Mergers & Acquisitions

Luxury online retailer Gilt Groupe has been preparing for an IPO for a year now, but didn’t have enough cash. Now the retailer says it has raised another $50 million from venture backers.

Founded in 2007, Gilt is a New York-based e-commerce retailer that holds flash sales of discounted luxury items from clothing to home décor. The $50 million infusion brings Gilt’s total amount raised to about $250 million.

Software Paradigms International Group (SPI) has completed another acquisition, nabbing Direct Tech Inc., to bolster the company’s omnichannel service offering.

Direct Tech is a 25 year old company regarded as an industry leader in merchandise and inventory planning software and services for direct-to-consumer retailers.

Rockford, Mich. -- Wolverine Worldwide posted fourth-quarter net income of $10.7 million, following a $1.7 million loss for the year-ago period. The company said it is increasing its brand-building investments in 2015, focusing on omnichannel initiatives and international expansion.

Mahwah, N.J. -- Ascena Retail Group is eliminating its fledgling boys brand, Brothers, as part of a strategic review of its Justice business. Ascena launched the Brothers brand about three years ago as a way to enter the tween boys market. The company created Brothers stores inside some of its Justice stores.

Operations related to the Brothers brand are expected to be fully wound down by the end of the company’s fiscal year.

Dallas - Between now and June 30, 7-Eleven Inc. will waive the franchise fee on a select number of its U.S. stores available for franchise, a savings of up to $80,000. The more than 200 available stores are located in cities across the country.

During the last four years 7-Eleven has grown its store base by more than 1,300 units. Now that a 7-Eleven customer base has been established at these locations, the company is looking to transition these stores to franchise operations.

London – Leading U.K. supermarket chain Tesco plc is reportedly considering laying off as many as 10,000 employees in response to poor profit performance. According to the Sunday Telegraph, Tesco may lay off up to 6,000 employees from its head office and 43 stores the retailer already announced it will close, and eliminate the rest by streamlining operations.

Jobs eliminated by streamlining would include executive positions. In January, Tesco said it would shutter 43 stores with as many as 2,000 resulting layoffs.
 

New York - Together with its Japanese licensee Sazaby League Ltd., Shake Shack Inc. will open the first-ever Tokyo Shake Shack in 2016. Shake Shack and Sazaby League intend to open one store in Tokyo and 10 total stores in Japan through 2020.

Acosta Sales & Marketing has appointed Randall J. Weisenburger to its board of directors.

Weisenburger is the managing member of Mile 26 Capital LLC. Previously, he served as the EVP and CFO of Omnicom Group Inc. for 16 years. Omnicom is a strategic holding company that manages a global portfolio of leading advertising, marketing, media services, public relations and specialty communications agencies serving over 5,000 clients in more than 100 counties.

Leading branded footwear company Wolverine is eyeing 2015 as a year to focus on omnichannel and expansion.

The parent company of Stride-Rite, Merrell and other brands says it is poised to realign its resources to address a fundamental shift in consumer shopping behavior and allow for greater focus on important omnichannel initiatives.

Brampton, Ontario — Shoppers Drug Mart, which was acquired by grocer Loblaw nearly a year ago, is testing the sale of fresh foods in select locations, according to published reports.

Tapping into Loblaw’s strengths and expertise, the Canadian pharmacy retailer is piloting the sale of fresh food in six locations, including fresh produce and meats.