Mergers & Acquisitions

New York - Gap Inc.'s incoming CEO, Abe Peck, is wasting no time putting his own stamp on the company, naming new presidents for the Gap and Banana Republic brands. Jeff Kirwan, 48, has been tapped to replace Stephen Sunnucks as global president for  Gap. And Owen, 49, will succeed Jack Calhoun on Jan. 5 as global president for Banana Republic.    

Goodlettsville, Tenn. – Dollar Tree Inc. beat Wall Street predictions for profits and sales in a generally strong third quarter of fiscal 2014. Net income rose 6% to $133 million from $125.4 million.   Consolidated net sales increased 11% to $2.1 billion from $1.88 billion and consolidated same-store sales increased 5.9%.

Secaucus, N.J. – The Children’s Place Inc. has named Anurup Pruthi as senior VP and CFO, effective Dec. 1, 2014. He will report to Michael Scarpa, COO.  

As Dollar Tree moves forward with its acquisition of Family Dollar, the company reported an increase in same-store sales and expressed a favorable holiday outlook.

Dollar Tree's earnings per share increased 19% to $0.69 and its revenue increased 11.2% to $2.1 billion compared to the third quarter of fiscal 2013; these results were driven by comparable-store sales increasing 5.9% during the quarter compared to an increase of 3.1% in the prior-year period.

As the pet supply industry continues to experience record growth, Petco is looking to expand its online offerings to include prescription services and more premium products.

Petco has agreed to acquire Drs. Foster & Smith, a Wisconsin-based online pet store founded by veterinarians. Drs. Foster & Smith specializes in pet care and education and is known for veterinary expertise on prescription medications and premium products for dogs, cats, fish, birds, reptiles, horses and small animals.

Framingham, Mass. - Staples Inc. on Wednesday reported that its third quarter net income rose 60% to $216.8, in line with Wall Street expectations, amid signs that its reinvention strategy is starting to take hold.  

Goodlettsville, Tenn. - Dollar General Corporation isn’t giving up. The deep discounter on Wednesday  affirmed its commitment to the acquisition of rival Family Dollar Stores. Dollar General’s comments followed the news that Family Dollar has delayed its shareholder vote on its $8.5 billion deal to be bought by Dollar Tree Inc. from Dec. 11 to Dec. 23.

Amid an ongoing exploration of strategic alternatives, PetSmart said third quarter sales grew 2.6% thanks to the addition of 36 new stores as same store sales were flat.

Ann Arbor, Mich. – Domino’s Pizza is continuing its international growth by opening its first store in Kenya. Master Kenya franchise holder Om Nom Nom Ltd. opened a store in Nairobi Nov.8 and will open more stores in the city in the next few years.
"Establishing ourselves in Kenya provides an excellent opportunity for our brand to continue growing globally," said Ritch Allison, Domino's Pizza international president. "Domino's has terrific potential to offer an unmatched pizza experience to the people of Nairobi."

LOS ANGELES — Guitar Center has announced the appointment of Michael Amkreutz to the position of executive VP, marketing, merchandising and E-Commerce, for the Guitar Center brand.  He joins the retailer from Systemax North American Technologies, where he most recently held the role of chief marketing officer.