Dots acquired by Irving Place Capital
New York City — Private equity firm Irving Place Capital announced Tuesday that it acquired value-oriented women’s apparel and accessory retailer Dots. Terms of the transaction, which closed on Jan. 3, were not disclosed.
“This acquisition is a wonderful opportunity for Dots to capitalize on its brand and accelerate its growth through its partnership with IPC, one of the most successful investors in specialty apparel retail,” said Bob Glick, founder and outgoing CEO, Dots, Glenwillow, Ohio, which operates more than 400 stores within a 26-state footprint.
Glick will succeed as chief executive of Dots by Rick Bunka, a former president of the chain.
“With the strength of the Dots brand and the investments we have made in our teams, stores and infrastructure, we are excited about the significant growth opportunities we see ahead,” Bunka said. “We are confident that Irving Place Capital’s investment and expertise in growing retail companies into nationally recognized brands will help us achieve our goal of delivering affordable fashion to more customers than ever before.”
IPC’s notable retail investments have included Aeropostale, New York & Company, The Vitamin Shoppe, Seven for All Mankind, and Stuart Weitzman.
“Historically some of IPC’s most successful investments have been in high-growth specialty retailing companies,” said John Howard, CEO of IPC. “We are looking forward to working with Dots’ management team to grow the business and drive incremental value. With a strong position in the affordable apparel segment, a loyal existing customer base, and a committed management team, Dots represents a compelling investment opportunity.”
Sears, Kmart get new head of retail services
HOFFMAN ESTATES, Ill. – Sears Holdings’ SVP procurement and finance has been promoted.
Deidra Cheeks Merriwether now holds the title of SVP and president retail services, succeeding James Haworth. In this role, Merriwether, who joined the corporation in 2001, will be responsible for the oversight and leadership of retail services for the broadline retailer’s Kmart and Sears stores.
Merriwether currently serves as a member of Sears Canada’s board of directors and is the executive sponsor of the company’s African-American Associate Network.
"Deidra is an accomplished leader," said Bruce Johnson, interim CEO and president of Sears Holdings. "She has a keen understanding of the retail business. Her past experiences within the company, along with a demonstrated success in creating and inspiring high performance teams that are focused on satisfying the customer, make her a perfect fit for this role."
SPECS Show Announces Future Retail Leaders Program
Retail executives are invited to introduce their rising stars to the industry’s leading store development and facilities event — SPECS, which will be held March 13-16, 2011, at the Gaylord Texan in Grapevine, Texas. Qualified senior executives and their future leaders will receive FREE registration to this year’s show.
Future retail leaders will be exposed to the best the industry has to offer through a combination of 35 educational sessions, peer-to-peer networking, access to top suppliers and more! Show your support to the development of your up-and-coming executive talent by registering both yourself and your rising stars for FREE today! Their participation at SPECS will benefit your company for years to come.
To register, go to www.specsshow.com/register-now.