Mergers & Acquisitions

Philadelphia – The board of directors of Urban Outfitters Inc. has authorized the repurchase of 10 million common shares under a share repurchase program. Pursuant to this program, the company, at its discretion, may repurchase its common shares from time to time, subject to market conditions and at prevailing market prices.

Urban Outfitters has repurchased all of the shares available under its previous share repurchase programs, including the 10 million common shares authorized by the board of directors in August 2013.

Phoenix -- PetSmart has named Phil Bowman to the position of executive VP of customer experience effective June 30. He will report directly to David Lenhardt, president and chief executive officer of PetSmart.

Bowman has extensive experience in brand-building, digital marketing, ecommerce and customer data analytics, as well as the creation of an integrated customer experience. Most recently, he served as chief marketing officer at TD Ameritrade, one of the world’s largest online securities brokerage companies.

DSW may have had a challenging first quarter, driven by unseasonal weather and an aggressively promotional retail environment, but the company is looking to strengthen its competitive advantage by investing in omnichannel and assortment planning.

The company reported a sales decrease of 0.4% to $599 million for the first quarter ended May 3, compared to last year's first quarter sales of $601 million. Comparable sales decreased by 3.7%.

New York -- Legendary Los Angeles retailer Fred Segal is going global. The company, which was acquired by media and licensing company Sandow in 2012, plans to open up to 10 luxury retail lifestyle centers in the United States and across the world during the next five to 10 years. And leading the expansion will be its newly hired CEO, retail veteran Paul Blum, who most recently served as CEO of Juicy Couture. Prior to that, he served as CEO of David Yurman and Kenneth Cole Productions.

New York — Restaurateurs Carlos Suarez and Mark Barak, known for their two popular eateries, Bobo and Rosemary’s, have taken space for a new Provencal restaurant to be called Claudette in New York City.

Located at 24 Fifth Avenue close to Washington Square Park, Union Square and New York University, the 2,409-sq.-ft. restaurant, which includes 2,044 sq. ft. in the basement, features menus from Chef Wade Moises and Chef de Cuisine Koren Grieveson that focus on local produce, seafood and North African aromatics.

CUPERTINO, Calif. -- In its largest deal ever, Apple said on late Wednesday that it is buying Beats Electronics LLC for $3 billion. Beats is a key player in the premium headphone market and is also in the streamlining music business.  
 
Apple will pay $2.6 billion in cash and another $400 million in equity for Beats, whose founders rapper and producer Andre Young (aka Dr. Dre) music-industry  mogul Jimmy Iovine  will join the tech giant.

New York - Aeropostale Inc. has entered into definitive agreements with respect to its previously announced strategic partnership and $150 million senior secured credit facilities with Sycamore Partners. As previously announced on March 13, 2014, the senior secured credit facilities with affiliates of Sycamore Partners consist of a five-year $100 million term loan facility and a ten-year $50 million term loan facility that includes a sourcing arrangement with MGF Sourcing, also an affiliate of Sycamore Partners.

The Woodlands, Texas -- Conn’s, a specialty retailer of home appliances, furniture, mattresses, consumer electronics, announced the opening of its first two Conn’s HomePlus stores in Tennessee.

The HomePlus store format showcases furniture and mattresses in addition to the leading brands and the latest technologies in consumer electronics and home appliances. The stores are at Cross Creek, in Memphis, and at Town & Country Commons, in Knoxville.