Mergers & Acquisitions

Fort Worth, Texas -- Pier 1 Imports plans to buy back up to $100 million of its common stock.

The chain said it had about 109.6 million outstanding shares as of Friday.
 

Let’s say you are a major global retailer, perhaps the largest in the world, and interested in expanding into markets beyond the 28 where you currently have a presence. Is the better strategy to publicly identify new markets of interest and a timetable for entry, thereby elevating asset prices, or to shun deal-making to pursue ample organic growth opportunities in existing markets all the while reserving the right to strike opportunistically when market conditions are most favorable?

Boston -- Global private equity firm Advent International announced that Thomas Ryan, former chairman and CEO of CVS Caremark Corp., has joined the firm’s Operating Partner Program. He will advise and work closely with Advent’s investment professionals to identify attractive opportunities and generate post-investment value at retail and healthcare companies globally.

Ryan, who joined CVS Caremark in 1974 as a pharmacist, was appointed chief executive in 1994.

NEW YORK — Gap executives reaffirmed its commitment to reducing square footage at home, aggressive international expansion and online growth during a presentation at Gap Global Creative Center in New York City. Gap also revealed that its online-only Piperlime division will explore a store concept next year and is testing men’s apparel.

Northbrook, Ill. -- StreetMac Asset Managers announced that an affiliate has purchased the Brazos Mall in Lake Jackson, Texas, and the Shawnee Mall in Shawnee, Okla., through a joint venture with an affiliate of Stamford, Conn.-based Five Mile Capital Partners. The seller was Lightstone Properties.

The two malls have a combined 1.14 million sq. ft. of leasable retail space. Terms were not disclosed. The acquisitions represent StreetMac’s inaugural purchases of retail malls in markets nationwide.

ST. LOUIS — Ralcorp Holdings announced that Robert Vitale will serve as CFO Post Holdings in conjunction with the previously announced separation of Ralcorp and the Post cereal business.  Vitale will join Post effective Nov. 1.

Dallas -- Zale Corp. said Wednesday that it has named Thomas A. Haubenstricker as senior VP and CFO, effective Oct. 17.

Haubenstricker joins Zale from Turnberry Advisors where he served as a managing director.

Houston -- Stage Stores said Wednesday it will launch a new off-price concept, called Steele’s, to be rolled out in small-town America.

The first three stores are slated to open on Nov. 1, in Beeville, Texas; Bastrop, La.; and Minden, La.; the company said it plans to open an additional 25 to 35 new Steele’s stores in 2012.