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Sycamore Partners to acquire Hot Topic for $600 million
City of Industry, Calif. -- Hot Topic announced it has agreed to be acquired by New York-based private equity firm Sycamore Partners for $14.00 per share in cash, or a total of approximately $600 million.
The agreement, unanimously approved by Hot Topic’s board of directors, represents a premium of approximately 30% over Hot Topic’s closing stock price on March 6, 2013.
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Staples Q4 profit plummets 72%, forecast misses
Framingham, Mass. -- Staples reported Wednesday that profit for the quarter ended Feb. 2 fell 72% to $78.1 million from $283.6 million, impacted by store closings and other charges.
Revenue edged up 3% to $6.57 billion, boosted by an extra week in the period. Results missed Wall Street’s expected $6.71 billion in revenue. Same-store sales fell 5%, excluding e-commerce revenue.
For the full year, Staples lost $210.7 million, compared to net income of $984.7 million in the year-ago period. Annual revenue dipped 1% to $24.38 billion.