Saks To Close Parisian Store in Alabama
Birmingham, Ala., Saks Inc. announced Wednesday it will close its 113,000-sq.-f.t Parisian store in the Montgomery mall, Montgomery, Ala., in early March 2006. The shuttering will affect about 90 workers. Saks said it will offer the workers job transfers to a nearby Parisian store or severance packages.
MarineMax Buys Midwest Boat Dealership
Clearwater, Fla., Boat retailer MarineMax Inc. has agreed to purchase Port Arrowhead Group, a $70 million boat dealership primarily serving Missouri and Oklahoma and neighboring states. MarineMax will pay $27.5 million in cash, plus working capital adjustments and the assumption of liabilities. The transaction is expected to close in the first quarter.
Linens ’N Things Deal Gets U.S. Antitrust
Washington, U.S. antitrust authorities on Tuesday said that they approved plans by private equity firm Apollo Management L.P. and its affiliates to buy Linens ‘N Things.
Under the terms of the Apollo deal, financing is contingent upon Linens ‘N Things reporting a fourth-quarter same-store sales decline of no more than 6% and earnings before interest, taxes, depreciation and amortization of not less than $140 million.