Mergers & Acquisitions

By now it’s old news that Apple plans to disrupt retail payment with its Apple Pay platform. However, lost in the hoopla surrounding Apple Pay was an interesting announcement that Apple is also working on a new interactive, piracy-proof digital music service that it hopes will bring consumers back to purchasing whole albums, as well as individual songs.

Los Angeles -- In its latest management shakeup, American Apparel has named Scott Brubaker as interim CEO, effective immediately. He replaces John Luttrell, who is resigning. Luttrell took the reins of the troubled company in June after the board removed controversial founder Dov Charney from the top spot for alleged misconduct. He also served as CFO.

Brubaker, 43, is a managing director at consulting/turnaround firm Alvarez & Marsal, and has handled interim leadership jobs for specialty retailers, including Eddie Bauer, in the past.

New York -- Standard General LP is in talks to improve RadioShack’s cash position in advance of the holiday season, Reuters reported. The hedge fund said it was in talks with the struggling retailer to buy the company's loans and other commitments under its asset-backed credit facility.

Standard General has also raised its stake in RadioShack to 9.8% from 7.08%. It is now the retailer’s largest shareholder.

Alpharetta, Ga. - McAlister's Deli has signed an agreement with new franchise group MidSouth Hospitality Inc. to open 10 locations in Middle Tennessee. Led by McAlister's veteran Charles Corley, MidSouth Hospitality will be opening its first McAlister's in early 2015.

The newly formed company plans to open a total of 10 new restaurants during the next seven years.

Coty CEO Michele Scannavini has stepped down from his role at the company for personal reasons and resigned from Coty's board.

Coty's chairman, Bart Becht, will become interim CEO, working with Coty's executive committee to ensure a smooth transition and oversee major decisions at the company. The company plans to immediately begin its search for Scannavini's permanent successor. Becht will remain as chairman of the company once a permanent successor has been appointed.

Lakewood, Colo. -- Einstein Noah Restaurant Group, whose banners include Einstein Bros., Bagels, Noah's New York Bagels, and Manhattan Bagel brands, has agreed to be acquired by JAB Holding Company for approximately $374 million.

The agreement, unanimously approved by Einstein Noah Restaurant Group’s directors, represents a premium of approximately 47% over Einstein Noah’s 30-day average trading price.

A week after Gordon Brothers Group — a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors — tapped a new CEO, the company promoted Frank Grimaldi to national sales manager of the firm’s valuation and advisory services division.
 

Strategist, adviser, communicator, futurist: Retail chief financial officers have seen their role broaden so much in recent years that, in some cases, they have become virtual partners with the CEO. Once responsible primarily for financial stewardship, the CFO is embracing a growing number of additional roles encompassing strategic planning, technology and perhaps even a bit of crystal ball gazing.