Mergers & Acquisitions

FOOTHILL RANCH, Calif. — Teen retailer Wet Seal continues to urge its shareholders to reject efforts by Clinton Group to replace the company’s current experienced directors with Clinton Group’s hand-picked nominees who lack relevant experience.

Deciding back in January 2011 to spend roughly $1.8 billion to acquire 220 Zellers’ leases was easy compared to the challenge Target has undertaken more recently in Canada.

New York -- The Wet Seal Inc. encouraged its shareholders on Wednesday to reject efforts by its third-largest investor, Clinton Group, to gain control of the board, Reuters reported. The company's board has eight seats, of which one is vacant.

Clinton, which holds approximately 7% of Wet Seal, said retailer earlier in the day backtracked on an offer, made via an investment banker, for four directors to resign in exchange for the activist investor ending its move, according to the report.

Three top executives from Walmart were among the 50 most powerful women recognized recently by Fortune.

The business publication put Sam’s Club president and CEO Rosalind Brewer at 12th on the list with Walmart U.S. EVP and COO Gisel Ruiz ranked 21st. Also making the list in 36^{th place was Susan Chambers, Walmart’s EVP of the global people division.}

ST. LOUIS — Ralcorp Holdings has named Keith Meister, the founder and managing partner of Corvex Management LP, to its board of directors, effective immediately.  In addition, Meister will join the strategy and financial oversight committee which is charged by the board of directors with the evaluation of strategic opportunities to drive shareholder value.

In case you missed it, Retailing Today published its annual Insights 2013 issue recently and while Target is currently the nation’s sixth largest retailer that position is likely to change in 2013.

It is conceivable Target could become the nation’s fourth largest retailer by this time next year, overtaking both Home Depot and Walgreens.

Brisbane, Calif. -- Fashion retailer Bebe reported Wednesday that total sales for the first quarter fell 9.4% to $105.1 million. Same-store sales dropped 8.7%, missing expectations of a more moderate 6.8% decline.

The 250-store chain has officially launched a search for a new CEO, announcing on Wednesday it has retained Russell Reynolds Associates to lead the effort. Former CEO Gregory Scott resigned the post in January 2009, and founder Manny Mashouf has been serving in an interim capacity since that time.

Dallas -- Corner Bakery Café said Wednesday it has named Gary Price as president of the chain.