Mergers & Acquisitions

Boston -- City Sports announced that it has named Ted Manning as chief merchandising 0fficer.

Manning joins City Sports following nearly two decades of service with outdoor retailer Eastern Mountain Sports, most recently as their EVP, where he developed strategies for retail expansion, merchandising, product development and marketing. Manning began his career at EMS in store management, climbing the ranks to hold posts as a product manager, merchandise director and VP/general merchandise manager.
 

CLEVELAND — American Greetings announced that it has agreed to be taken private by a group led by some of its top executives for about $602 million.

The executive group was formed by the Weiss family — including chairman Morry Weiss; CEO Zev Weiss; director, president and COO Jeffrey Weiss and others — and will buy the shares of the company they don't already own for $18.20 a piece in cash. This amounts to a 13% premium to American Greetings' closing price of $16.10 last Thursday.

Hoffman Estates, Ill. -- An SEC filing on Thursday revealed that Sears Holdings Corp. former CEO Louis D’Ambrosio, who stepped down in February citing family health issues, saw his total compensation package shrink nearly 90% from the prior year.

According to the proxy statement filed with the Securities and Exchange Commission, Sears said D’Ambrosio's salary rose to $1 million in 2012 from $930,769 in 2011. However, the value of his perks, such as corporate housing and travel, shrank to $278,741 from $852,037 in 2011.
 

Canton, Mass. -- Dunkin' Donuts said Monday it has signed a multi-unit store development agreement with existing franchisee Sizzling Donuts to open seven new restaurants in northern Utah.

The first restaurant is slated to open in 2013, with the remainder by 2020.

Cleveland -- American Greetings Corp. said Monday that the founding Weiss family has reached a deal to acquire the gift cards and party goods company for about $878 million.

The transaction is expected to close in July, and “returns the company to private ownership in a way that we believe enables the company to continue to serve the interests of its customers, employees, suppliers and the communities in which it operates as it has for over a century," said Jeffrey Weiss, president and COO.

SEATTLE -- Amazon.com went back to its roots as bookseller last week with the announcement that it would acquire social site Goodreads, an online book recommendation community that has more than 16 millions around the globe. The financial terms of the deal were not disclosed.

Tampa, Fla. -- Burger chain Burger 21 – founded by the owners of The Melting Pot® Restaurants – announced the signing of two new multi-unit franchise agreements in Florida. Seven new restaurants will be developed over the next several years in the Fort Myers - Naples corridor, Fort Lauderdale, Coral Springs, Davie and Pembroke Pines.

To date, Burger 21 has six restaurants open in Florida and 18 franchised locations in development along the East Coast.

HOFFMAN ESTATES, Ill. — Sears Hometown and Outlet Stores has elected James Gooch to its board of directors and as chair of the audit committee of the board of directors.