FINANCE

Report: Jones Group sets Dec. 1 buyout deadline

BY Dan Berthiaume

New York – The Jones Group has reportedly set Dec. 1 as a final deadline for a buyout bid from Sycamore Partners. According to Women’s Wear Daily, with the assistance of Citi Jones Group has gone through an extensive auction process which at times included KKR & Co. and G-III Apparel Group Ltd.

Sycamore initially expressed interest for Jones Group’s apparel business and then considered buying its footwear business before deciding to consider purchasing the whole company once G-III announced it was no longer interested in making a bid. Sycamore owns other retail chains including Talbots and Hot Topic.

Jones Group declined comment in the article.

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OPERATIONS

Staples launches Staples Connect

BY Dan Berthiaume

Framingham, Mass. — Staples officially launches Staples Connect, an offering that lets customers’ home or office technology interact and be controlled by a single app. With the touch of a button, in-store and online Nov. 27, Staples Connect lets customers shut down their office, turning off lights, lowering shades and locking doors, while at the same time turning on their lights and heat at home.

Staples Connect consists of a multi-platform app and universal hub that allow a multitude of devices to talk to each other. The Staples Connect Hub, powered by Linksys, is available online and in a limited number of Staples stores for $99. Staples Connect uses a platform developed by Zonoff Inc., which features a free, single app. Installation will be available through Staples EasyConnect and can also be performed by customers.

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FINANCE

CVS purchases infusion services provider

BY Dan Berthiaume

Woonsocket, R.I. – CVS Caremark has entered into an agreement to acquire Coram LLC, the specialty infusion services and enteral nutrition business unit of Apria Healthcare Group Inc. for approximately $2.1 billion. Coram provides infusion therapies and nutrition services to more than 20,000 patients each month, primarily through home infusion as well as a national network of more than 85 locations, including more than 65 ambulatory infusion suites.

"Bringing together CVS Caremark’s unique range of specialty pharmacy services with Coram’s infusion capabilities will expand our competitive offerings in the specialty arena,” said Jon Roberts, president of CVS Caremark Pharmacy Services. “Infusion will be a valuable component of our broad specialty pharmacy offering going forward. Our comprehensive services will enable us to streamline care management for patients as well as their physicians, leading to better health outcomes while avoiding unnecessary costs.”

Barclays served as CVS’ financial advisor on the transaction, while Sullivan and Cromwell LLP served as legal advisor and Dechert LLP served as legal advisor from an anti-trust perspective.

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