Corporate Governance

Manchester, Conn. — Bob’s Discount Furniture has signed a definitive agreement to sell a majority stake of its business to Bain Capital for an undisclosed amount. Bob's management team will continue to own a "significant stake" after the deal and will remain involved in operations, according to the company, which has been majority owned by private equity firm KarpReilly/Apax for the past nine years.

New York -- Colorado will become the first state in the country to open recreational pot retail stores when, on Jan. 1, 2014, it begins allowing the sale of cannabis to anyone age 21 or over.

The move comes after voters in Colorado approved the measure in the November 2012 elections. The state of Washington also legalized recreational marijuana at the same time, but that state won't open marijuana stores until later in 2014.

Virginia Beach, Va. — Kroger has acquired 12 acres at the Hampton Roads Crossing mixed-use project in Suffolk, Va., according to Divaris Real Estate (www.divaris.com), the broker that represented the seller, Terry/Peterson Investment Thirty, in the transaction.

Kroger intends to construct a 113,361-sq.-ft. Kroger Marketplace on the site.

Mondelez Global sold its SnackWell’s brand cookie and snacks business to the Back to Nature Foods Company, a joint venture between Brynwood Partners VI and Mondelez.

Brynwood VI and Mondelez Global formed the Back to Nature joint venture in 2012 through a structure whereby Brynwood VI acquired operating control and Mondelez Global retained a minority position in the new company.

Glendale, Calif. — DineEquity, Inc., parent company of IHOP Restaurants, has opened the first IHOP restaurant in Saudi Arabia. The restaurant, located in “Le Mall,” is part of a seven-brand restaurant destination in Jeddah, which opened Dec. 14.

The high school in Buena Vista, Colo., earned an annual award from athletic apparel manufacturer Russell Brands after it demonstrated courage and perseverance following a tragic event in September.

Seattle — More than one million customers around the world joined the Amazon Prime membership program in the third week of December. The entire 2013 holiday season was the best ever for Amazon, with more than 36.8 million items ordered worldwide on Cyber Monday, or 426 items per second.

Chicago — Whole Foods has recently acquired six Dominick's stores, the Sun-Times reported, citing real estate sources. And Jewel may buy as many as 16 Dominick's locations.

The news comes as suitors for the remainder of Safeway's Dominick's stores in Chicago, which are now shuttering their doors, are beginning to come forward, according to a report published Saturday in the Chicago Sun-Times.