Mergers & Acquisitions

Fremont, Calif. -- Men’s Wearhouse again rejected a $2.3 billion takeover bid by Jos. A. Bank, refusing to allow it confidential access to its books. Last week, Jos. A. Bank sent a letter to Men’s Wearhouse, hinting that it might raise its proposed takeover offer above $48 a share if it was allowed to conduct due diligence.

In a statement on Monday, Men’s Wearhouse once again reiterated its belief that its own turnaround plan would be better for shareholders.

By Joseph Bona, [email protected]

In media interviews of late, Beth Newlands Campbell, the new CEO of Food Lion, has been offering reporters a frank assessment of the supermarket chain’s ho-hum, middle-of-the-road situation: “Staying the same,” she explains, “is not an option.”

Toronto -- Canada’s Hudson's Bay Co. said Monday that it has completed its $2.4 billion acquisition of Saks Inc. Saks shareholders overwhelmingly approved the sale of the New York company during a special meeting on Wednesday. The combined company will operate a total of 320 stores, including 179 full-line specialty department stores, 72 outlet stores and 69 home stores in prime locations throughout the U.S., and Canada, along with three e-commerce sites.

Ahold USA has appointed former executive for Asian retailer Dairy Farm International Gordon Reid as president of its Giant Food of Landover, Md., division.

Reid is replacing interim president and Ahold USA EVP operations Bhavdeep Singh. Singh served in the role of interim president following the departure of Anthony Hucker, who resigned from Giant-Landover in September to become EVP and chief strategy officer for St. Louis-based Schnuck Markets.

New York -- The Container Store on Friday, Nov. 1, began trading on the New York Stock Exchange, under the ticker symbol “TCS.” Expectations were high: On Thursday, the retailer set its IPO price at $18 per share, higher than the originally-expected range of $14 to $16 per share.

The company is offering all 12.5 million shares of common stock, with an additional 1.9 million shares 30-day purchase option for the underwriters.

Blue Nile, a leading online retailer of diamonds and fine jewelry, experienced its sixth consecutive quarter of double digit growth.

Net sales increased 10.1% to $98.9 million for the third quarter, compared to $89.8 million for the year-ago quarter.

Big Lots plans to close down its wholesale operations, Big Lots Wholesale, Consolidated International and Wisconsin Toy, by the end of the current fiscal year. The move is the latest in the company’s strategy to refine its business model and focus on its retail stores.

As things wind down for the wholesale business its inventory will be liquidated. The company says that it will assimilate employees into its retail operations wherever and whenever possible throughout the next 90 days.

Naperville, Ill. -- The U.S. Federal Trade Commission has approved the merger of Office Max Inc. and Office Depot, the retailers said in a joint statement on Friday. The companies anticipate completing the transaction after market close on November 5, 2013.