OPERATIONS

Dots names former Wal-Mart exec as new CEO, unveils plans to grow to 1,000 stores

BY Katherine Boccaccio

Glenwillow, Ohio — Fashion retailer Dots announced Tuesday it has named former Wal-Mart Stores senior VP Lisa Rhodes as its new CEO.

Rhodes, who led Wal-Mart’s U.S. apparel merchandising division, has been charged with leading Dots’ march toward 1,000 stores, also announced Tuesday.

Prior to her role at Wal-Mart, Rhodes was executive VP and chief merchandising officer for Maurice’s.

Rick Bunka will remain president at Dots, overseeing the balance of the corporate support functions at its Ohio headquarters, where the company’s store operations, distribution, financial, human resources, and information technology segments will remain. The retailer also announced plans to create a Dots merchandise center in New York City.

"These moves are a bold step to propel Dots into a true national retailer,” said Bunka.

Dots currently has more than 400 stores in 28 states. Irving Place Capital made an investment in the company in January 2011.

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FINANCE

Report: Sears considering sale of Lands End

BY Katherine Boccaccio

New York CityThe New York Post reported Tuesday that Sears Holdings Corp. may be mulling over a sale of its Lands End unit. The move would dovetail with the massive restructuring effort the company has launched.

According to the report, chairman Eddie Lampert has been meeting with investors to discuss the divestiture of Lands End.

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FINANCE

7-Eleven re-enters San Antonio with TETCO acquisition; announces spin-off of 30 Wilson Farms

BY Katherine Boccaccio

Dallas — 7-Eleven said Tuesday it will acquire the retail and wholesale assets of San Antonio-based TETCO, which includes company-operated convenience stores in Utah and the Dallas-Fort Worth, Austin and San Antonio areas of Texas.
Terms of the deal were not disclosed, and closing is expected in November. The acquisition also signals a return to San Antonio for 7-Eleven, where the company had operated stores until 1989.

"The combination of TETCO’s retail and wholesale operations will make this 7-Eleven’s largest acquisition since the company accelerated its growth plan four years ago," said Stan Reynolds, 7-Eleven executive VP and CFO. 7-Eleven said it will begin remodeling and rebranding the bulk of the locations later this year.

7-Eleven reiterated its plans to open at least 630 new locations in U.S. and Canada in 2012. The program involves new development and acquisitions; other significant acquisitions 7-Eleven have made in the past year include the 188-store Wilson Farms purchase and the 183 sites from ExxonMobil in Florida, both in 2011.

7-Eleven also said Tuesday it will put 30 former Wilson Farms locations in upstate New York on the auction block through a third-party broker, as part of its plans to streamline the chain. 7-Eleven has retained NRC Realty & Capital Advisors to sell the stores in upstate and Western New York through a sealed-bid process.
"In any acquisition of an entire chain, there will inevitably be some stores that don’t fit with a buyer’s long-term strategic plans. Such is the case with these 30 properties,” Robbie Radant, 7-Eleven vice president of mergers and acquisitions, said in a statement.The stores are being sold without 7-Eleven branding.

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