Finance & Capital Management

Mooresville, N.C. -- The Aug. 9 deadline for additional bids on the proposed purchase of Orchard Supply Hardware by Lowe’s Companies Inc. has passed with no activity. This means Lowe’s can move ahead with plans to acquire the majority of assets of Orchard Supply Hardware, including 72 stores, for approximately $205 million in cash, plus the assumption of payables owed to nearly all of Orchard’s supplier partners, first announced June 17.

City of Commerce, Calif. -- Stephane Gonthier, COO of Canadian dollar store chain Dollarama Inc., is leaving that company to take the role of president and CEO at 99 Cents Only Stores. Gonthier will remain with Dollarama during a transitionary period and Richard Anicetti, interim CEO of 99 Cents Only, will return to his position as board member once Gonthier arrives.

Bentonville, Ark. – Wal-Mart’s South African subsidiary Massmart Holdings Ltd. is reportedly considering expanding into Kenya. According to an article in Bloomberg, Kenyan news outlets are reporting that Massmart executives have met with representatives of major Kenyan retail chains including Naivas Supermarket Ltd.

The field of candidates to serve as CEO of the merged Office Depot and OfficeMax has been narrowed to five with September set as the goal to have an executive in place to lead the $18 billion combined company.

CITY OF COMMERCE, Calif. — Stéphane Gonthier, chief operating officer at Dollarama since September 2007, will be leaving the company to become president and CEO of 99 Cents Only Stores, as well as a member of its board. 

Gonthier’s appointment is expected to become effective in the next 60 days. Interim CEO Richard Anicetti, a successful food retailing executive, will return to his role solely as a member of the board.

CAMDEN, N.J. — Campbell Soup Company announced that it is in final and exclusive negotiations for the potential sale of its business in Europe to CVC Capital Partners, a leading global private equity firm. 

WESTLAKE VILLAGE, Calif. — David H. Murdock, Dole’s chairman and CEO, has entered into a definitive merger agreement with Dole Food Company to acquire for cash all outstanding shares of Dole common stock not currently held by him and his affiliates. 

NEW YORK — Brooks Brothers has named Vivien Kronengold as the company’s EVP and chief marketing officer, a newly created position. 

Kronengold will be responsible for leading the company’s global marketing strategy and will oversee all areas of marketing communications, including brand advertising, creative, digital and social media, direct, visual merchandising, public relations and events.

Ikea uses sustainability to drive innovation and shape investments. The company’s latest investment involves a 7.65 megawatt Carrickeeny wind farm, which it plans to purchase from global wind and solar company Mainstream Renewable Power. 

Mainstream has started construction on the project, which is located in Leitrim in the northwest of Ireland and is expected to be operational in early 2014. As part of the deal, Mainstream will operate and maintain the wind farm on behalf of Ikea for its 20-year lifespan.

New York City -- Scathing letters continued flying back and forth on Friday, between activist investor Bill Ackman and the J.C. Penney board of directors — each attacking the other’s handling of the CEO search process and timing.

Then, CNBC reported that Perry Capital, a 7% Penney stakeholder, has weighed in as well, and will file a 13-D urging the board to immediately remove Mike Ullman as CEO, and replace his leadership with Allen Questrom as chairman and Footlocker’s Ken Hicks as CEO.