Report: Tower Three divests remaining stake in Restoration Hardware
New York — A report by Wall Street Journal revealed that private equity investor Tower Three Partners will sell its final 3.9 million shares in Restoration Hardware Holdings, marking an exit for the buyout firms that acquired the home furnishings retailer in 2008.
Restoration Hardware’s private-equity backers have been cashing out amid a 90% rally in the stock this year, according to the report.
Last week, Catterton Partners sold 4 million shares of Restoration Hardware, according to a filing, and hedge fund firm Glenhill Capital, another large holder, sold an additional 1 million shares about the same time. Both offerings represented the remaining stakes in the retailer held by those firms.
Catterton, Tower Three and Restoration Hardware’s chief executive led a group taking the company public for about $177 million. Since returning to public ownership in a November initial public offering, the company’s stock-market value has increased to about $2.6 billion, according to FactSet data.
The Container Store teams with BorderFree to take e-commerce global
New York — E-commerce solution-provider Borderfree said it has partnered with The Container Store to expand the chain’s international e-commerce reach in time for the holidays.
Previously only accessible to consumers in the U.S., and Canada, The Container Store’s online product offerings are now available to consumers in Australia, India, Mexico, Germany, France, Japan, Switzerland, Russia, and the U.K.
“Having the ability to provide our thousands of time- and space-saving solutions to customers around the world has been a dream of ours for many years,” said Melissa Collins, VP creative and online, The Container Store. “Our biggest priority is to provide customers with an excellent experience whether they are shopping in our stores or online. Working with Borderfree allows us to provide the seamless experience our domestic customers expect to new markets around the world.”
In addition to localizing retailers’ websites for international markets, the Borderfree platform addresses a myriad of related challenges including customs compliance, fraud and risk management, international payments, parcel fulfillment and returns, among others.
Family Dollar deploying Checkpoint EAS technology to reduce shrink
Thorofare, N.J. — Checkpoint Systems announced that Family Dollar Stores has entered into a multi-year agreement that includes the deployment of Checkpoint’s electronic article surveillance solutions in all of its existing and future stores.
The rollout in the chain’s existing 7,900 stores is expected to be completed by December 2014.
For the past three years, Family Dollar and Checkpoint have been analyzing results in test stores across the nation. Based on the results, Family Dollar is installing Checkpoint’s Evolve P10 ECO solution, which is designed to reduce shrink and lower energy costs. (Evolve reduces energy consumption up to 75% over alternatives, according to Checkpoint.)
"We are encouraged by the success we have already experienced in our test stores, and I am confident that installing Checkpoint’s system in all our locations will deliver an immediate impact on our profitability by reducing our shrink and increasing sales," said Chris Nielsen, VP-loss prevention, Family Dollar.