FINANCE

Premium denim brand True Religion Apparel Inc. has struck a deal to erase $350 million of its debt.    The company announced Wednesday that it has filed for Chapter 11 bankruptcy protection and signed a restructuring agreement with the majority of its lenders, including private equity owner TowerBrook Capital Partners. It listed assets and liabilities in the range of $100 million to $500 million.  

West Marine Inc. is going private.   The retailer of boating gear, apparel and other waterlife-related products has agreed to be acquired by New York-based Monomoy Capital Partners for $12.97 per share. The deal has a total equity value of $338 million.  Following the close of the deal, West Marine will continue to be operated independently by the company's management team.  

Pier I Imports reduced its loss in the first quarter amid a boost in its gross margin and other operational improvements.   Pier 1 reported its first-quarter loss narrowed to $3 million, or 4 cents a share, from $6 million, or 7 cents a share, a year earlier. Its results beat expectations.   

Sycamore Partners has a plan for its newest retail acquisition, Staples.   The private equity firm, which purchased the office supply giant for $6.9 billion on Wednesday, plans to divide the chain into three separately financed units: U.S. retail; Canadian retail; and corporate-supply businesses, reported The Wall Street Journal reported. The three units will all remain under the same corporate umbrella.  

Walgreens Boots Alliance has announced a new Rite Aid deal, effectively ending its nearly two-year quest to acquire the Camp Hill, Pa.-based drug store chain. The divestiture agreement with Fred's Pharmacy, whereby Fred's would buy 865 stores, is also terminated.  

The drug store industry awoke Thursday morning to arguably the biggest story of the year — the news that Walgreens and Rite Aid had agreed to scrap their original merger agreement one more time, this time in favor of a much smaller, seemingly more manageable deal to purchase 2,186 Rite Aid stores for $5.18 billion in cash.    In the first several hours following the announcement of the deal, Chain Store Age sister publication, Drug Store News identified five important takeaways from the blockbuster agreement. 

Alimentation Couche-Tard has closed on the biggest transaction in its history.    The Canadian company announced that it has completed its $4.4 billion acquisition of CST Brands. The deal will add approximately 1,300 stores to the Couche-Tard portfolio, including 666 locations in Texas.   

Proposed cuts in food stamp benefits could cost the the retail industry billions — with supermarkets and discounters taking the biggest hit.    AlixPartners estimates that retail collectively stands to lose $70.7 billion during the next 10 years if the proposed cuts in the Supplemental Nutrition Assistance Program (commonly referred to as food stamps) turn into reality, CNBC reported. The budget proposed by the Trump administration calls for $191 billion in cuts to the program between 2018 to 2028.