Wednesday Morning Executive Appointments
Dallas, The Container Store promoted Melissa Reiff, executive VP of stores and marketing, to president. Reiff will drive the retailer’s day-to-day operations and the sales performance of the company.
• Starbucks Coffee Co. announced today the promotions of two vice presidents, effective immediately. Matt Sikes, currently VP of finance, was promoted to senior VP of finance for U.S. operations. Mike Stafford, VP of organization and partner development, was promoted to senior VP of organization and partner development for partner resources.
• Skechers USA today promoted its CFO David Weinberg to the position of COO. He will be replaced as CFO by Fred Schneider, who has been a member of the company’s board of directors and chairman of its audit committee. Morton D. Erlich has been elected to replace Schneider on the board of directors and as chairman of the audit committee.
• Ultimate Acquisition Partners, the parent firm to electronics retailer Ultimate Electronics, last week named Mark Shapiro as CFO of the company. Shapiro will lead the company’s financial planning and reporting, treasury, IT and strategic planning efforts. Shapiro previously was CFO at Big Lots.
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.