Mergers & Acquisitions

Framingham, Mass. -- Staples reported Wednesday that profit for the quarter ended July 28 plummeted 32% to $120.4 million from $176.4 million, prompting the office supply retailer to cut its full-year guidance.

Soft sales and slowed traffic in North America sent total revenue downward 6% to $5.5 billion; North American retail sales slipped 3%. Same-store sales declined 2%. Sales abroad fell 18%.

GLENWILLOW, Ohio — Fashion retailer Dots has named former Walmart SVP, Lisa Rhodes as its new CEO.
  
Rhodes, who led Walmart's U.S. apparel merchandising division, has been charged with leading Dots’ march toward 1,000 stores.
   
Prior to her role at Walmart, Rhodes was EVP and chief merchandising officer for Maurice’s.
  

Gouverneur, N.Y. -- Regional player Kinney Drugs has snapped up four independent pharmacies located in central New York and Vermont, bringing its total store count to 94.

Financial terms of the deal were not disclosed.


CORTE MADERA, Calif. — Home furnishings retailer Restoration Hardware is reorganizing its leadership team to better align with the company's new strategy to develop new lines of business including apparel, accessories, footwear and jewelry while maintaining existing home business.

Dallas -- SRS Real Estate Partners announced that FreeBirds World Burrito has selected seven new locations slated to open in Central California later this year.
 
The seven sites in California are located in Sacramento, Tracy, Fresno, Clovis, Turlock, and two sites in Modesto, and all were acquired from Qdoba franchisee 4G Management. All locations will be converted to company owned and operated units and range from 2,000 sq. ft. to 4,000 sq. ft.
 

Don’t let the grocery sector shake-ups fool you.

While there are individual failures, the category as a whole continues to find favor among developers that place a premium on having a traffic magnet in their shopping centers.

Peoria, Ill. -- Cullinan Properties announced that Kellie Schmidt has been named corporate marketing manager for the company, charged with overseeing Cullinan’s brand presence, in addition to creating and executing marketing and communication strategies.

Bentonville, Ark. -- Wal-Mart Stores Inc. indicated Tuesday it has received the OK from Chinese regulators to move forward with its majority stake in e-commerce company Yihaodian.

According to a report by Wall Street Journal, which cited a Wal-Mart spokesperson in Beijing, the approval will allow Wal-Mart to expand its online presence in China. Under the deal, Wal-Mart will increase its stake in Yihaodian from 18% to 51%.

Financial terms of the transaction have not been disclosed.