Capri Holdings last week announced that it completed a sale of Versace to Prada S.p.a. For nearly $1.4 billion in cash.  “With the successful completion of the sale of Versace, we plan to use the proceeds to repay the majority of our debt, which will substantially strengthen our balance sheet,” Capri CEO John Idol said in a statement. “We remain focused on executing our strategic initiatives across Michael Kors and Jimmy Choo to maximize the potential of our iconic brands.” Leggett & Platt this week said its board is reviewing an unsolicited proposal from bedding giant Somnigroup International to acquire the 140-year-old company for $12 per share. The manufacturer of mattresses and other goods has been a Somnigroup supplier for years. On Monday, Somnigroup –  formed after Tempur Sealy acquired Mattress Firm early this year for $5 billion – disclosed its letter to Leggett & Platt regarding the proposal, which Somnigroup said reflects more than a 30% premium above Leggett & Platt’s average closing price in the previous 30 days. “We hope that you share our enthusiasm,” Somnigroup CEO Scott Thompson wrote, and asked for a response by Dec. 22.

HP Inc. announced that Bruce Broussard, a member of the company’s Board of Directors since 2021, has been appointed Interim Chief Executive Officer (“CEO”), effective immediately. He succeeds Enrique Lores, who has stepped down as President and CEO and as a member of the Board to pursue another professional opportunity. The Board has formed a CEO Search Committee to identify the company’s next CEO and has retained a leading global executive search firm to assist with the process. As Interim CEO, Mr. Broussard will advance the company’s strategic priorities by leveraging his proven operational, financial, and business management expertise as well as his deep knowledge of HP’s business. Mr. Broussard is a seasoned executive with more than 30 years of leadership experience at public companies

Amazon has big plans for the village of Orland Park, Ill. The Chicago suburb is proposed site of a retail development that the e-commerce giant wants to build on a 35-acre site, reported patch.com. The plan cleared its first hurdle this week when it was approved by Orland Park’s plan commission. It still needs to be approved by the village board of trustees who will meet on Jan. 19. The development includes a 229,000-sq. ft. building housing a retail store offering a wide range of products, including groceries and general merchandise, with a “limited” warehouse component to support on-site operation, according to the report. The plan also include multiple commercial outlets, six acres for open and landscaped space, and stormwater detention. If approved, the plan would be Amazon’s first foray into big-box retailing, putting it in direct brick-and-mortar competition with the likes of Walmart’s supercenters and Costco.