Mergers & Acquisitions

The U.S. economy has undergone significant financial and social upheaval over the past five years, with companies seemingly invincible to the vagaries of the financial markets disappearing overnight. Many companies have been forced to contract by closing unprofitable stores, laying off employees, reducing spending, deferring research and development, or have been acquired by more profitable companies. With few exceptions, those companies that have survived have done so by cutting costs to the bone.

Mark Phillips was elevated to the role of VP of pharmaceutical merchandising at Walmart after previously serving as the retailer’s senior director of merchandising for small formats.

Dublin, Calif. -- dd’s Discounts, a division of Ross Stores, will open its first store in New Jersey, in the town of Ewing, on June 28.

Including this new location, dd’s Discounts will operate approximately 140 locations in 11 states. The company is on schedule to complete its expansion plan to open approximately 20 locations in 2014.

Together, Ross Dress for Less and dd’s Discounts currently operate over 1,300 off-price apparel and home fashion stores in 33 states, the District of Columbia and Guam.

Suburban Atlanta will be home to Keurig Green Mountain’s new manufacturing facility used to produce new cold products resulting from its new partnership with Coca-Cola.

Matthews, N.C. – Billionaire activist investor Carl Icahn, who recently engaged in a high-profile effort to force EBay to separate its PayPal business, is now demanding that Family Dollar sell itself. Icahn, who recently disclosed he has a 9.4% stake in the discount retailer, sent an open letter to Family Dollar chairman Howard Levine saying that it is imperative the company be put up for sale immediately.

AutoZone shares have traded above $500 for most of the year but the company remains an aggressive purchaser of its own stock and recently authorized the expenditure of $750 million to buy even more shares.

The recent authorization brings the total amount the company has spent buying back stock to $14.9 billion since the program began in 1998. AutoZone does not pay a dividend.

New York – Soupman Inc., parent company of specialty restaurant chain The Original Soupman, is partnering with the Atlanta Franchise Group, a franchise development company brought on to grow The Original Soupman's franchise presence across the country.

Cincinnati – Kroger Co. reported a 4% increase in its first-quarter profit, helped by the addition of Harris-Teeter, which the grocery giant acquired in January 2014. Kroger raised its net earnings and same-store sales forecast for the fiscal year.
   
The company earned $501 million in the quarter, up from $481 million in the year-ago period. The payment of $56 million to withdraw from two pension funds negatively impacted Kroger’s net earnings.