Mergers & Acquisitions

Salisbury, N.C. - Bottom Dollar Food will close its 66 store locations in the greater Philadelphia and greater Pittsburgh markets by Jan. 15 and retire the banner's operations. Upon the closing of stores, Bottom Dollar Food will offer every associate severance, and eligible associates will be offered career transition services.

It's official: Bottom Dollar Food will close its 66 store locations in the greater Philadelphia and greater Pittsburgh markets by Jan. 15 and retire the banner's operations.

In November, Delhaize Group — the parent company of Bottom Dollar Food — announced the sale of Bottom Dollar's stores and associated lease liabilities to ALDI Inc., which has expressed an interest in growing its U.S. footprint.

Austin, Texas -- Epicor Software Corporation announced that it has completed its acquisition of privately held ShopVisible, a provider of cloud retail order management and digital commerce solutions.

Santa Clara, Calif. - Intel Corp. has made a $24.8 million investment into Vuzix Corp., a provider of  wearable display technology video eyewear and smart glasses products in the consumer, commercial and entertainment markets. Vuzix is focused on next-generation optics and displays that have the potential to fit in fashion-based wearable glasses.  

Intel's investment will be used for general working capital to accelerate the introduction of Vuzix next generation fashion-based wearable display products into the consumer market.

Chicago -- Commercial real estate services firm DTZ announced that Cassidy Turley and DTZ are now operating as a single global firm following the completion of the acquisition of Cassidy Turley by the private equity investment consortium backed by TPG Capital, PAG Asia Capital and Ontario Teachers’ Pension Plan.

Embattled teen retailer Wet Seal Inc. has defaulted on $27 million in senior convertible notes and related costs.

In a regulatory filing, Wet Seal said the total amount due is equal to $28.8 million, plus costs of collection, attorneys’ fees and disbursements.

New York -- Brazilian athletic wear retailer Track & Field has opened its second U.S. store, in Brentwood, California. The retailer operates 122 stores in Brazil and opened its first U.S. store, in New York, approximately four years ago. It plans to open about 10 new stores in the United States in 2015 as part of its next phase of growth, according to Women’s Wear Daily.

Foothill Ranch, Calif. – Teen retailer Wet Seal Inc. has defaulted on a total of $28.8 million in senior convertible notes and related costs. In a regulatory filing, the struggling retailer  said it received notice of default on $27 million in notes from creditor Hudson Bay Master Fund Ltd., plus costs including attorneys’ fees and disbursements.

Wet Seal has reached a two-week forbearance agreement with the fund, giving it until Jan. 12 to pay off the debt.