Mergers & Acquisitions

New York -- Dutch brand apparel brand Scotch & Soda plans to open eight additional stores in the United States by the end of the year, Women’s Wear Daily reported. The company was acquired by Sun Capital Partners Inc. in 2011.

Stores are planed for New York, Los Angeles, Las Vegas, Boston and San Francisco, according to the report. Unlike the existing Scotch & Soda locations in Miami and New York, the new units will be company-owned.

 

Foothill Ranch, Calif. -- The Wet Seal said it has hired financial advisors and adopted a poison pill that discourages an investor from acquiring 10% of the company.

The move comes as Clinton Group, an investor with a 3.9% stake in the chain, has been putting pressure on the company to put itself on the block.

“We took this action to ensure the board has sufficient time to consider any option,” said Wet Seal chairman Harold Kahn.

New York -- Greenway Medical Technologies Inc. has entered into a deal with Walgreen Co. whereby the drug store chain will use Greenway’s electronic health records in all of its stores.

Greenway said its records will allow Walgreen pharmacists to view a customer's entire prescription profile and health testing and immunization history even if the customer received those services at other Walgreen stores.

The service will be rolled out at all Walgreen stores by the end of next summer.

 

Minneapolis -- Best Buy Co. reported Tuesday that profit for the second quarter tumbled 91% to $12 million, compared with $128 million in the year-ago period. Revenue declined nearly 3% to $10.55 billion, missing Wall Street’s estimated $10.65 billion in revenue. Same-store sales fell 3.2% overall, more than the 2.6% drop expected by analysts.

Topeka, Kan. -- Collective Brands stockholders voted at a special meeting on Tuesday to approve the sale of the company for about $1.32 billion.

Collective, which owns the Payless and Stride Rite shoe store banners, had announced in May that it accepted a purchase offer from a group that includes Wolverine Worldwide Inc., Blum Capital Partners and Golden Gate Capital.

The retail industry, yours truly included, has had a watchful eye on J.C. Penney ever since CEO Ron Johnson took over and announced his plans to revamp the iconic retailer. Many experts have shared their concerns over the new direction and, as the second quarter numbers would indicate, cause for concern is clearly warranted. With overall sales plummeting nearly $1 billion dollars, and earnings plunging from an expected $41 million profit to an $81 million loss, the company is down $1.7 billion in sales and $260 million in earnings in the first half of the year, compared to 2011.

ROANOKE, Va. — Advance Auto Parts has announced the promotions of Kurt Schumacher to SVP, national field operations and Joe Gonzalez to area SVP.

Schumacher will lead the company's  nearly 3,500 Advance Auto Parts stores and asset protection. Mr. Schumacher will report to Darren Jackson, president and CEO. Gonzalez will lead store operations in Florida, the Southeast, Puerto Rico, and the Virgin Islands. He will report to Schumacher.

Chicago -- Chicago high-end fashion retailer Mark Shale said Tuesday it has filed for reorganization bankruptcy.

The 83-year-old company is seeking strategic alternatives, including a partner to fortify the business, according to president Rich Myers.

The three existing stores – all in Chicago – will continue to operate during the reorganization process.