Mergers & Acquisitions

Wallingford, Conn. -- Edible Arrangements has set its sights on the Pacific Northwest for an aggressive expansion campaign designed to open as many as 30 new locations in the near future.
 
Edible Arrangements already has 10 locations in Oregon and Washington and sees significant opportunity for growth, which will be accomplished through franchising. Most of the growth will be focused in the Seattle, Tacoma and Portland areas and the company is currently seeking franchisees with the resources to open multiple locations.
 

New York -- Caribou Coffee will close some 80 stores nationwide and turn 88 other locations into Peet's over the next 12 to 18 months, the Chicago Tribune reported.

Caribou, which is based in Minneapolis, went private this year in a $340 million deal with German investment firm Joh. A. Benckiser Group (JAB), which also owns Peet’s.  

ST. LOUIS — Post Holdings announced that after discussions with the union representing hourly employees at the Modesto, Calif. plant, the company's management has made a decision to close the Modesto plant.  The Modesto plant has approximately 140 employees. The transfer of production capabilities and closure of the plant is expected to be completed by September 2014. 

New York -- Macy’s and J.C. Penney are slated to be back in New York state court on Monday unless a last-minute settlement regarding Macy’s right – or not – to sell certain Martha Stewart products is reached.

The two retailers are coming out of a month-long mediation stint, but so far no settlement has been reached.

According to a Monday report by Reuters, witness are scheduled to be on the stand Monday and Tuesday, including J.C. Penney marketing executives.  

New York -- Ron Johnson is out as CEO of J.C. Penney. In making the announcement, the company also said that that Myron E. (Mike) Ullman has rejoined Penney as CEO, effective immediately. Ullman, who served as CEO of Penney until late 2011, has also been elected to the board of directors.

Johnson’s departure was not all that unexpected given the chain’s mounting losses and sales declines. But it was still a stunning reversal of fortune for the former golden boy of Apple, who left the tech giant amid great fanfare for the top job at Penney.

Nashville -- Genesco Inc. said Friday it will withdraw its listing on the Chicago Stock Exchange, citing a need to streamline operations and eliminate overlapping administrative requirements and costs.

The company, which owns the Journeys, Lids, and Johnston & Murphy banners among others, will continue to list its common stock on the New York Stock Exchange.  

Dallas -- 7-Eleven announced Monday it has closed on the acquisition of 46 Hickory Point and Palms Stores from CB Mart.

While the terms of this particular deal haven’t been made public, the acquisition boosts 7-Eleven’s Carolinas store count to more than 100 and puts the c-store operator solidly on track to continue its accelerated growth plan. 7-Eleven earlier acquired 55 Sam’s Mart and 13 Fast Track stores in the two-state area.

NEW YORK — Cache Inc., a specialty chain of women’s apparel stores, announced that Michael Price, managing partner of MFP Partners, L.P., Cache’s largest shareholder, has joined the board of directors. In addition, Charles Hinkaty, formerpresident and CEO of Del Laboratories Inc., has been appointed to the board. In connection with their appointments, Michael Price and Charles Hinkaty have been appointed to the nominating and governance committee and the compensation and plan administration committee of the oard.