OPERATIONS

Ralph Lauren exec joins Simon as CEO of premium outlets

BY Dan Berthiaume

Indianapolis – Simon has named retail and real estate executive Stephen Yalof as CEO of premium outlets and senior executive VP of Simon. Yalof has served as senior VP of real estate for Ralph Lauren Corp. since 2002.

His 15 years of experience within the retail industry also includes his role as senior director of real estate for Gap. Yalof began his career in real estate at New Plan Realty Trust, and became VP of leasing for their factory outlet business.

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MARKETING/SOCIAL MEDIA

LivingSocial offers ‘Daily Gem’ summer promotion

BY Dan Berthiaume

Washington, D.C. – Daily deals site LivingSocial is featuring a summer promotion called the Daily Gem, a chance for additional savings on premium and custom-selected deals based on a shopper’s preferences. Each morning, LivingSocial shoppers will receive a personalized Daily Gem deal via email with the chance to save an additional 15% on top of existing savings if they purchase by 3 p.m. local time.

Shoppers can also find their Daily Gems by signing in to their LivingSocial accounts online. LivingSocial partnered with Boulder, Colorado-based advertising agency Victors & Spoils, to develop an integrated campaign to launch the Daily Gem. The campaign is supported by Web and email tactics, social media and special "Easter egg" celebrity surprises that consumers can share post-purchase.

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FINANCE

Bed, Bath & Beyond prices $1.5 billion of senior notes

BY Dan Berthiaume

Union, N.J. – Bed Bath & Beyond Inc. has priced three series of senior unsecured notes for an aggregate principal amount of $1.5 billion. Of these notes, $300 million will mature in August 2024, $300 million will mature in August 2034, and $900 million will mature in August 2044.

The offering is expected to close, subject to normal closing conditions, on July 17, 2014. The company intends to use the proceeds from this offering for share repurchases of its common stock and for general corporate purposes.

Bed Bath & Beyond announced it intends, subject to business and market conditions, to enter into an accelerated share repurchase agreement to repurchase an aggregate of $1.1 billion of its common stock following the closing of the notes offering. The company has also announced that it is in discussions with lenders to enter into a $250 million senior unsecured revolving credit facility, expiring in 2019.

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