Mergers & Acquisitions

Foothills Ranch, Calif. -- Fashion retailer Wet Seal Inc. swung to a loss in its  first quarter amid declining sales. The company reported a loss of $21.8 million, compared with a year-earlier profit of $3.1 million.

Sales fell 17% to $116.7 million. Total same-store sales, including e-commerce, fell 16.9%.
 
Wet Seal said it was challenged by  weak mall traffic, higher promotional activity and disruptive weather as challenges for the quarter.

New York -- Intuit has entered into a definitive agreement to purchase Check, a mobile bill pay company with some 10 million registered users. The acquisition will help accelerate Intuit’s ability to offer bill pay across small business and personal finance products and create opportunities to retain, attract and serve additional customers.

New York -- Starbucks Corp. plans to bring its La Boulange Bakery café chain to Los Angeles, opening a location with extensive food offerings. The eatery is scheduled to open June 11, and will also serve beer, wine, cocktails as well as milkshakes, the Associated Press reported.

Ross Stores’ board approved a succession plan whereby chief merchandising officer and president Barbara Rentler will become CEO, making her the 25th female chief executive to currently serve at a Fortune 500 company.

Rentler will succeed Michael Balmut, who announced nearly two years ago his intent to step down as CEO on June 1, and become executive chairman. Ross Stores said Balmut will continue to play an integral role on the senior management team.

Digital River, a leading global provider of commerce-as-a-service solutions, has appointed Jeffrey Katz to its board of directors.

A technology and travel industry veteran, Katz recently served as the CEO of Wize Commerce, a global leader in online monetization and traffic acquisition technologies. He was the founding CEO, chairman and president of Orbitz from 2000 to 2004.
 

Greensboro, N.C. – The Fresh Market Inc. reported decreasing profit in the first quarter of fiscal 2014 even as net sales growth exceeded Wall Street expectations. Net income fell 25% to $16.57 million from $22.12 million in the same period the prior year, while net sales increased 18% to $431 million from $366.63 million and same-store sales climbed 2.5%.

Fresh Market plans to open four new stores in the second quarter and 12 to 13 new stores in the second half of the year, as well as remodel four-to-five stores.

Woodland Hills, Calif. — Peak Financial Partners, Inc., a private real estate investment firm and Misuma Holdings, have acquired a $45 million note secured by Myrtle Beach Mall, a 521,000-sq.-ft. enclosed mall facility in Myrtle Beach, South Carolina.

Woonsocket, R.I. – CVS Caremark is reportedly considering a purchase of Brazilian drugstore chain Drogarias Pacheco São Paulo (DPSP) as it looks to further expand its presence in Brazil, according to news reports.

Following the alleged rejection of its first offer of 4.5 billion Brazilian reais ($2 billion), CVS is reportedly looking to possibly make another offer, the Wall Street Journal reported, citing the local newspaper Valor Economico. DPSP has reportedly set a minimum price for the company at BRL5.9 billion.