FINANCE

Sherwin-Williams Mexico acquisition rejected

BY Dan Berthiaume

Cleveland – The Federal Competition Commission of Mexico has voted not to authorize Sherwin Williams’ November 2012 acquisition of Mexico City-based home improvement retailer and paint producer Consorcio Comex, S.A. de C.V. Sherwin-Williams is reviewing the rationale for the commission’s decision and says it expects to respond to the Commission’s concerns in the near future.

"We are disappointed by this decision, but remain hopeful that we can adequately address the commission’s objections and proceed with the transaction,” said Christopher M. Connor, chairman and CEO of Sherwin Williams.

Sherwin Williams put together a deal last November to acquire Comex for $2.4 billion, the company’s biggest acquisition to date and a strategic move to increase Sherwin Williams’ presence in Mexican markets.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...
FINANCE

Men’s Wearhouse to acquire Joseph Abboud for $97.5 million

BY Dan Berthiaume

Fremont, Calif. – The Men’s Wearhouse has signed a definitive agreement to acquire JA Holding, the parent company of the Joseph Abboud clothing brand, for approximately $97.5 million.

JA Holding’s product lines include Joseph Abboud, JOE Joseph Abboud, Joseph Abboud Boys and Joseph Abboud Home. The purchase agreement also includes a US tailored clothing factory employing about 450 people.

“This transaction accelerates our strategy of offering exclusive brands with broad appeal at attractive prices,” said Doug Ewert, president and CEO of Men’s Wearhouse.

Brand founder and creator Joseph Abboud has served as chief creative director of Men’s Wearhouse since December 2012.

The transaction is expected to close in third quarter 2013.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...
News

CafePress gets new CIO

BY CSA STAFF

LOUISVILLE, Ky. — CafePress, a proprietary print-on-demand services and e-commerce platform provider, has appointed Garett Jackson to the newly created role of CIO. Jackson is based in Louisville and will report to CEO Bob Marino.

"Garett is a highly successful executive who brings a wealth of experience in information systems, business operations and financial controls to CafePress," said Marino. "His substantial experience integrating and optimizing complex systems will be an asset to us as we continue to expand operations to support the roll out of new and engaging ways to serve our customers."

"Quality and operational excellence have always been key strengths for CafePress, and I believe I can further improve our processes and systems to capitalize on the tremendous growth opportunities driven by our proprietary e-commerce customization technology," said Jackson.

Most recently, Jackson was the CFO of National Patient Account Services, Inc., a leading provider of extended business office services to the healthcare industry. While at NPAS, he led strategic initiatives for the company, which included operational business process improvements, the creation of audit and control environments and the development of Web applications to support operations. He interfaced with hundreds of hospitals, seamlessly incorporating disparate systems into the NPAS network. He was responsible for managing a team of more than 60 finance, IT and other administrative professionals and had previously been the company’s controller from 2000 to 2003. Prior to joining NPAS, Jackson was an auditor and information systems consultant with Carpenter, Mountjoy, & Bressler in Louisville, Ky. He has a BA in accounting from Bellarmine College.

CafePress’ portfolio of e-commerce websites and services includes CafePress.com, CanvasOnDemand.com, GreatBigCanvas.com, Imagekind.com, InvitationBox.com and Logosportswear.com and EZ Prints, Inc. Additionally, CafePress Services drives revenue for corporate partners by providing turnkey, personalized e-commerce solutions.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...