Mattress Firm expands company store base
Houston — Mattress Firm Holding Corp. has entered into an agreement to acquire the outstanding equity interests of Sleep Experts Partners L.P., which operates Sleep Experts retail stores in Texas. In addition, Mattress Firm completed the acquisition of substantially all of the assets and operations of Yotes, Inc., which operated stores under the Mattress Firm brand in Colorado and Kansas, as well as the Virginia retail operations of Southern Max LLC.
Both companies were Mattress Firm franchisees and Southern Max LLC will continue its franchised operations in Tennessee. Collectively, these accretive acquisitions will add approximately 93 specialty retail stores to the Mattress Firm company-operated store base, of which approximately 56 stores are located in Texas with the remainder in Colorado, Kansas, and Virginia. The aggregate purchase price for these acquisitions is approximately $80.5 million, subject, in each case, to customary adjustments.
"These acquisitions will further fortify our market-leading position in key growth markets by expanding our presence in prime areas of the country,” said Steve Stagner, president and CEO of Mattress Firm. “We believe that the addition of an impressive number of high performing stores at the same time also provides the company with the opportunity to further enhance the operating performance and cash flow of these stores at an accelerated pace as we integrate them onto our efficient corporate operating platform.”
The closing of the Sleep Experts acquisition is expected to occur in the first fiscal quarter of 2014, subject to the prior satisfaction of customary closing conditions.
Report: EBay rejects Icahn board nominees
San Jose, Calif. – EBay Inc. is reportedly urging shareholders to reject a slate of board members nominated by activist investor Carl Icahn and instead support nominees picked by the company. According to Reuters, EBay recommends shareholder vote to re-elect four existing directors: CEO John Donahoe, company co-founder and managing director Fred Anderson, Intuit co-founder Scott Cook and former Agilent Technologies CEO Edward Barnholt.
Icahn has publicly accused the EBay board of having conflicts of interest and also wants EBay to spin off its PayPal division into a separate company. He has nominated two of his current employees to serve on the board of directors of EBay.
Ann Inc. supply chain exec joins Neiman Marcus
Dallas — Michael West has joined Neiman Marcus Group Inc as senior VP, distribution, logistics and fulfillment. West joins Neiman Marcus from Ann Inc., where he was senior VP, global logistics and distribution. He spent more than 12 years with Target Corp., where he held various positions, including VP, global logistics.
"Mike has more than 20 years of executive and global experience in logistics, distribution, and fulfillment, as well as store management," said Karen Katz, president and CEO of Neiman Marcus. "His leadership, experience, and vision will be a welcome addition to the Neiman Marcus Group team."