Mergers & Acquisitions

Matthews, N.C. -- Family Dollar reported lower net income in the third quarter of 2013 as its shoppers continue to hold off on discretionary spending.  The discounter also named Jason Reiser to the position of senior VP merchandising.

Family Dollar posted net income of $120.9 million, down 3% from $124.5 million in the year-ago period. Its results, however, topped expectations.

Sales rose 9% to $2.57 billion. Same-store sales increased 2.9% as a result of higher customer transaction totals and traffic volumes.

PLANO, Texas — Crossmark, a leading sales and marketing services company in the consumer goods industry, has named John Compton to its board of directors to serve along with principals of Warburg Pincus, a leading global private equity firm.

MATTHEWS, N.C. — Former Sam’s Club executive Jason Reiser is heading to Family Dollar to be the company's SVP of merchandising. He replaces John Scanlon, who left the company at the end of March.

Family Dollar announced the key changes to its merchandising organization on the heels of better-than-expected third quarter results for fiscal 2013 ended June 1. 

New York -- Office Depot and OfficeMax Inc. on Tuesday moved one step closer to becoming one company as their shareholders voted to approve the merger between the two office supply rivals.
 

While Best Buy is still the world’s largest consumer electronics chain, it’s no secret that the brand faces big questions about store size, format, and long-term viability in an evolving brick-and-mortar retail landscape. I found the recent announcement that Microsoft and Best Buy had reached an agreement to roll out dedicated Windows “stores” in 600 Best Buy locations across North America this summer to be somewhat surprising, but certainly in line with the needs of both companies.

ROCKFORD, Mich. — Wolverine Worldwide reported record revenue and strong earnings performance for its second fiscal quarter ended June 15. The quarter included a full 12-week contribution from the company's recenty acquired Sperry Top-Sider, Saucony, Stride Rite and Keds brands. 

CINCINNATI and MATTHEWS, N.C. — Kroger, already one of the world’s largest retailers, is about to get even larger. The company plans to purchase all outstanding shares of Harris Teeter Supermarkets for $49.38 per share in cash. 

The merger agreement not only allows Kroger to expand its brands portfolio but also allows it to expand its market with a complementary base of 212 stores, of which 147 have pharmacies, in Southeastern and mid-Atlantic markets and in Washington, D.C.

New Orleans -- Smoothie King Franchises is targeting the Jacksonville, Fla., metro area to kick off a major expansion calling for 1,000 new franchised and corporate locations over the next five years.

With seven stores in Jacksonville, the company plans to add 10 new locations there over the next three years.

To fuel the national expansion drive, Smoothie King is offering candidates 40% off of its initial franchise fee for the first 40 agreements of 2013 — a savings of $10,000.