Apax Funds to acquire Cole Haan from Nike for $570 million
New York — Private equity firm Apax Partners said Friday that it will acquire Cole Haan from Nike for $570 million in cash.
Cole Haan sells through 108 domestic stores, 68 international stores, online and through department stores. It has been a part of Nike since 1988.
To effect the acquisition, Apax is partnering with Jack Boys, who led the revitalization of Converse.
The transaction is expected to close in early 2013.
"The decision to divest of Cole Haan allows us to sharpen our focus on opportunities with the highest potential for strong returns, and to make sure the brands within the Nike portfolio are the most complementary to the Nike brand," said Nike president and CEO Mark Parker.
Casual Male Retail Group repeats loss in Q3; speeds up opening of DXL stores
Canton, Mass. — Casual Male Retail Group reported Friday a loss of $1.6 million in the third quarter, flat with the prior year’s third quarter.
Sales dipped slightly to $88.7 million from $89 million, and same-store sales inched up 1.5%. However, same-store sales for Destination XL rose 13.8% in the quarter.
"The early success of Destination XL gives us confidence in our plan to accelerate the opening of 225 to 250 DXL stores in major metropolitan areas and to close all of our traditional Casual Male XL locations across the country by the end of 2015," said president and CEO David Levin.
Leading retailers, CPG companies take on cancer
Some of the biggest names in the retail and consumer packaged goods industry were recognized by the American Cancer Society with 2012 Excellence in Philanthropy Awards.
It is a distinction reserved for a select group of companies who contributed in excess of $1 million to aid the Society’s efforts to eliminate cancer as a public health burden. This year’s award recipients collectively donated $53.6 million to the Society’s mission to create a world with less cancer and more birthdays. Among the 2012 honorees were, Abbott, Procter & Gamble, Bank of America, The Coca-Cola Company, Curves International, The Pampered Chef, Foot Locker, United Airlines, General Motors, Walgreens, HairUWear, Walmart, IBM Corporation, Kohl’s, WellPoint, Wells Fargo, Kroger Company, The National Football League and the Maurices and Dressbarn division of the Ascena Retail Group.
"The generosity and ongoing support of these companies has a direct impact on the American Cancer Society’s ability to help people stay well and get well, to find cures for cancer and to fight back," said John R. Seffrin, Ph.D., CEO of the Society. "It is with their help that we are able to save 350 lives per day from cancer and continue on the path toward our goal of saving 1,000 lives per day."
The Excellence in Philanthropy recognition is part of the American Cancer Society’s Corporate Impact Awards, presented annually by the Society’s Corporate & Systems Initiative. The honor is given to corporations that have provided $1 million or more to the Society during the previous calendar year through a combination of corporate contributions, in-kind support, cause marketing and sponsorship, employee giving and/or event fundraising.