.7% in August, driven by back-to-school shopping.

Things are looking up for Toys “R” Us.   The nation’s largest specialty toy retailer posted a 20% increase in operating profit and reduced its net loss for the second-quarter amid reduced costs, including the expense of running its now-shuttered Times Square flagship.    In addition, the retailer announced it successfully reached an agreement to refinance all of its 2017 notes and a portion of its 2018 maturities.  

The waning popularity of golf has taken its toll on the nation’s largest specialty golf retailer.

Golfsmith International Holdings Inc. on Wednesday filed for Chapter 11 bankruptcy protection, amid increasing debt and citing a strategy that it launched several years back to open bigger, most costly stores at a time when golf was beginning to decline in popularity. (Just last month, Nike last month announced it was leaving the golf hardware business, its worst-performing division. Adidas is selling its golf equipment business. )

Apparel retailer Nasty Girl, one of the hottest apparel merchants on the Internet just a few years back, is looking for a possible buyer, Women’s Wear Daily reported.