Mergers & Acquisitions

Cincinnati -- The Kroger Co. has reached an agreement to purchase all outstanding shares of Harris Teeter Supermarkets for $49.38 per share in cash, or about $2.5 billion. Kroger will finance the transaction with debt and also assume about $100 million of debt from Harris Teeter.

Harris Teeter operates 212 stores in North Carolina, Virginia, South Carolina, Maryland, Tennessee, Delaware, Florida, Georgia and the District of Columbia primarily in the Carolinas. The company had revenues of approximately $4.5 billion for fiscal year 2012.

New York -- Barnes & Noble CEO William Lynch has resigned, effective immediately. The company said it has appointed Michael P. Huseby as CEO of Nook Media and president of Barnes & Noble. He had served as the company’s CFO since 2012.

Lynch, a technology veteran, took the reins of Barnes & Noble in 2010, and was a driving force in the chain's transition into digital and the expansion of its Nook line of tablets. No reason was given for his departure. 

Net sales at WD-40 Co. increased 7% in the third quarter, as the company's multi-purpose maintenance products showed double-digit growth.

WD-40 sales were $93.1 million in the quarter ended May 31, compared to sales of $87.0 million in the year-ago period. Net income for the third quarter was $10.3 million, up 12%.

By Christopher Demetriades, [email protected]

Denver -- Natural Grocers has opened its third Nebraska store in central Omaha, Neb. It is the second Omaha store and the 89th store in the organic grocery chain.

The family-run chain, which went public in 2012, has locations across Colorado, Texas, Utah, Wyoming, Oklahoma, Missouri, New Mexico, Montana, Kansas, Idaho, Nebraska, Arizona and Oregon.

New York -- Jones Group Inc. has tapped Citigroup Inc. to explore a possible sale, according to Reuters.
 
In April, Jones Group said that it would close 170 stores and cut 8% of its workforce after first-quarter profit was less than analysts’ estimates. The news comes just months after activist hedge fund

The company, whose brands include Stuart Weitzman, Jones New York, Easy Spirit, and Nine West, had a market value of about $1.2 billion as of July 5.

Department store executive and Target co-founder Douglas Dayton died Saturday of cancer at 88.

Dayton was the inspiration for the first Target stores and oversaw the development and early growth of the concept of an upscale discount store. Dayton served as Target's first president in 1961 and a year later he opened the first Target stores in the Twin Cities communities of Roseville, Crystal, St. Louis Park and Knollwood.

Boca Raton, Fla. -- Office Depot announced that Michael J. Massey, previously CEO and president of Collective Brands, has been nominated to join the board. He fills the vacancy created by current director Brenda Gaines, has decided not to stand for reelection at this year’s annual meeting of stockholders.