Finance & Capital Management

Columbus, Ohio -- In a move to establish a base in Canada, DSW Inc. has entered into an agreement to buy an approximate 44% stake in Canadian footwear retailer Town Shoes. The transaction, expected to close in May, is valued at approximately $62 million. Under the agreement, DSW will have the right to purchase the rest of Town Shoes after four years.

Atlanta -- Aaron's Inc. has acquired Progressive Finance Holdings LLC, a merchandise lease-to-own company, from Summit Partners in an all-cash transaction valued at approximately $700 million. Aaron's expects the transaction to be double-digit accretive to cash earnings per share in 2014 and significantly more accretive in 2015.

St. Louis – Save-A-Lot will open a new 140,000-sq.-ft. food distribution center in Aurora, Colo., in June 2014. Save-A-Lot currently services its stores in this market out of the company’s distribution center located in Dallas.

City of Commerce, Calif. – 99 Cents Only Stores LLC reported a widening net loss in an abbreviated 10-month fiscal 2014 which was shortened from the Saturday closest to the end of March to the Friday closest to the end of January. Net loss grew to $12.48 million from $8.9 million.

Total net sales were $1.53 billion, down 8% from $1.66 billion. Same-store sales rose 3.7%.

Indianapolis – Hhgregg Inc. cited extreme weather as a major factor in preliminary sales declines it reported for the fourth quarter of fiscal 2014. The retailer estimates net sales to be approximately $538.3 million, a decrease of approximately 9.9% as compared to net sales of $597.6 million reported for the fourth fiscal quarter of 2013.

Camp Hill, Pa. - Rite Aid pharmacy workers in 77 stores across the state of Michigan have voted to ratify a new, three-year agreement negotiated by United Food and Commercial Workers (UFCW) Local 876, and the Rite Aid Bargaining Committee. The agreement guarantees 7% wage increases for all 792 union members; provides both pension and healthcare benefits; and preserves all current holiday, vacation and personal days.

Pleasanton, Calif. - Safeway Inc. has completed the distribution to its stockholders of 37.8 million shares of Class B common stock of Blackhawk Networks Holdings Inc. owned by Safeway. After the completion of the distribution, Safeway no longer owns any shares of Class B common stock of Blackhawk.

Hoffman Estates, Ill. – Several Sears Outlet stores across the country have new owners. Locations in Oceanside, Ontario, and Corona, Calif., are now owned by Tony Lutfi. Lutfi and his team now own and operate 11 Sears Outlet stores, 17 Sears Home Appliance Showrooms and three Sears Appliance & Hardware Stores.

In addition, Sears Outlet stores Tempe and Gilbert, Ariz. have a new owner, Keith Edquist. Edquist also owns another Sears Outlet store and seven Sears Home Appliance Showrooms.

Hoffman Estates, Ill. -- Sears Holdings has named Arun Arora pany as senior VP and president, Home Services. In his new role with the company, Arora will be accountable for all aspects of the company's Home Services business, including in-home repair services, service contracts, carry-in repair, Sears home improvement services, parts direct, commercial sales (all Sears Holdings product categories) and Sears franchise businesses.

Pep Boys is looking to accelerate a range of digital and physical offerings as part of a strategy called, “Road Ahead,” after the omnichannel efforts resulted in 152% growth.

Pep Boys operates 800 locations in 35 states with 7,500 service bays which differentiates the company from parts-only players such as AutoZone and Advance Auto Parts who perform basic services in their parking lots such as changing batteries or wiper blades.