Finance & Capital Management

According to the Associated Press, the company announced on Friday that it will sell itself to Bridgestone for $863 million, a $28 million increase over the previous deal. The two companies announced they would merge in October for a price of $15 per share. Then, Carl Icahn stepped in last week, offering $15.50 per share. [Nashville Business Journal]

Boston -- Gordon Brothers Group and Hilco Merchant Resources announced that the companies will be managing the stores closing process, which has begun, for Los Angeles-based, Kitson, at all 17 locations throughout California, Oregon, and Nevada. Sales are offering discounts of up to 50% on all of the fashion apparel, gifts and novelty merchandise. Store fixtures, furniture and equipment will also be available for sale.

Tuesday Morning Corp. has selected the chairman of its board to be the off-price retailer's next chief executive, ending a search that began in September.

Steven R. Becker becomes the Texas-based retailer's next CEO, effective immediately. Becker has led Tuesday Morning's office of the chairman since Sept. 28, when the Dallas-based retailer’s previous CEO, Michael Rouleau, announced his retirement. Previously Becker had served as the company's chairman of the board since 2012.

The CEO of 99 Cents Only pointed to the promise of a new executive team as evidence that the company can return to profitable growth even as it reported disappointing third quarter results.

The company said for the period ended Oct. 30, the company's net sales increased 2.8% to $491.5 million, compared to $478.3 million in the prior year. Same-store sales decreased 3.9% due to challenges in produce and consumables sales, the cannibalization impact of recent new store openings as well as ongoing initiatives to clear excess seasonal inventory, the company said.

Destination Maternity Corp. has turned down an offer from a French company that disclosed a 13.1% stake in the U.S. company, according to a Securities and Exchange Commission filing Monday.

The nation’s largest retailer of maternity apparel rejected an offer from children’s clothing company Orchestra-Premaman, which manufactures clothing for children and infants, saying the request for talks regarding a potential acquisition were not in the best interests of Destination Maternity shareholders.

GameStop’s Technology Brands division has reached another milestone toward its goal of generating $1.5 billion in revenue by 2019.

The retailer announced it has opened its 1,000th technology brand store. The company now boasts the title of largest video game retailer in the world, as well as the largest AT&T authorized retailer and largest Apple-authorized specialist in the United States.

Despite the mixed outlook for holiday sales, the private equity community remains interested in retail, believing that the sector can offer the opportunity to achieve scalable growth.

Stuart, Fla. -- Konover South announced the acquisition of 4.43-acres of land for its new 30,587-sq.-ft. Stuart Landings retail center in Stuart, Florida, for $2.25 million.

The center will be located at SE Federal Highway and SE Miami Ave., which shares U.S. 1 access with an adjacent Walmart Supercenter. Stuart Landings will feature a 17,837-sq.-ft. Aldi, a 3,500-sq.-ft. Aspen Dental with additional lease negotiations underway.