Bed Bath & Beyond Names President
Union, N.J., Bed Bath & Beyond Inc. gave its chief merchandising officer Arthur Stark the additional title of president.
Additionally, the retailer promoted Eugene A. Castagna to CFO and treasurer from the post of VP of finance and principal financial and accounting officer. He succeeds Richard Curwin, who was named to the newly created position of senior VP of investor relations.
Bed Bath & Beyond also named Richard C. McMahon to the new post of chief strategy officer and VP of corporate operations. He most recently served the retailer as VP of supply chain and CIO.
MarineMax Buys Midwest Boat Dealership
Clearwater, Fla., Boat retailer MarineMax Inc. has agreed to purchase Port Arrowhead Group, a $70 million boat dealership primarily serving Missouri and Oklahoma and neighboring states. MarineMax will pay $27.5 million in cash, plus working capital adjustments and the assumption of liabilities. The transaction is expected to close in the first quarter.
Linens ’N Things Deal Gets U.S. Antitrust
Washington, U.S. antitrust authorities on Tuesday said that they approved plans by private equity firm Apollo Management L.P. and its affiliates to buy Linens ‘N Things.
Under the terms of the Apollo deal, financing is contingent upon Linens ‘N Things reporting a fourth-quarter same-store sales decline of no more than 6% and earnings before interest, taxes, depreciation and amortization of not less than $140 million.