Mergers & Acquisitions

New York -- Barnes & Noble announced that Mitchell Klipper, CEO of the retail group, will retire at the end of the fiscal year, ending May 2, but will remain with the company in the role of special advisor on real estate and other matters. Klipper, a 28-year veteran of the chain, previously served as the retailer’s COO and CFO before being appointed chief executive.

The retailer said it has begun a search to fill Klipper’s position and that he will help with the selection of the new retail CEO and in the transition process.

If Staples fails to merge with Office Depot, activist investor and major Staples shareholder Starboard Value LP is warning the company’s share price will crater and Chairman and CEO Ron Sargent needs to go.

In a letter to Sargent, Starboard contends a combination with Office Depot, which hasn’t fully integrated with OfficeMax following a late 2013 merger, is the best way to maximize value for Staples' shareholders.

Melville, N.Y. -- A&G Realty Partners has been retained by Delia’s Inc. to manage the sale of the 71 retail store leases following the company’s recent Chapter 11 bankruptcy filing.
 
A&G Realty is currently accepting bids thru February 2, 2015 to acquire the leases, which range from 3,000 sq. ft. to 5,000 sq. ft. in key retail locations at some of the country’s top malls.

The chief executive of Barnes & Noble Inc.’s retail group will retire May 2.

Mitchell Klipper, will continue to work with the company as a special adviser on real estate and other matters, Barnes & Noble said. The company said it has begun to search for a new retail CEO, and Klipper will help in the process.

York, Pa. -- The Bon-Ton Stores announced that Keith E. Plowman, executive VP and CFO plans to retire in August. His departure will be followed by an 18-month consulting stint.

The retailer will undertake a national search to find a CFO to succeed Plowman.

New York -- Activist investor Starboard Value LP, which helped put together the merger of OfficeMax and Office Depot, issued a letter on Tuesday calling for Staples Inc. and Office Depot Inc. to merge, saying it would lead to greater savings.

Michaels Companies Inc. had plenty to smile about during the 2014 holiday season -- its first holiday season since going public in June.

Net sales for the eleven-week period from Nov. 2 to Jan. 17 increased 3.5% and same-store sales increased 1.5% from the comparable prior year period. For the full fourth quarter of fiscal 2014, net sales are expected to be in the range of about $1.59 billion to $1.6 billion, with an expected increase in same-store sales ranging from 0.8% to 1.2%. Michaels expects operating income to be $286 million to $291 million.

Milwaukee – Roundy’s Inc. expects to open five new stores in fiscal 2015, including one in the first quarter. However, the grocery chain also said it expects earnings per diluted share from continuing operations of flat to -$0.05 in the first quarter and a net loss of $0.07 to $0.18 per share in the fiscal year.