Jones Group approves merger with Sycamore
New York — The Jones Group Inc. announced that its shareholders overwhelmingly voted to approve the company’s acquisition by Sycamore Partners.
Under the terms of the deal, Sycamore will acquire Jones for $15.00 per share in cash, or a total transaction value of approximately $2.2 billion.
"We are pleased to have received such positive shareholder support for the merger with Sycamore Partners,” said Wesley Card, CEO, The Jones Group. “We believe this transaction represents the best outcome for The Jones Group, our shareholders and the loyal customers of our brands, and we expect a seamless transition following the transaction close.”
Sears names senior VP, president supply chain
Hoffman Estates, Ill. — Sears Holdings announced that William Hutchinson will join the company as senior VP and president, supply chain. Hutchinson, who most recently served as VP of global fulfillment and logistics for Dell, succeeds Raj Penkar who has led the company’s supply chain business unit since 2011. Penkar will retire from Sears Holdings on May 31.
In his new role with the company, Hutchinson will be accountable for all aspects of the company’s supply chain, including distribution, transportation, customs compliance and global sourcing.
"Bill possesses the right combination of leadership, operational proficiency and technical acumen to lead our supply chain business unit," said Edward S. Lampert, Sears Holdings chairman and CEO. "His significant background working within retail environments will support a seamless transition and Bill’s proven ability to achieve results is critical to improving our members’ experience."
GE Capitol Retail Bank extends agreement with American Eagle Outfitters
Stamford, Conn. — GE Capital Retail Bank announced a long-term extension of its agreement with American Eagle Outfitters to continue providing private-label credit card programs for online, mobile app, and store purchases made at any of the 856 American Eagle Outfitter and 115 Aerie locations across the U.S.
As part of the seven-year agreement, GE Capital’s Retail Finance business will continue to manage the American Eagle Outfitters credit card program, which began in 1996.
“For nearly two decades, we’ve had the opportunity to work with American Eagle and Aerie to create customer-focused financing solutions that align with their brand and provide value to millions of their customers,” said Curtis Howse, general manager, GE Capital’s Retail Finance business. “We share American Eagle Outfitters’ commitment to integrate new technologies and services that enable their customers to maximize their budget and enjoy a frictionless shopping experience when and where they want.”