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Wal-Mart records $151 million net loss on India transaction

BY Dan Berthiaume

Bentonville, Ark. – Wal-Mart Stores Inc. incurred a net loss of $151 million in the process of ending its partnership with former Indian partner Bharti Enterprises. According to Wal-Mart financial statements, in October 2013 the retailer paid $100 million for Bharti’s 50% interest in Bharti Wal-Mart Pvt. Ltd., which operates 20 wholesale stores in India.

In addition, Wal-Mart paid and forgave another $234 million of debts as part of the buyout, for a total expenditure of $334 million that produced the $151 million net loss. Wal-Mart had been partners with Bharti since 2007 and has said it plans to open 50 wholesale stores in India during the next four to five years.

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Mattress Firm acquires 75 Mattress King and BedMart stores

BY Dan Berthiaume

Houston – Mattress Firm Holding Corp. has entered into an agreement to acquire Mattress Liquidators Inc., which operates Mattress King retail stores in Colorado, and BedMart retail stores in Arizona, for about $35 million. This will add approximately 75 specialty retail stores to the Mattress Firm company-operated store base in markets where it currently operates, primarily Denver, Phoenix and Tucson, Arizona.

The closing of the acquisition is expected to occur by the end of the second fiscal quarter of 2014, subject to normal closing conditions.

“We are excited to further expand our position in the Denver, Phoenix and Tucson markets,” stated Steve Stagner, Mattress Firm president & CEO. “We believe that the acquisition of the Denver stores will allow us to leap into a strong position in that market, building on the foothold established by the acquisition last month of the formerly franchised Mattress Firm stores in Denver. The additional stores in Phoenix and Tucson will supplement the existing base of quality stores that we currently operate in those markets. This acquisition is aligned with our relative market share strategy, which continues to build long-term value creation for our shareholders.”

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Leonard Green managing partner leaves post

BY Dan Berthiaume

Los Angeles – Peter J. Nolan, 55, one of three managing partners of private equity firm Leonard Green & Partners, is leaving his post. Leonard Green holds investment stakes in major retail chains including J. Crew, Petco, The Container Store, and Topshop/Topman.

Nolan will serve as a senior advisor to Leonard Green and also serve as a board member of several companies in its portfolio. He is leaving to devote more time to philanthropic activities.

“It has been a privilege to work with extraordinary partners and colleagues, loyal investors, and some of the most talented executives in the world at our portfolio companies,” Nolan said in a statement. “I look forward to continuing the relationships I have built during the past three decades while beginning a new chapter.”

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