Mergers & Acquisitions

Just six months after being named chairman and CEO of Target, Brian Cornell is pulling the plug on the retailer’s 133 unit Canadian operation and will incur a $5.4 billion pre-tax loss in the fourth quarter to do so.

Target said it plans to discontinue operating stores in Canada through its indirect wholly-owned subsidiary, Target Canada Co. and that it had filed an application for protection under the Companies’ Creditors Arrangement Act (the “CCAA”) with the Ontario Superior Court of Justice in Toronto.

Oracle Retail begins 2015 with a former top IBM exec in a key leadership role and several key acquisitions under its belt as the technology leader looks to help retailers achieve differentiated shopping experiences.

Oracle Retail named Jill Puleri as Senior Vice President and General Manager reporting to Mike Webster, Oracles Senior Vice President and General Manager, Retail and Hospitality. Puleri most recently served as Worldwide Retail Industry Leader for IBM Global Business Services.

Oklahoma City – Fast food chain Sonic is heading upstate. Sonic has signed a new agreement for franchise development of eight new drive-ins in the Albany, New York area during the next seven years, with the first restaurant opening in Latham this spring.  

 

The market trend was detailed in a survey conducted by Johnson Controls Global WorkPlace Solutions in partnership with PeopleWise. According to the study, facilities management is the most outsourced service, with 82% of the respondents currently outsourcing some part of facilities management and real estate services.

  Dallas - Corner Bakery Cafe has signed a five-restaurant deal in Virginia with franchise partner Shahid Ali and operating partner Ibo Pinar. The stores will open throughout Richmond and Fredericksburg.   Corner Bakery Cafe plans on doubling its national footprint of more than 180 stores in the next two years. To accomplish this goal, the retailer is adding new multi-unit franchise partners and currently has franchise agreements representing commitments for an additional 340 units.

Deerfield, Ill. - At a special meeting of shareholders held Monday, Walgreens shareholders voted to approve all proposals related to the company’s acquisition of the remaining 55% of Alliance Boots GmbH that it does not currently own and the reorganization of the company into a holding company structure.  

Walgreens is poised to start 2015 off with a bang, as the company has nearly finalized its mega-deal with Alliance Boots.

Walgreens shareholders voted to approve all proposals related to the company’s acquisition of the remaining 55% of Alliance Boots that it does not currently own and the reorganization of the company into a holding company structure.

A number of retailers saw changes at the top this past year. Here are the ones I found the most interesting:

Abercrombie & Fitch: The abrupt departure of longtime chief Michael Jeffries presents the former teen powerhouse with an opportunity to bring in a badly needed breath of fresh air.

In his day, no one could touch Jeffries, whose transformation of Abercrombie into a cool, exclusive club is a textbook example of brilliant, holistic retail branding. But Jeffries failed to keep up with the changing times. He seemed blind to the recession.