Mergers & Acquisitions

New York City -- Big Lots has decided not to sell itself after bids from private equity firms came in below the company's expectations, according to The Wall Street Journal.

The chain reportedly had received interest from several buyout firms earlier this year, following which it decided to explore a sale. Two groups of private-equity firms — Bain Capital and TPG Capital, and Thomas H. Lee Partners and Advent International — had put in final bids, but they were below Big Lots expectations, the report said.

New York City -- Target Corp. plans to spend more than it had forecast this year on its entry into the Canadian market as it nails down more of the best retail locations sooner than expected.

The retailer said it will be able to “clarify” within weeks the number and locations of the first 100 to 150 stores it will open in Canada.

“We expect to close on higher value lease transactions sooner than expected,” Target CFO Doug Scovanner told analysts on a conference call Wednesday.

Everett, Wash. -- Zumiez reported Thursday net income of $1.9 million in the first quarter, compared with a loss of $1.9 million in the year-ago period. The retailer said it plans to open 44 new stores in fiscal 2011, including its first stores in Canada.

The results for the first quarter of fiscal 2010 include costs of approximately $1.2 million associated with the relocation of the company's distribution center from Everett, Wash., to Corona, Calif.

New York City -- Borders Group on Thursday said it planned to end its relationship with Seattle's Best Coffee and begin operating its own in-store cafes. 

The move will allow Borders to reduce licensing fees as it works toward emerging from bankruptcy, a spokeswoman said on Thursday, and also to tailor its menus to customer needs.

The company said in a filing in U.S. Bankruptcy Court in Manhattan that it will seek the court's approval of the move to reject its leases with Seattle's Best.
 

MINNEAPOLIS — First-quarter sales at Target increased 2.8% to $15.6 billion, and same-store sales increased 2% the company reported. The modest sales growth translated into earnings per share that advance 9.8% to 99 cents, four cent better than analysts’ consensus estimate of 95 cents, and net income that increased 2.7% to $689 million. Share repurchase activity contributed to the earnings per share growth as Target spent $819 million during the first quarter to buy back 15.4 million shares at an average price of $53.32.

FAIRFIELD, Conn. — The Stop & Shop Supermarket Company announced that it has finalized its acquisition of five New Jersey Shore-area Foodtown supermarkets previously owned by Norkus Enterprises Inc. The transaction involves stores in Freehold Township, Manalapan, Neptune City, Point Pleasant Beach and Long Branch. Stop &Shop currently operates 10 stores in Monmouth and Ocean counties.

New Albany, Ohio -- Abercrombie & Fitch Co. said Wednesday that overseas strength pushed its net income to $25.1 million for the first quarter, compared with a loss of $11.8 million a year earlier.

As previously reported, revenue rose 22% to $837 million, helped by a 64% surge in international revenue.

SAN FRANCISCO — Del Monte Foods Co. announced that it has appointed David West as its new CEO, effective Aug. 15. West will also join the company's board of directors in June.