Mergers & Acquisitions

Brussels, Belgium – The addition of a 53rd week in fiscal 2014 for its U.S. operations helped global grocery conglomerate Delhaize Group make up for disappointing results from its Belgium stores. Including the extra week and benefiting from retail inflation, fourth quarter U.S. revenues were $5.23 billion, a 12% increase from $4.67 billion the same period a year earlier.

Cincinnati – Kroger Co. has reportedly purchased a soon-to-be shuttered Macy’s store located in the Kingsdale shopping center in Upper Arlington, Ohio, for $10.5 million. According to Columbus Business First, Kroger may include multifamily housing or offices in its redevelopment plans for the site.

The Zoning Board would have to approve any Kroger redevelopment plans. Giant Eagle also operates a grocery store in the Kingsdale center. Kroger did not comment.
 

New York – Apparel retailer Cache Inc. is reportedly preparing to file for bankruptcy as early as the week of Jan. 26. According to Bloomberg, the 237-store chain is feeling the effects of reduced mall traffic and increased online and foreign-based competition.

In December, Cache said it was exploring options and had received an inquiry about a possible purchase. The company’s chief marketing officer also resigned that month. Cache previously filed for Chapter 11 bankruptcy protection in 1986 and came out of bankruptcy in 1988.

Guilford, Conn. -- The Fresh Market continues to grow its specialty grocery chain in the state of Connecticut with a new location slated for Guilford. The store, expected to open in late 2015, will be located in Guilford Commons, a new retail project being developed by Beechwood, Ohio-based DDR and situated near the intersection of Interstate 95 and Boston Post Road.  

Once opened, the Guilford Fresh Market will be the grocer’s third in the state, joining stores in Avon and Westport.

San Francisco -- Gap Inc. is shutting down its Piperlime business. The company plans to close the brand’s online platform and single store in New York, by the end of the first quarter of fiscal year 2015.  

The decision comes as Abe Peck, who has led Gap’s growth, innovation and digital unit, gets ready to step into the CEO suite next month.

“We plan to keep on pushing new ideas and look forward to seeing how we can apply what we’ve learned to the rest of the company,” Peck said in a statement.

Irving, Texas – The underwriters of a public offering of 18.8 million shares of The Michaels Companies common stock have priced it at $23.52 per share. In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 2.82 million shares of common stock.

The selling stockholders will receive all of the net proceeds from this offering. No shares are being sold by the company.
 

Cupertino, Calif. – Mickey Drexler, chairman and CEO of J. Crew and former CEO and president of Gap Inc., is retiring from the board of directors of Apple Inc. as of March 2015. Apple disclosed the impending retirement in a filing with the Securities and Exchange Commission (SEC).

Drexler has served on the Apple board since 1999 and is currently its longest-tenured member. No replacement has been announced. Drexler was initially recruited to the Apple board to help the company, which opened its first store in 2001, create a retail strategy.

Boston -- Gordon Brothers Group, a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors, announced that Michael D. Sullivan has been promoted to managing director, business development in the Northeast Region for the firm’s Valuation & Advisory Services Division.