Mergers & Acquisitions

New York City -- Private equity firm Irving Place Capital announced Tuesday that it acquired value-oriented women’s apparel and accessory retailer Dots. Terms of the transaction, which closed on Jan. 3, were not disclosed.

Chicago -- Claire's Stores announced the appointment of Jay Friedman as president of the North American Division, reporting to Gene Kahn, CEO effective immediately.

Friedman joins Claire's from Jones Apparel Group where he was most recently president, and CEO, Jones Retail Corp., Nine West Group.

New York City -- On the heels of Monday’s announcement that Borders Group is delaying payments to some of its vendors, the bookseller said Tuesday that two senior-level executives have departed.

Thomas Carney, general counsel, and D. Scott Laverty, chief information officer, both resigned from their posts Monday evening.

The news was disclosed in a Securities and Exchange Commission filing Monday. Borders told the Wall Street Journal that the departures were part of its previously disclosed efforts to improve liquidity.

Tempe, Ariz. -- Vestar’s Tempe Marketplace open-air shopping center, located in Tempe, Ariz., was recognized by the International Council of Shopping Centers with a Silver Sustainability Award in ICSC’s annual U.S. Design and Development Awards.

Designed to recognize outstanding projects for excellence in the creation of new retail projects, and in the expansion or redevelopment of existing projects, Tempe Marketplace was chosen for its sustainability, innovative design and development of the property since its build out.

Woonsocket, R.I. -- CVS Caremark Corp. said Friday it will pay $1.25 billion to buy Universal American Corp.'s Medicare prescription drug services unit. The deal will more than double the size of the chain’s Medicare drug business.

CVS said it pursued the deal because with the country's population aging, a growing percentage of Americans will get their prescription drug coverage from Medicare.

New York City -- Dress Barn on Monday announced it has been renamed Ascena Retail Group Inc. and will trade on the Nasdaq Global Select Market under the ticker ASNA.

The company said it had reorganized under the new holding company, but was not making changes to operations, directors or officers. The names of its three specialty chains -- Dressbarn, Maurices and Justice, also are unchanged.

New York City -- J. Crew is seeking $1.85 billion of debt to help fund its $3 billion buyout by TPG Capital and Leonard Green & Partners LP.

Bank of America Corp. and Goldman Sachs Group are arranging a $1 billion seven-year term loan, $600 million in senior unsecured notes and a $250 million five-year asset-based revolving line of credit, according to a commitment letter attached to a regulatory filing, Bloomberg reported.

New York City -- Tommy Bahama will open its first store in New York City, on Fifth Avenue at 45th Street, according to The Wall Street Journal. The 8,500-sq.-ft. store is expected to open by the end of 2011.

The 89-store Tommy Bahama chain is a subsidiary of Oxford Industries, which recently acquired the Lilly Pulitzer brand.