Mergers & Acquisitions

Higher customer spending and lower advertising costs not only boosted Dollar General Corp.’s profits, but contributed to better-than-expected first quarter earnings.   For the period ended May 5, the discounter’s net sales increased by 6.5% to $5.61 billion, compared to $5.27 billion in first quarter 2016. Net income fell to $279.5 million, or $1.02 per share from $295.1 million, or $1.03 per share, a year earlier. However, this still beat the average analysts' estimate of $1 per share, according to Thomson Reuters.

RadioShack Corp. has entered into the newest chapter of its financial saga.   The company, which recently filed for bankruptcy protection, closed 1,000 stores over the Memorial Day weekend. This move leaves the chain with a mere 70 company-owned stores and 500 dealer stores in operation across the U.S., according to Fortune.  

In effort to dig out of its sales funk and rebuild its brand, Michael Kors plans to shutter more than 100 full-price stores.  

PetSmart has been setting the stage to accelerate its digital offerings. Now it can.  

The interim CFO of Neiman Marcus has resigned after seven months on the job.   Michael Fung will step down from his position as the luxury retailer’s interim CFO and COO, effective June 30. Fung temporarily left his retirement to join the company on an interim basis in November 2016.   

1-800-Flowers.com has officially sold its premium chocolates business.   The gifting retailer closed on the sale of Fannie May Confections Brands — including its subsidiaries Fannie May Confections and Harry London Candies — to Ferrero International on Tuesday, May 30. The deal, which is valued at $115.0 million, entitles Ferrero to all operations of Fannie May, the confectioner’s manufacturing facility in Ohio, and two warehouse and distribution facilities, located in Ohio and Illinois.  

It's official: Crate and Barrel has confirmed that CEO Doug Diemoz has left the company.   Crate and Barrel announced Tuesday that board chair Neela Montgomery will become the new chief executive, effective August 1. In the interim, Montgomery will continue in her current position, working closely with Crate and Barrel president and chief merchant Steve 'Woody' Woodward, and COO Mike Relich.  

Staples Inc. has rejected a buyout offer.   The company turned down a takeover offer from Cerberus Capital Management, saying it was too low, Bloomberg reported. However, another private equity firm, Sycamore Partners, is still in the running to acquire Staples.      The bid from Cerberus valued the retailer at more than its current market value of about $5.8 billion, according to Bloomberg.