Mergers & Acquisitions

Starbucks Coffee Company is going big in the Windy City — in a space that is currently to home to one of the city’s iconic retail flagships.    The coffee retailer will open a four-level, 43,000-sq.-ft. Starbucks Reserve Roastery on Michigan Avenue in Chicago in 2019, in the building currently occupied by Crate & Barrel. The home goods chain, which has operated a store on the site for 27 years, is expected to close its door in early 2018.   

Deckers Brands announced on Tuesday is it reviewing strategic alternatives, including a possible sale.   The decision comes as the company said it has made “significant progress” in streamlining its cost structure, optimizing its retail store fleet, and realigning its brands to improve profitability. Deckers portfolio includes the popular footwear brands Ugg and Teva.  

Rite Aid managed to best analyst forecasts for the fourth quarter even as its chairman and CEO noted that "the extended duration of the merger process" with Walgreens Boots Alliance is "having a negative impact" on the company's results.    Rite Aid’s revenue rose a better-than-expected 2.7% to $8.5 billion in the quarter. Same-store sales fell 3.0%, consisting of a 4.3% decrease in pharmacy sales and a 0.3% decrease in front-end sales.  

Bankrupt sporting goods retailer Gander Mountain may live to see another day.   Sportsman’s Warehouse Holdings Inc. is planning to bid for as many as 80% of Gander Mountain’s stores, Bloomberg reported. Gander Mountain filed for bankruptcy on March 10.  

Sears Holdings has a new finance chief — again.   The struggling retailer announced that Rob Riecker, currently controller and head of capital market activities, has been appointed CFO, effective immediately. He replaces Jason Hollar, who resigned “to pursue another career opportunity,” the retailer said. Hollar was appointed to the role in October 2016.  

The founder and CEO of Edible Arrangements has bought back equity ownership of the company.    Tariq Farid announced Monday that he has completed a buyback of equity of the company, which had been held by private equity firm L Catterton, Greenwich, Connecticut. Terms of the transaction were not disclosed.  

Walmart’s tech start-up has added a new leader.   The retail giant’s newly launched startup investment arm, called Store No. 8, has named Jenny Fleiss as one of its chief executives, according to Reuters. Fleiss is the co-founder and former head of business development for Rent the Runway.   

Things aren’t getting any better at Sears Holdings, at least not sales wise.   The struggling chain on Friday provided an update on its restructuring program, increased its cost-saving target, and also gave a first quarter update. Since the beginning of the fiscal year, same-store sales at Sears and Kmart declined 11.9% on a combined basis, 10.8% when excluding consumer electronics, compared to the year-ago period.