FINANCE

Alibaba raises its valuation to $130 billion

BY Marianne Wilson

New York — Chinese e-commerce giant Alibaba increased its valuation to $130 billion less than a month before its initial public offering on the New York Stock Exchange.

The new figure is approximately $13 billion more than the company valued itself at in its original filing with the Securities and Exchange Commission in June.

Alibaba is expected to raise more than $20 billion, which would make it one of the largest offerings ever.

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REAL ESTATE

Ikea submits plans for store in Las Vegas area

BY Marianne Wilson

Conshohocken, Pa. — Ikea is submitting plans to Clark County, Nevada, for a Las Vegas-area store that would increase the Swedish retailer’s presence in the western United States.

The application marks the beginning of an approval process that could lead to the store’s opening as early as summer 2016.

The proposed 351,000-sq.-ft. Ikea would be built on 26 acres in the Spring Valley area of Clark County, approximately 13 miles southwest of downtown Las Vegas. The retailer said it will evaluate potential on-site power generation possibilities to complement its current U.S. renewable energy presence at nearly 90% of its U.S. locations.

“We look forward to continue growing our western U.S. presence with Ikea Las Vegas,” said Ikea U.S. CFO Rob Olson. “This accessible location would provide the already 101,000 Las Vegas-area customers a store of their own and introduce the unique Ikea shopping experience to other consumers throughout Clark County and Southern Nevada.”

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OPERATIONS

Retired Crate & Barrel CEO Barbara Turf dies at 71

BY Marianne Wilson

New York — Barbara Turf, 71, former CEO of Crate and Barrel, died July 12, at Evanston Hospital, of pancreatic cancer, the Chicago Tribune reported.

Turf was named CEO in 2008, after Crate & Barrel founder and longtime chief executive Gordon Segal retired. She joined Crate and Barrel as a part-time saleswoman in 1967, moving to its corporate headquarters in 1974. Turf retired as CEO in 2012 and joined the company’s board of directors, the company said in a statement.

“Barbara Turf’s impeccable eye for style, trend and design defined the merchandising and marketing vision of Crate & Barrel,” company CEO Sascha Bopp said in a statement. “She touched the lives of thousands of associates and developed invaluable relationships with vendors across the globe. Crate & Barrel would not be the company it is today without Barbara’s leadership. She will be missed.”

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