Mergers & Acquisitions

Owning the shopping experience of the future is how Gap chairman and CEO Glenn Murphy described the motivation behind a wide range of omnichannel strategies he and other senior executives shared during an annual meeting with investors.

Murphy and Gap’s top division heads provided an overview of strategic initiatives designed to achieve long-term, profitable growth across its portfolio of brands and also highlighted how the company plans to use technology, innovation and scale as competitive advantages as it looks to deliver a world class omnichannel experience.

Corpus Christi, Texas -- Susser Holdings opened two new Stripes convenience stores during the first quarter of fiscal 2014 and acquired 47 convenience stores at the end of January 2014 that are currently operating under the Sac-N-Pac brand. The company has acquired one additional convenience store to date in the second quarter, and currently has 17 under construction.

Cincinnati -- The Kroger Co. announced that Timothy Massa will be promoted to group VP human resources and labor relations.

Massa, 47, currently serves as VP of corporate human resources, talent development. In this expanded role, he will take responsibility for labor relations when Paul Heldman, executive VP, secretary and general counsel, retires in May.

San Francisco - Banana Republic has named fashion designer Marissa Webb as creative director and executive VP of design, effective April 28. She will be responsible for guiding the brand’s overall creative direction, as well as leading global product design for Banana Republic women’s, men’s, and accessories.

DSW and Town Shoes Limited have entered into a definitive agreement whereby DSW will purchase for cash approximately 44% interest in Town Shoes, the largest footwear and accessories retailer in Canada, for CAD $68 million — or approximately $62 million based on current exchange rates.

The transaction has been approved by each company's board of directors and is expected to close in May, subject to customary closing conditions.

Pacific World Cosmetics has tapped Neutrogena executive Jim Colleran to serve as its new CEO. Colleran will lead all efforts for the corporation’s multiple beauty and health brands, which include SensatioNail, Nailene, Trim, Dr. G’s and Fing’rs.

Colleran succeeds Joe Fracassi, who has left to pursue other opportunities.

New York -- Tesco Plc plans to bring its value-priced F&F clothing format to the United States, opening seven stores on the East Coast this year with its U.S. franchise partner, Retail Group of America. The move comes some six months after Tesco sold off its struggling American supermarket operation, Fresh & Easy, to Ron Burkle's Yucaipa investment company.

Atlanta -- Aaron's Inc. has acquired Progressive Finance Holdings LLC, a merchandise lease-to-own company, from Summit Partners in an all-cash transaction valued at approximately $700 million. Aaron's expects the transaction to be double-digit accretive to cash earnings per share in 2014 and significantly more accretive in 2015.