Private equity company Clayton, Dubilier & Rice to acquire David’s Bridal
New York — Private equity firm Clayton, Dubilier & Rice on Tuesday announced a definitive agreement to acquire the 300-store David’s Bridal in a deal that values the bridal dress retailer at $1.05 billion.
Leonard Green & Partners will remain a minority partner. CD&R operating partner Paul Pressler, former CEO of Gap Inc. and former senior Disney executive, will assume the role of chairman at the close of the transaction, expected in the fourth quarter.
"David’s Bridal is a unique and well-positioned specialty retailer competing in a large and stable industry," said Richard J. Schnall, a partner at CD&R. "We look forward to working closely with the company to build on its market leadership and scale advantages to grow in new market segments, channels, and geographies."
In2007, David’s Bridal was sold by Federated Department Stores to an affiliate of Leonard Green for approximately $750 million in cash. The company currently operates more than 300 stores iacross the United States , Canada and Puerto Rico.
Brown Shoe narrows loss; raises outlook
St. Louis, Mo. — Brown Shoe Co Inc. on Tuesday posted a smaller second-quarter loss, helped by cost-cutting and higher sales at its Famous Footwear stores. The retailer also raised the lower end of its full-year profit outlook.
Brown Shoe’s quarterly loss narrowed to $2.5 million, compared with a loss of $4.6 million a year earlier.
Revenue decreased to $599.3 million. Same-store sales rose 3.9%.
IHL Study: Self-checkouts on the rise
New York — Self-checkout technology continues to rise in importance at retailers in North America, according to a new study by IHL Group.
The 2012 North American Kiosk Study finds that self-checkout shipments are increasing 8% year to year, with self-checkout transactions exceeding $255 billion annually in North America. Kooking Transactions are growing better than 7% per year in North America, and expected to grow past $1.0 trillion by 2014.
The tracks the the shipments, installed base, and revenue turn through kiosks in 5 different categories: self-checkout, ticketing, check-In, postal, food ordering, and other kiosks (which is inclusive of DVD rentals). For more, visit ihlservices.com/ihl/