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PetSmart in growth spurt
The retailer opened 11 new stores in the U.S. and Canada for the quarter ending Aug. 1, 2016. This adds to the 12 new stores it opened in the first quarter, bringing the total for the year to 23. PetSmart is on track to achieve its goal of 80 net new stores in 2016. The new stores average around 14,000 sq. ft., with service offerings such as grooming and pet training. -
Bass Pro Shops to acquire rival in $5.5 billion deal
Bass Pro Shops has agreed to acquire Cabela’s in a deal that will allow the privately held Bass Pro to nearly double its store count. Bass Pro plans to purchase Cabela’s for about $65.50 a share in cash, which represents a 19% premium over Friday’s closing price. The agreement will create an outdoor retail powerhouse that specializes in fishing, hunting and boating merchandise. Both companies are known for their elaborate, wilderness-themed store interiors.