1-800-FLOWERS Buys Cheryl & Co.
Westbury, N.Y., Florist 1-800-FLOWERS.COM added to its offerings by acquiring Cheryl & Co., a Westerville, Ohio-based manufacturer and seller of cookies and related baked gift items. The two companies signed a definitive merger agreement under which 1-800-FLOWERS.COM will acquire all of the stock of Cheryl & Co. in an all-cash purchase valued at approximately $40 million. The agreement is subject to a final vote of Cheryl & Co. shareholders and is expected to close by March 31.
Investors Bid $5 Billion for Toys ‘R’ Us
Paramus, N.J., Aprivate-investment group led by Cerberus Capital Management LP has offered to buy Toys “R” Us Inc. for about $5 billion, according to today’s Wall Street Journal. Reportedly, the bid was placed last month, but garnered a cool response from Toys “R” Us.
In addition to Cerberus, the investment group includes Goldman Sachs Group Inc. and Kimco Realty Corp. Other suitors for the toy retailer reportedly include Kohlberg Kravis Roberts & Co.; a partnership between Apollo Advisors LP and Permira Advisors Ltd.; and an alliance between Bain Capital LLC and Vornado Realty Trust.
Staples to Sell Office Supplies in Ahold Stores
Framingham, Mass., Staples and Ahold USA forged an alliance under which the office-products retailer will sell its goods in Staples-branded aisles at Ahold supermarkets.
Staples will make its debut at Ahold’s 550 Stop & Shop and Giant-Landover supermarkets in July, in time for the back-to-school selling season. The aisles will stock between 500 and 1,200 school and office supplies, a good chunk of the 7,500 items Staples stores typically carry.
The arrangement mirrors a deal under which Albertsons sells some toys in its stores through a collaboration with Toys “R” Us. Albertsons also has a similar arrangement in some markets with Staples rival Office Depot.