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DSW to acquire Retail Ventures
Columbus, Ohio -- DSW said Tuesday that it will acquire its largest shareholder Retail Ventures and turn it into a wholly owned subsidiary, helping to simplify its relationship.
According to the shoe retailer, the two companies signed a merger agreement, under which DSW will give stockholders 0.435 of a DSW share for each share they hold of Retail Ventures.
Retail Venture holds a 62% stake in DSW.
The companies are slated to hold a conference on Wednesday to discuss the deal with investors.
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Hhgregg Q3 net income surges
Indianapolis -- Appliance and electronics retailer Hhgregg reported Tuesday that net income for the quarter ended Dec. 31 rose 18.4% to $26.9 million, compared with $22.7 million in the year-ago period.
Net sales increased 30.6% to $653.7 million. Same-stores dropped 6.2%.