Tops to Expand, Revamp Stores
Buffalo, N.Y. Tops Markets is considering opening seven to 10 new stores while investing $150 million in existing locations over the next five years, according to Business First of Buffalo.
The news comes nearly one year after Morgan Stanley Private Equity acquired the 76-store supermarket chain from Royal Ahold for $310 million.
About 60 Tops stores have been identified for renovations ranging from minor changes to multimillion- dollar renovations, the company said.
New stores will likely be constructed in Buffalo, Rochester and some areas in central New York state, the report said.
Kohl’s, Forever 21 win bid for 46 former Mervyn’s stores
MENOMONEE FALLS, Wis. Kohl’s and Forever 21 won a joint bid for the leaseholds of 46 former Mervyn’s locations valued at approximately $6.25 million.
Kohl’s will assume 31 of the locations while Forever 21 will assume 15, pending approval by the court overseeing Mervyns bankruptcy proceedings.
“We are pleased with the results of the auction,” said Kevin Mansell, president and ceo for Kohl’s Department Stores. “With over 1,000 stores from coast to coast, these locations provide increased presence in under penetrated markets. We will continue to be opportunistic and prudent in our discussions with the owners of select Mervyns real estate as we continue to position Kohl’s to grow market share.”
In fiscal 2009, the Kohl’s said it continues to expect to open approximately 50 stores, including the majority of the 31 former Mervyns’ locations.
Bazaarvoice appoints new CFO
AUSTIN, Texas Bazaarvoice, which provides social commerce applications that drive sales, announced that Ken Saunders has joined the company as CFO. Saunders has over 25 years of experience as a senior financial executive at companies including Open Solutions, Peregrine Systems, Fair Isaac Corp. and Arthur Andersen. In his new role at Bazaarvoice, Saunders will guide all aspects of the company’s financial operations, as well as lead the team responsible for day-to-day finance, IT and human operations.
“Bazaarvoice is not only the most innovative social commerce company in the industry, it’s the fastest growing, serving hundreds of major brands worldwide and adding more at a very rapid clip,” said Saunders. “As CFO, I look forward to working with Bazaarvoice’s executive team to drive the company’s growth now and into the future, as they continue to transform the way people interact and shop online.”
“Ken has a wealth of world-class financial experience at both private and public companies, and we’re thrilled to welcome him to the executive team as Bazaarvoice continues to cement its market leadership in the social commerce space,” said Brett Hurt, founder and CEO of Bazaarvoice. “As more and more retailers worldwide embrace the customer voice as a key brand and marketing tool, Bazaarvoice is poised for rapid growth – and Ken is the perfect person to lead our company’s financial strategy.”