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  • INDUSTRY NEWS

    • On September 21, 2022, it was reported, taking on what is known as a poison pill strategy, Nordstrom on announced it had adopted a limited duration shareholder rights plan lasting until Sept. 19, 2023, according to a company press release. The plan was enacted to protect Nordstrom from an entity or person gaining control of the company through "open-market accumulation or other means without payment of an adequate control premium," per the release. The shareholder rights to purchase additional stock at a 50% discount are enabled if someone acquires 10% or more of Nordstrom's shares in a transaction not approved by its board. The same applies in the scenario of an unapproved merger or other business combination. Although Nordstrom noted this news was not in response to any takeover bid or proposals, it comes just weeks after Mexican department store company El Puerto de Liverpool acquired a 9.9% stake in the retailer.
    • On September 21, 2022, it was reported, taking a closer look at a deal that would expand Amazon's reach into consumers' homes, the Federal Trade Commission has requested additional information and documentation on Amazon's planned acquisition of iRobot, according to a securities filing from iRobot on Tuesday. The filing states that both Amazon and iRobot received a second request from the FTC for more information on Monday. This follows the standard notification and report forms both companies provided the FTC and Department of Justice on Aug. 19 for antitrust review. Amazon in early August announced plans to acquire the company known for its automated vacuum, the Roomba, for around $1.7 billion. The deal would expand the retailer's existing line of home devices, such as Amazon Ring and Blink.
    • On September 16, 2022, it was reported, Bed Bath & Beyond has released a list of dozens of stores that it will close. The struggling home goods retailer said it will close about 150 namesake stores as it works to stabilize its finances and turn around declining sales. The company is also laying off employees and secured more than $500 million in new financing.
    • On September 13, 2022, it was reported, Tuesday Morning is getting a $35 million injection of capital from an investor group led by Retail Ecommerce Ventures, owner of Pier 1, RadioShack, Dressbarn and other retail brands. REV is providing Tuesday Morning with $32 million in the form of convertible debt from a special purpose vehicle. Another $3 million in convertible debt is set to come from some of the off-pricer's executives, including CEO Fred Hand. With the deal, REV and co-investor Ayon Capital will control a majority of Tuesday Morning's board. The retailer will get access to REV's distribution system as well as rights to sell products from the Pier 1 brand, which REV acquired out of bankruptcy in 2020.