Mergers & Acquisitions

Minneapolis – Target is calling its quits in Canada. The retailer said is closing down its troubled Target Canada business. The chain previously indicated it would review its Canadian subsidiary, which launched with great fanfare in March 2013, after the 2014 holiday season.

Dollar General issued a statement Thursday indicating the company is having trouble winning support from the Federal Trade Commission on a $9.1 billion bid for Family Dollar Stores.

Dollar General said it would “defend litigation” if necessary.

The statement could give new momentum to Dollar Tree's $8.5 billion cash and stock competing bid for Family Dollar. Meanwhile, two proxy investment firms have switched their recommendation for Family Dollar shareholders to accept the Dollar Tree offer, rather than the bid from Dollar General.

New York -- Staples chairman and CEO Ron Sargent will not accept a $31,000 base pay raise the board of directors had previously approved as the chain comes off a not-so-great year.

The company announced that Sargent would not accept the 2.5% pay increase, along with several noteworthy governance moves, including the appointment of an independent chair when Sargent retires.

In other board moves, current director and former Toys “R” Us CEO Robert Nakasone is relinquishing his seat to make room for a Google executive.

GOODLETTSVILLE, Tenn. — Dollar General is still fighting to acquire Family Dollar, the retailer stated on Thursday, noting that it is in ongoing discussions with the Federal Trade Commission. "The FTC has reached no final conclusion regarding the number of divestitures that would be required by a Dollar General/Family Dollar combination," Dollar General stated. "Dollar General has also had discussions with various potential buyers who have expressed interest in acquiring stores that may be required to be divested."

Manchester, Conn. -- Bob’s Discount Furniture has leased a 751,966-sq.-ft. warehouse and distribution building in Shorewood, Illinois, as it prepares to expand its growing retail furniture business into the Chicago area.

Bob’s, the 14th-largest U.S. furniture chain, has opened nearly a dozen new stores across the East Coast and Mid-Atlantic regions during the past two years. But this new facility marks its first move into the Midwest.

Jet and Boxed are two online retailers taking aim at the warehouse club channel and drawing increased funding from venture capitalists who believe the channel is vulnerable.

New York-based Boxed has raised $33 million and operates three physical warehouses in the Northeast that shoppers interact with digitally. It does not charge a membership fee.

Jet charges a membership fee and functions more like a marketplace by providing a platform for third party sellers.

Fort Worth, Texas -- RadioShack Corp. is reportedly preparing to file for bankruptcy ads early as the beginning of February 2015. According to the Wall Street Journal, RadioShack is currently in talks with several private equity firms about possibly buying its assets out of bankruptcy.

Talk about ripping off the Band-Aid. Target Chairman and CEO Brian Cornell moved swiftly and decisively in deciding to exit Canada, however his actions aren’t without precedent.

Big Lots took similar action after it entered Canada and last fall, a month after Cornell took the helm, the prospects of Target’s exist from the market were explored in the third quarter edition of Retailing Today’s Target Supplier News publication. This is that story: