Deal Done, Forever 21 Buys Gadzooks
Los Angeles, Forever 21 said its new wholly owned subsidiary Gadzooks 21 has completed the previously announced acquisition of Gadzooks. In this transaction, Gadzooks 21 purchased substantially all of Gadzooks’ operating assets, including its inventory and 150 of Gadzooks’ retail stores located in 36 states. The sale of Gadzooks’ assets was subject to a competitive auction and the approval of the Bankruptcy Court for the Northern District of Texas.
FTC Reportedly to Block Blockbuster Bid for Hollywood
Washington, D.C., The U.S. Federal Trade Commission’s (FTC) competition bureau plans to recommend that the agency block a hostile bid by Blockbuster to buy Hollywood Entertainment, according to published reports.
The FTC bureau is expected to make a formal recommendation to the agency’s five commissioners within the next several days on the Blockbuster bid for Hollywood. The FTC has agreed to make a decision by March 21 on whether it will oppose the combination of the two companies.
Neiman Marcus Considers Sale of Company
Dallas, The Neiman Marcus Group, Inc. today said it is considering selling the company as a strategic alternative to enhance shareholder value. The company added that it would not disclose details about its exploration of this or other strategic alternatives until the board has approved a transaction. The Group, which includes specialty retailers Neiman Marcus and Bergdorf Goodman, is retaining Goldman Sachs & Co. as the financial advisor in this endeavor.