Mergers & Acquisitions

Kroger reported total sales of $25.3 billion, representing an increase of 11.6% for its second quarter. Total sales, excluding fuel, increased 12.4% in the second quarter over the same period last year.

Fort Worth, Texas – RadioShack Corp. on Thursday posted a net loss of $137.2 million in its second quarter, more than double the $52.2 million loss reported in the year-ago period.  It was the troubled retailer’s 10th straight quarterly loss. RadioShack warned in a regulatory filing it may seek bankruptcy protection, with a possible sale or third-party investment as other potential avenues to remedy its ongoing financial woes.

North Bergen, N.J. - Tony Truesdale, who has served as CEO of Vitamin Shoppe Inc. since 2006, has announced his intent to retire on June 27, 2015 to spend more time with his family and his external board work. The board of directors of the Vitamin Shoppe will be commencing a search for a new CEO, which will include both internal and external candidates, who will then implement the next stages of the company's long-term growth plans.

Cupertino, Calif. – Apple Inc. has reportedly hired Marcela Aguilar, senior global director of marketing communications for Gap Inc., to be its new director of global marketing communications, according to AdAge. Aguilar, who has worked at Gap since 2011, is credited as helping to drive the company’s resurgence in brand awareness, especially among Millennials.

Goodlettsville, Tenn. – Dollar General Corp. is upping the ante in its $9.1 billion bid to purchase Family Dollar Inc. by making a hostile takeover offer to Family Dollar stockholders of $80 per share. This offer beats the $74.50 per share, $8.5 billion offer Family Dollar has accepted from Dollar Tree Inc, and is a 32% premium over the closing price of $60.66 for Family Dollar stock on Sept. 9.
 

New York -- Fitch Ratings downgraded the credit ratings of Sears Holding Corp. from “CCC” to “CC,” citing the “magnitude” of the retailer’s drop in profitability and lack of visibility to turn operations around as a significant concern.

Fitch also cited the company’s cash burn rate, calling it a “significant concern.”

Boca Raton, Fla. - Jeffrey Smith, CEO of investment firm Starboard Value LLP, has resigned from Office Depot’s board of directors, effective immediately. The nominating and governance committee will commence a search for a replacement.

Smith, who joined the board in August 2013 to help Office Depot smoothly transition to a new combined company with OfficeMax and find a new CEO, said he is leaving because he is satisfied that Office Depot has reached both goals.

According to Lands’ End president and CEO Edgar Huber, the company is well positioned to continue executing against its strategic initiatives to drive long-term sales and earnings growth.

The retailer, which completed its separation from Sears on April 4, has achieved double digit year-over-year adjusted EBITDA growth for more than four consecutive quarters as of the second quarter of fiscal 2014.