Golden Gate to sell majority stake in J.Jill to Arcapita Bank
New York City — Private equity firm Golden Gate Capital Corp. agreed to sell a majority stake in J. Jill to Arcapita Bank BSC, a Bahrain-based investment bank, less than two years after buying the company. Terms of the agreement were not disclosed.
Golden Gate will remain a minority shareholder in the company. J. Jill President and CEO Paula Bennett will continue to lead the chain.
Golden Gate bought J. Jill in June 2009 from The Talbots for about $75 million.
Cato income up in Q4, full year
Charlotte, N.C. — Cato Corp.’s fiscal fourth-quarter net income climbed 8% as revenue improved. The company earned $7.9 million, compared with $7.3 million a year earlier.
Sales for the quarter ended January 29, 2011 were $224.3 million, a 3% increase over sales of $217.7 in the year-ago period. Same-store sales increased 1%.
Full year 2010 net income was a record $57.7 million, compared with $45.8 million last year. Sales for the full year were $913.9 million, an increase of 5% over 2009 sales of $872.1 million. Same -store sales increased 3%.
Cato said that it expects economic uncertainty to continue to impact its results in 2011 and that increasing raw material and freight costs will weigh on its performance mostly during the second half of the year.
Build-A-Bear Workshop to open store in children’s hospital
St. Louis — Build-A-Bear Workshop is teaming up with Cook Children’s Medical Center in Fort Worth, TX to open a store on March 25. It will be the first Build-A-Bear Workshop store located inside a hospital.
“We are very excited about our relationship with Cook Children’s and to bring Build-A-Bear Workshop to the medical center,” said Maxine Clark founder and CEO of Build-A-Bear Workshop. “When kids are sick or injured, making a new furry friend is a great way to take their mind off of their treatment and a teddy bear hug can help them feel so much better.”