Mergers & Acquisitions

San Francisco -- Gap said Tuesday it plans to open stores in both Vietnam and Guam as part of the retailer’s efforts to ramp up overseas expansion.

A Gap store is slated to open in Vietnam in October, followed by a Banana Republic store in late 2012.

The first two Gap stores will open in Ho Chi Minh City as part of a franchise deal with Imex Pan Pacific, with additional stores set for Hanoi in 2012.

NEW YORK — The Estée Lauder Companies announced that Richard Kunes, EVP and CFO, plans to retire effective on or about June 30, 2013. Kunes intends to continue to serve the company as CFO until June 30, 2012, or such earlier time as his successor begins to serve as CFO. Thereafter, he will continue his relationship with the company as EVP, senior advisor to the CEO, and work on special projects through June 30, 2013. The company will begin to assess internal personnel as well as external candidates for CFO.

Cary, N.C. -- The Pantry said Monday that CEO Terrance M. Marks plans to resign within two months.

In a statement, Marks said that his decision was driven by personal reasons, and that he had accepted "an opportunity that will enable me to return to my home and family in Atlanta."

Austin, Texas -- Golfsmith International announced it will open its first retail stores outside the United States, in South Korea, which it called the fastest growing golf market in the world.

Golfsmith is opening the store in partnership with Golfzon Co., one of the world-largest sellers of virtual golf simulation systems. Under the terms of the agreement, the new stores will be branded Golfsmith and operated by Golfzon.

There is some debate as to whether paying dividends or buying back stock is a more desirable method of returning cash to shareholders. Those in the dividend camp would prefer to have the cash in their pocket, whereas share repurchase advocates argue that retiring shares through buyback activity improves profits as net income is spread over a smaller number of outstanding shares.

Canton, Mass. -- Casual Male Retail Group continues to roll out its DestinationXL format, with the opening of its eighth store, in Fairless Hills, Pa.

DXL is an all-inclusive destination that encompasses Casual Male’s four existing apparel businesses, Casual Male XL, Rochester Big & Tall, Shoes XL and B&T Direct.

The company plans to open up to 13 DXL stores during the balance of 2011, another 20-30 stores during 2012 and approximately 100 stores over a four to five year period.

Morris Township, N.J. -- Honeywell announced that it has completed its acquisition of EMS Technologies, for approximately $491 million. EMS is a leading provider of connectivity solutions for mobile networking, rugged mobile computers and satellite communications.