J.C. Penney retains Goldman to defend against Ackman
Plano, Texas A Wednesday report by Women’s Wear Daily said that J.C. Penney has hired Goldman Sachs as an adviser as the retailer preps for a possible battle against hedge fund manager William A. Ackman.
After recent securities filings showed that Ackman’s firm, Pershing Square Capital Management, had taken a 16.5% stake in J.C. Penney, later reports added that Ackman is working with another major player in commercial real estate, Vornado Realty, which disclosed that it had taken a 9.9% in J.C. Penney.
J.C. Penney CEO Myron E. Ullman III is expected to meet with Ackman and Steven Roth, chairman of Vornado Realty Trust, within the next 10 days, Women’s Wear Daily said.
Walmart to sell Apple’s iPad
Bentonville, Ark. Walmart will start selling Apple’s iPad in some stores by Friday and in a majority of locations by the height of the holiday shopping season.
The chain will sell the iPad at Apple’s suggested retail price, which range from $499 to $829 depending on the model. It will be available online but must be picked up at stores.
Target began selling the iPad earlier this month and Best Buy Co. has carried the computer tablet since it came out in April.
Dollar Tree moves beyond border
The acquisition of 85 Dollar Giant stores in Canada by Chesapeake, Va.-based Dollar Tree gives the company its first international exposure and a potential new avenue of growth. Dollar Tree currently operates 3,961 stores in 48 U.S. states.
“I am excited about the opportunity to expand our presence into Canada,” said Bob Sasser, Dollar Tree president and CEO. “Dollar Giant is an excellent fit for us. This acquisition will enable us to further leverage our resources and infrastructure to offer more value to more customers. It provides Dollar Tree with an outstanding platform for significant, profitable growth in the Canadian market.”
Both companies are single price point retailers. Merchandise sold at Dollar Tree is offered for $1 or less while Dollar Giant sells for $1.25 in Canadian dollars.
Dollar Tree said it expects to complete the $52 million acquisition by mid-November.