Foot Locker to Purchase CCS From dELiA*s
New York City Foot Locker has signed a definitive agreement with dELiA*s, Inc. to purchase its direct-to-consumers business, CCS, for $102 million in cash. The purchase is expected to close within the next 60 days.
CCS sells skateboard footwear, apparel and accessories via catalogs and the Internet with revenues expected to exceed $80 million in 2009. The company targets young male skateboarding enthusiasts.
“The impending purchase of CCS is in line with one of our strategic priorities—pursuing the acquisition of athletic footwear and apparel retailers that are compatible with our existing portfolio of businesses,” stated Matthew D. Serra, chairman and CEO of Foot Locker, Inc. “We believe that expanding our offerings in the skateboard category will allow us to broaden our appeal to the teenaged male, providing an exciting growth opportunity for our company.”
Serra added that Footlocker’s strong financial position would enable the company to complete the transaction in a timely manner as an all-cash transaction.
Barclays Capital is serving as the exclusive financial advisor to Foot Locker for the transaction, which is subject to certain closing adjustments and review under the Hart-Scott-Rodino Antitrust Improvements Act.
Archileti named DeCA acting chief of staff
FORT LEE, Va. Vicki Archileti was appointed acting chief of staff for the Defense Commissary Agency, effective Sept. 8. She will temporarily leave her position as director of corporate planning for six months. In the interim, Sheila Walton will be acting director corporate planning through Dec. 12, and Mark Simpson will assume the duties from Dec. 13 to March 13, 2009.
“I am excited to serve in this newly created position and look forward to tackling these new responsibilities,” Archileti said. “I believe this position is critical because it involves managing day–to–day headquarters activities which will further allow our executive leaders to focus on significant operational initiatives.”
Archileti was selected director of corporate planning in January 2004. In that position, she has been responsible for anticipating and planning for DeCA’s external challenges.
Schoonover to get $1.8M in severance deal
RICHMOND, Va. Philip Schoonover, the former head of Circuit City, will receive a severance package worth $1.8 million, according to an SEC filing.
Schoonover will receive his annual base salary and a target bonus for the current fiscal year, each worth $900,000.
Schoonover also will receive health and welfare benefit plan participation for two years, up to $50,000 in outplacement services and the acceleration of the vesting of his stock options and restricted stock awards that would have vested before Oct. 4.