HSN Owner Buys Catalog Company
New York City, HSN and Ticketmaster owner IAC/InterActiveCorp has agreed to buy Cornerstone Brands for $720 million from a group of private investors that include Madison Dearborn Partners and JP Morgan Partners. The deal is expected to close in the second quarter.
West Chester, Ohio-based Cornerstone is a $720 million portfolio of print catalogs and e-retail sites for home goods and apparel. Its brands include Frontgate, Ballard Designs, Garnet Hill, Smith & Noble, The Territory Ahead and TravelSmith.
Pantry Buys Southern C-Store Chain
Sanford, N.C., The Pantry Inc. will acquire Rome, Ga.-based D&D Oil Co., which operates 53 c-stores under the Cowboys banner. D&D does business in Georgia, Alabama and Mississippi, selling gas under the BP and Cowboys brand names. The deal also includes two additional stores that are under construction, and the development rights to seven potential store sites.
CFO Tudor Resigns From Ingles Markets
Asheville, N.C., Ingles Markets Inc. today announced the resignation of Brenda S. Tudor, CFO and VP of finance, effective March 18. Ingles has begun to hunt for a new CFO, though Tudor will stay on part-time until a replacement is chosen. Tudor served 20 years with Ingles, eight of which she spent as CFO. She will not run for re-election for the board of the supermarket chain.