FINANCE

99 Cents Only same-store sales up 6.7% in Q2

BY Staff Writer

Commerce, Calif. — 99 Cents Only Stores reported Friday that same-store sales for the second quarter rose 6.7%. The news comes just days after the discounter agreed to a $1.6 billion buyout by private equity firm Ares Management LLC and the Canada Pension Plan Investment Board.

Total revenue for the quarter ended Oct. 1 rose 8.8% to $363 million.

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OPERATIONS

Stein Mart extends credit card program with GE Capital

BY Staff Writer

Stamford, Conn. — Stein Mart and GE Capital’s Retail Finance business announced Friday the multi-year renewal of the Stein Mart co-branded credit card program.

Plans with the new agreement include launching a private label Stein Mart credit card in early 2012 that will be integrated into the customer loyalty program to drive sales and customer engagement.

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FINANCE

FacilitySource, receives $10 million in financing

BY Staff Writer

Columbus, Ohio — Facility Source, a global provider of facility maintenance and management solutions to retailers, has received an investment of $10 million from BMO Capital Markets’ Mezzanine Fund.

This infusion of capital will allow FacilitySource to fund growth and strategic capital expenditures, including expansion of its offices in North America and Europe, continued investment in its software applications to support retail facility management solutions, as well as pursue potential strategic acquisitions.

“FacilitySource has been growing 25%-30% each year since we took our solution to market,” said company CEO, Bill Hayden. “The capital provided by BMO’s investment will allow us to double the capacity of our service optimization centers that support over two million helpdesk calls per year. We will also direct capital to drive innovations in the retail facility management industry — by creating new online applications and web-based communities to service our current and future clients.”

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