Finance & Capital Management

Sunrise, Fla. -- Roark Capital Group, an Atlanta-based private equity firm focused on consumer brands, said that that its affiliate has acquired pet specialty retailer Pet Supermarket from Charles E. West, Jr., the company's founder. Pet Supermarket will remain headquartered in Sunrise, Florida, and continue to be led by Diane Holtz, its CEO.

Pet Supermarket operates 155 pet specialty retail stores in 11 states generating over $300 million of revenue.  

The owner of Corner Bakery, Arby’s and Batteries Plus, among other national retailers, has acquired Pet Supermarket.

Atlanta-based private equity firm Roark Capital Group says Pet Supermarket will remain headquartered in Sunrise, Fla., and continue to be led by CEO Diane Holtz. Pet Supermarket operates 155 pet specialty retail stores in 11 states generating over $300 million of revenue.

Staples is accelerating its pursuit of growth opportunities abroad even as the company awaits regulatory approval of a proposed merger with Office Depot.

Staples has announced a partnership with Bidvest Waltons, South Africa’s leading office products company, and Dacris, a major distributor of office supplies in Romania.

New York — The Brooklyn Navy Yard Development Corp. on Tuesday announced redevelopment plans for Admirals Row that will bring a long-anticipated supermarket, new manufacturing space and a brand new community facility to the site. Wegmans Food Markets will anchor the $140 million redevelopment of Admirals Row led by Steiner NYC, the developer of Steiner Studios.
 

New York -- The founder and ousted CEO of American Apparel, Dov Charney, is suing the company and its chairwoman Coleen Brown for a minimum of $20 million in damages, accusing them of defamation and mental and emotional distress.

Many of the allegations revolve around a letter Brown wrote to American Apparel employees in which she claimed that Charney had agreed in writing to never return in any capacity to the company. According to the lawsuit, Charney never signed any agreement.

Plano, Texas -- J.C. Penney Co. topped analysts estimates for the first quarter, reporting a smaller-than-expected loss. Declaring its intent to become the “preferred shopping choice for middle America” and gain back market share, the company also raised its outlook for the year.

Penney posted a loss of $167 million in the quarter ended May 2, compared with a net loss of $352 million in the year-ago period.

JCPenney Company cited strong financial results in the first quarter as the impetus for going on the offensive to gain back share and becoming the “preferred shopping choice for Middle America.”

JCPenney reported net sales of $2.86 billion compared to $2.80 billion in the first quarter of 2014. Same store sales increased 3.4% for the period. 

The company has made inroads in recent quarters on its turnaround, and the company may finally be making progress on reconnecting with its core customers. 

Walmart is partnering with Chinese e-commerce powerhouse Alibaba to allow customers to make purchases using mobile devices in 25 of its stores in southern China.