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FINANCE

  • Report: Amazon beat out six other suitors for Whole Foods Market
    As it turns out, there was lots of interest in Whole Foods Market.   The retailer was fielding other potential deals, including approaches by four private equity firms and two unnamed companies identified only as "Company X" and "Company Y," when Amazon made its move, CNBC reported.   

  • L Brands starts summer on a down note
    Victoria's Secret is casting a shadow on parent company L Brands.   L Brands said that net sales fell 6% to $1.21 billion for the five weeks ending period ending July 2. Total same-store sales fell 9%, worse than expected, dragged down by a 17% decline at Victoria's Secret. On the positive side, same-store sales rose 8% at Bath & Body Works.  

  • QVC to acquire its biggest rival in $2 billion-plus deal
    In a deal that will bring together two longtime home shopping rivals, QVC is acquiring the Home Shopping Network.    Liberty Interactive Corp., owner of QVC, currently owns 38.2% of HSN parent HSNi. Under the agreement announced Thursday, Liberty will acquire the remaining 61.8% stake, making HSNi a wholly-owned subsidiary. The all-stock transaction has an enterprise value of $2.6 billion.   

  • No June gloom for Costco
    The nation's largest wholesale club operator reported strong sales for the month of June, both domestically and globally.   Costco Wholesale Corp. posted net sales of $12.17 billion for the five weeks ended July 2, 2017, up 5% from $11.33 billion during the year-ago period. Total same-store sales were up 6%.   In the U.S., same-store sales rose 6.5% in June. International same-store sales increased 6.2%. Canadian same-store sales rose 3.2%.   

  • Home improvement giant to enhance rental offerings via acquisition
    The Home Depot had acquired a company that will it enable it to expand its tool and equipment rental offerings to both professional and do-it-yourself customers.   After years of working with Compact Power Equipment, The Home Depot announced a deal to acquire the equipment rental and maintenance services company for $265 million in cash. The transaction is expected to close by the end of the company's fiscal second quarter.  

  • Specialty denim retailer files for Chapter 11
    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.  

  • Private equity fund acquires specialty retailer
    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.  

  • Food stamp cuts could cost retailers $70.7 billion
    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.  
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