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KB Toys Appoints Two New Buyers

BY CSA STAFF

Pittsfield, Mass., KB Toys, Inc. has appointed Nancy Sheridan Mullen and Stephen Mariconda to serve in buying positions with the company.

Mullen comes to KB Toys from Bed Bath and Beyond and has also served in buying positions with Party City, Inc., Bradlees Department Stores and Hills Department Stores, where she was divisional merchandise manager.

Mariconda returns to KB Toys after holding positions at Jamesway, and Binney and Smith. He also had buying responsibilities at Rag Shop.

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Kellwood rejects (second) buyout bid

BY CSA STAFF

St. LOUIS (AP) Apparel maker Kellwood has rejected a $543.9 million buyout offer from Sun Capital Securities Group on Tuesday.

This is the second time in one month Kellwood has rejected the investment firm’s proposal.

Sun Capital, which owns a 9.9% stake in Kellwood, first made its bid of $21 a share in September. Kellwood’s board rejected it in October, saying the offer undervalued the company and was not in the best interest of shareholders.

On Monday, Sun Capital reaffirmed its same proposal and said it was prepared to take the offer straight to shareholders.

Kellwood, however, is standing by its previous decision.

“The Kellwood board strongly believes in the company’s ability to successfully execute its strategic plan and provide greater value to its shareholders than Sun Capital’s proposal,” Kellwood said in a written statement.

Kellwood shares rose $1.85, or 11.2 %, to close at $18.36 Tuesday. But that is still about 19 percent below the price Sun Capital is offering. Kellwood has traded in a 52-week range of $14.21 to $34.84.

Earlier this month, Kellwood announced plans to sell its Smart Shirts business and related real estate assets in separate deals generating a combined $161 million. Proceeds will be used to repurchase shares and reduce debt.

Kellwood is one of the nation’s largest apparel makers with branded and private-label products. The brands it owns include Sag Harbor and Phat Farm, while it produces clothing under licensing agreements for brands that include Calvin Klein and Claiborne.

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Tesco opens in Vegas, next stop Phoenix

BY CSA STAFF

LAS VEGAS Tesco followed up its U.S. debut last week with a second round of openings on Nov. 14 in Las Vegas. Tesco opened five Fresh & Easy Neighborhood Markets in the Las Vegas area, adding to the six it rolled out in Southern California on Nov. 8.

Tesco has also scheduled its first openings in the Phoenix market for Dec. 5 with four stores slated to open that day. The chain also plans to enter San Diego in late November or early December. Tesco chief marketing officer Simon Uwins said the retailer hopes to have 50 Fresh & Easy stores open in California, Nevada and Arizona by February 2008.

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