Mergers & Acquisitions

Boca Raton, Fla. – Office Depot is accelerating its previously announced plan to close at least 400 stores as the retailer awaits its acquisition by Staples.

After shuttering a greater than expected 99 stores in the second quarter, Office Depot boosted its 2015 store closing target to 175 locations, with another 60 due to close in 2016. The closings are on top of 153 closings throughout 2014, including 108 stores in the fourth quarter of last year.

Hangzhou, China – Alibaba Holding Group Inc. is tapping a former longtime partner at Goldman Sachs to oversee the online giant’s international growth.

Michael Evans, who is also a member of the Alibaba board, has been named president of Alibaba Group, effective immediately.

Deerfield, Ill. - Walgreens Boots Alliance has named Kimberly R. Scardino as its new senior VP, global controller and chief accounting officer. Scardino joins Walgreens Boots Alliance from American Express Co., where she was senior VP, business advisory controller.

Pittsburgh – GNC Holdings Inc. is making moves to both buy stock and sell convertible notes.

The retailer has authorized a multi-year program to repurchase up to $500 million of its Class A common stock.

The authorization is in addition to the company's previous authorization, which currently has $242 million remaining. The repurchases are expected to take place during the next 24 months with the amount and timing determined by GNC.

The pace of store closings at Office Depot is accelerating and employee retention costs are rising as the retailer maintains that its merger with Staples will close by year end.

Walgreens Boots Alliance has hired a former controller at American Express as its next accounting chief.

Petco is preparing for a potential initial public offering or sale that could value the pet supplies retailer at between $4 billion and $5 billion.

Reuters is reporting that the retailer has selected Goldman Sachs to help with an IPO of the San Diego-based company that could take place as soon as this year.

After 20 years of focusing on just five states in the Midwest, Meijer is continuing an estimated $750 million investment in its sixth state -- Wisconsin -- with the opening of two more stores in Wauwatosa and Oak Creek.

Camp Hill, Pa. -- Ken Martindale, one of the key architects behind Rite Aid's recent growth, on Monday was promoted to the new position of CEO Rite Aid stores.

The move is designed to enable Rite Aid chairman and CEO John Standley to focus on expanding the role the drug store plays in healthcare delivery with its EnvisionRx, RediClinic and Health Dialog divisions.
 
Martindale, 55, will continue to report to Standley and will retain his role as president of Rite Aid.
 

Canton, Mass. -- A Rockport veteran is returning to head up the company he left more than 30 years ago.

On Monday, investment firm Berkshire Partners and New Balance Holding completed their acquisition of The Rockport Company from the Adidas Group. As part of the transaction, New Balance affiliate Drydock Footwear will join with Rockport to form The Rockport Group. Bob Infantino was named CEO of the reorganized company.