Ascena completes Charming Shoppes tender offer
Suffern, N.Y. — Ascena Retail Group Inc. announced it has successfully completed its tender offer for Charming Shoppes Inc.’s outstanding shares.
Ascena announced in May it that was buying Charming Shoppes, whose banners include Lane Bryant, Fashion Bug, and Catherines Plus Sizes, for about $890 million.
Charming Shoppes will become an Ascena subsidiary and will stop trading on the Nasdaq and Chicago Stock Exchange once the transaction is complete. Ascena’s retail subsidiaries include Dressbarn, Maurices and Justice.
PGA Tour Superstore to open 14th store
Roswell, Ga. — PGA Tour Superstore is opening a second Chicagoland location on June 14, in Downers Grove, Ill. The company opened a store in Schaumburg, Ill., last month.
Downers Grove is PGA Tour Superstore’s 14th retail location. The stores are owned and operated by Golf & Tennis Pro Shop, whose controlling owner and chairman is Arthur M. Blank, retired Home Depot co-founder and current owner of the Atlanta Falcons.
"We strive to establish long-term relationships with our customers by always providing them the ultimate shopping experience: knowledgeable sales professionals in a setting that’s filled with their favorite brands," Blank said.
PGA Tour Superstore provides an array of services, including personalized golf lessons; seminars conducted by golf professionals using state-of-the-art teaching technologies; golf club and ball fittings; club repair and re-gripping; and tennis racket restringing.
The store experience also includes performance practice bays, lesson swing simulators and a 1,600-sq.-ft. putting green.
In addition, PGA Tour Superstore offers an extensive selection of golf and tennis equipment along with a broad assortment of related apparel, shoes and junior products.
In addition to the two Chicago area stores, PGA Tour Superstore has locations across the country, including three stores in metro Atlanta; two each in Dallas, Myrtle Beach, S.C., and Phoenix; one in Naples, Fla.; one in Delray Beach, Fla.; and one in Denver.
Caseys Q4 profit up but misses Street
Ankey, Ohio — Casey’s General Stores Inc. reported that its fiscal fourth-quarter profit fell short of expectations due to weak margins on gasoline sales.
The convenience store operator said that it earned $23.1 million for the quarter that ended April 30, up from $22.8 million last year. Revenue increased 13% to $1.75 billion.
Casey’s said that its gas margins were down nearly two cents per gallon compared with last year. However, the company said it was able offset that with strong sales and margin gains inside its stores.
Casey’s, which operates 1,699 stores, said grocery and other merchandise same-store sales increased 8.5% during the quarter. Prepared food and beverage same-store sales jumped 16.8%.