The Pantry Completes Acquisitions
Sanford, N.C., The Pantry, Inc. today said it has completed the acquisition of three convenience stores and one development site in Charleston, S.C.
“These stores will add to our existing presence of approximately 50 stores in the attractive Charleston market,” said Peter J. Sodini, the Pantry’s president and CEO, in a statement. “We will immediately convert the stores to our Kangaroo Express banner with one store offering BP gas and the other two stores offering our private-label Kangaroo gas.”
Fitch Lowers Blockbuster Rating
New York City, Fitch Ratings reduced Blockbuster’s debt ratings, which already had been at junk status. The arrival of Carl Icahn to the board of directors, and his previous complaints about the direction of the company, precipitated the rating change. “Fitch believes that the uncertainties related to Blockbuster’s strategic direction and fiscal policies brought on by the expected appointment of Carl Icahn and his two nominees to the board … negatively affects bondholders,” according to the New York City-based ratings service.
Children’s Retailer Carter’s to Buy OshKosh
Atlanta, Carter’s Inc. has announced that it will acquire its rival OshKosh B’Gosh for $312 million, merging two brands into one company that will generate more than $1.3 billion in annual sales.
Carter’s, which operates 181 retail stores and whose brand is sold in 3,000 department stores, will pay $26 in cash for each share of OshKosh stock; the deal includes redemption of employee stock options.
Last February, Oshkosh, Wis.-based OshKosh retained investment bank Goldman Sachs to help pursue what the company called strategic alternatives, launching speculation about the future of the brand. The retailer ran into financial trouble this year when a move into adult clothing flopped.