Strategy

Chesapeake, Va. -- It’s a done deal.

Dollar Tree announced Monday that it has completed its $8.5 billion acquisition of Family Dollar Stores.

Gary Philbin, 58, formerly president and COO of Dollar Tree, has been named to the same position at Family Dollar, effective immediately. In his new role, Philbin will continue to report to Bob Sasser, CEO of Dollar Tree.

Los Angeles -- American Apparel on Monday announced it would close some stores as part of a $30 million cost-cutting initiative in its strategic turnaround plan. (American Apparel CEO Paula Schneider discussed the plan with CSA in a recent interview.) The embattled company also made two other revealing disclosures.

New York -- Let’s be clear about one thing: Paula Schneider is not changing the DNA of American Apparel. The apparel industry veteran, who took the reins of the troubled retail company in January 2015, is quite proud of the brand’s progressive spirit.

“We are a very inclusive brand,” Schneider told Chain Store Age. “One that gives everyone the opportunity to express themselves. You can see it in our clothes and in the causes we support.”

A harried mother in the baking aisle can’t find lemongrass spice. A teenager in the junior department can’t decide which T-shirt to buy. A family in sporting goods is disappointed that the tent for their camping trip appears to be out of stock.

Fort Worth, Texas – RadioShack, which came to the brink of disappearing earlier this year, will see its brand continue to live on thanks to new financing.

General Wireless Operations Inc., doing business as RadioShack, has completed new financing totaling $75 million, consisting of a $50 million asset based lending credit facility led by RBC Capital Markets and a $25 million first-in last-out term loan led by Great American Capital Partners.

West Chester, Pa. – QVC has appointed Sanjay Singh as senior VP to lead its newly formed business planning & analysis (BP&A) group. Singh will be responsible for developing financial insights and driving integrated global business and financial planning across markets and functions.

Mississauga, Canada – Walmart Canada is looking to extend its omnichannel grocery experience.

Starting on July 7, customers will be able to place online grocery orders for select product, including fresh food, for pickup in six stores in the Ottawa area. An additional five stores will offer the service starting on July 21. The pickup fee is $3 and customers will be able to order up to 21 days in advance.

Charlotte, N.C. – Family-owned Belk Inc., which hired Goldman Sachs in April to explore “strategic alternatives,” may have landed on a high-end shopping list. According to Reuters, New York-based equity firm Sycamore Partners may be considering bidding $3 billion to $3.5 billion for Belk.

Belk operates about 300 stores and averages about $4 billion in annual sales. In the first quarter of fiscal 2015, Belk reported earnings of $21.8 million and sales of $958 million, both of which were year-over-year improvements.

Hoffman Estates, Ill. – Sears Holding Corp. has met financial expectations for its new real estate investment trust (REIT) called Seritage Growth Properties. A 53.3 million-share Securities and Exchange Commission (SEC) subscription rights offering for Seritage that closed on July 2 was oversubscribed and generated about $1.6 billion, meeting expectations for gross proceeds of $1.57 billion.

Indianapolis - Lids Sports Group will continue living out the childhood dreams of countless consumers by “playing ball” with Major League Baseball players. Lids has reached a licensing agreement extension with the Major League Baseball Players Association (MLBPA) granting the sportswear retailer licensing rights to embroider the names, numbers and autographs of MLBPA players on New Era MLB-licensed caps.