At the Mall, Sam Goody Becomes FYE
Albany, N.Y., Mall-based Sam Goody stores are in for a name change. Trans World Entertainment Corp. plans to change the music retailer’s name to FYE. However, the freestanding Sam Goody locations will keep their names. The retailer won approval in U.S. Bankruptcy Court last week to buy 400 stores from Musicland Holding Corp. for $104 million.
Dollar Tree Acquires Deal$ Stores
Chesapeake, Va., Dollar Tree Stores, Inc. completed its acquisition of 138 stores and related assets of the SuperValu-owned discount store Deal$-Nothing Over a Dollar. Dollar Tree acquired 138 Deal$ stores for approximately $30.5 million. Dollar Tree also purchased approximately $22.2 million of inventory, subject to verification, from Deal$. All Deal$ stores will continue to operate under the Deal$ banner.
Federated Seeks Increase in Common Shares
Cincinnati, The board of directors of Federated Department Stores, Inc. said it plans to split the company’s common stock on a two-for-one basis if shareholders approve an increase in the number of authorized shares of company common stock. The stock split would occur through a dividend entitling each shareholder of record to receive one additional share of common stock for every one share owned. The company will seek shareholder approval for an increase in the number of authorized shares of Federated common stock.