Mergers & Acquisitions

Office Depot regrouping
Office Depot Inc. is regrouping less than a month after a federal judge blocked the chain’s planned acquisition by rival Staples Inc., causing the two companies to abandon the deal.

On Tuesday, Office Depot announced its board had approved a $100 million stock buyback program. The retailer also said it is finalizing its comprehensive strategic review, which includes capital structure and return of capital alternatives.
Fast-growing retailer enters new state
Five Below is expanding at a fast clip this year.

The extreme-value brand for pre-teens and teens will open its first store in Oklahoma, in Oklahoma City, on June 3, 2016.

A second store Oklahoma, in Edmond, will open on June 24, 2016.

The Philadelphia-based chain is one of the fastest growing retailers in the country. It plans to open approximately 85 new stores in 2016, up from 71 stores in 2015.

Staples on hunt for new CEO; interim chief named

The long-drawn out battle over the merger of Staples and Office Depot has claimed its first victim.

Staples chairman and CEO Ron Sargent will step down after the chain’s annual shareholders meeting on June 14. His exit comes just weeks after a federal judge struck down Staples’ proposed acquisition of rival Office Depot. http://www.chainstoreage.com/article/staples-and-office-depot-call-merger-wake-ruling
Leases for 320 Sports Authority stores to go to auction

Sports Authority’s remaining 320 store leases will be auctioned in June.
Saks to exit one of nation’s most upscale malls

Saks Fifth Avenue plans to shutter its 107,000-sq.-ft. store at The Mall at Short Hills, in Short Hills, New Jersey, amid plans to open a flagship in a huge retail and entertainment center in the state.

As previously announced, the upscale retailer plans to open a store at the under-construction, three-million-sq.-ft. American Dream Meadowlands mega-center, in East Rutherford, New Jersey.
Chico’s to cut more costs after Q1 misses

Feeling the heat from an activist inventory, Chico's FAS Inc. will increase its cost-cutting efforts on the heels of a disappointing first quarter.

The women’s apparel retailer reported a profit of $31.1 million, or 23 cents a share, for the quarter ended April 30, down from $32.5 million, or 22 cents a share, a year earlier. Excluding restructuring-related charges and other items, adjusted per-share earnings fell to 25 cents from 30 cents.
Dollar stores escape the retail blues

The nation’s top two extreme-value discounters aren’t feeling the retail malaise that affected department stores and many specialty retailers in the first quarter.
Sears’ woes mount; exploring options for key brands

As Sears Holdings Corp. continues to struggle to turn its business around, the chain announced it is exploring ways to expand distribution of its key brands outside its own stores. The troubled retailer also announced its CFO is leaving.

Sears lost $471 million in its first quarter, ended April 30, compared with $303 million in the year-ago period. Loss per share came to $4.41, or $1.86 adjusted for certain items. Analysts estimated a loss of $3.20 per share.
Disciplined and strategic: CSA’s fastest-growing acquirers

The 27th annual Chain Store Age survey of Fastest-Growing Acquirers features some familiar names, but a diversity of philosophies and experiences when it comes to driving long-term growth.
Sam Edelman makes more retail moves

Photo: Sam Edelman’s newest store at NorthPark Center opened May 20

Office Depot regrouping

Fast-growing retailer enters new state

Staples on hunt for new CEO; interim chief named

Leases for 320 Sports Authority stores to go to auction

Saks to exit one of nation’s most upscale malls

Chico’s to cut more costs after Q1 misses

Dollar stores escape the retail blues

Sears’ woes mount; exploring options for key brands

Disciplined and strategic: CSA’s fastest-growing acquirers

Sam Edelman makes more retail moves