Mergers & Acquisitions

San Francisco -- Gap Inc. is expanding its footprint in Latin America. Leveraging its franchise model, the company has opened its first stores in Panamá and plans to introduce its brands to three additional Latin American countries: Colombia, Uruguay, and Peru.

Canton, Mass. -- Casual Male Retail Group announced that its first DestinationXL store in the Middle East will open this spring in Symphony Mall, Kuwait City, Kuwait, under a franchise agreement between one of its subsidiaries and The Standard Arabian Business & Enterprises Company (SABECO).

Topeka, Kan. -- Footwear seller Collective Brands Inc. said that its fourth-quarter loss widened dramatically from the year before as higher costs cut into profit margins. But the loss was far narrower than Wall Street expected, while revenue was much higher.

The company, which operates the Payless ShoeSource chain, said its net loss during the quarter ended Jan. 28 was $41.6 million, up from a loss of $10.1 million in the year-ago period. Revenue rose to $815.9 million from $773.8 million. Same-store sales increased 1.7%, also better than expected.

NEW YORK — After more than a year since it first filed Chapter 11, A&P has won approval to exit bankruptcy. The company announced that the U.S. Bankruptcy Court in White Plains, N.Y., has approved its reorganization plan, which includes $490 million in debt and equity financing from Ron Burkle's Yucaipa Cos. 

CARLSBAD, Calif. — Callaway Golf Company has appointed Chip Brewer as president and CEO, effective March 5. Tony Thornley, who has served as interim president and CEO since June 2011, will resign from his interim positions on March 5, but will continue to serve on the Board of Directors. It is expected that Brewer will be appointed to the board of directors once he officially joins the company.    

Salisbury, N.C. -- Bottom Dollar Food announced plans to open eight additional stores in New Jersey. The expansion will more than double the number of Bottom Dollar Food stores in the Garden State, with the first two stores opening March 2.

"We have been pleased with customer reaction to our current five stores in New Jersey and we are very excited to continue serving customers at our additional locations in the market," said Bottom Dollar Food president Meg Ham.

Shelly Ibach, a former merchant at Target back when the company had a department store division, will replace Bill McLaughlin as president and CEO at Minneapolis-based mattress manufacturer and retailer Select Comfort.

HOFFMAN ESTATES, Ill.— Sears quietly added all nine of its Great Indoors stores to the list of store closings on Feb. 23.

Store managers were informed last week, a Sears spokeswoman confirmed, but no exact date has been given for the closings.

The upscale remodeling and home décor stores began opening in 1998, long before the Sears and Kmart merger. At one point, Sears operated 20 of the units, but they were never a big moneymaker for the company.