Mergers & Acquisitions

Yesway has named Douglas New as its chief technology officer.   New will be responsible for mapping and implementing the convenience store chain’s technology strategy, including defining the execution plan for Yesway's e-commerce platform. He will also assist in helping the company achieve its goal acquiring 500 stores over the next several years, according to a company statement. He will report to Mark Daniels, the convenience store chain's chief strategy officer.  

VF. Corp., whose brands include The North Face, Timberland and Nautica, will have a new chief executive come January.   The company announced that president and COO Steven E. Rendle will become CEO, effective Jan. 1, 2017. Rendle, 57, will succeed Eric C. Wiseman, who will continue to serve as executive chairman and work with Rendle to ensure a successful transition.    Rendle has more than 30 years of experience in the specialty outdoor and action sports industry, 16 of which have been with VF.

Gordon Brothers Group has a new name.   The 113 year-old, global advisory, restructuring, and investment firm said that all of its operating units will now be marketing under one name: Gordon Brothers.  

New shopping center construction may be in a nationwide lull, but not in Tarrant County, Texas, where a developer is poised to break ground on a 90-acre parcel flanked by two other sizeable centers.   A partnership controlled by the De La Vega Group will begin building a mixed-use project called The Citadel across Interstate 35 from Alliance Town Center and adjoining the newly opened Presidio Town Center north of Fort Worth. Upon its completion, retail space will top 2 million sq. ft. in the submarket.  

Ascena Retail Group, whose brands include Ann Taylor, Justice, and Lane Bryant, announced organizational changes expected to provide cost-savings of $100 million to $150 million by fiscal 2019.   The changes will see a number of executives leave the company, although Ascena did not disclose who would be leave. Also, Brian Lynch, CEO and president of Justice, has been appointed company COO.  

Signet Jewelers Limited has closed its previously announced investment from Leonard Green & Partners.   The private equity firm invested $625 million in the form of convertible preferred shares. The Signet board, as previously disclosed, increased its authorized share buyback program by $625 million on August 25, 2016, in connection with the transaction.  

Ahold Delhaize on Wednesday announced that management board member James McCann had resigned to move into non-executive and advisory roles. The company has named Kevin Holt, Delhaize America CEO and Ahold Delhaize management board member, as his successor.   

Expect more FAO Schwarz-branded toys, in-store “experiences” and even possible freestanding stores in the very near future.    In an unexpected announcement, ThreeSixty Group said it has acquired FAO Schwarz from Toys “R” Us. The terms of the transaction were not disclosed.  Toys “R” Us purchased FAO Schwarz in 2009.