Mergers & Acquisitions

Charming Shoppes said it would close 240 unprofitable stores in 2011, or nearly 12 percent of its total outlets. More than half of those closures would be Fashion Bug stores. The locations were not disclosed.

At a time momentum is building to allow foreign players into front-end retail, senior officials of the Future Group and Wal-Mart have met at least five times in the past four months, raising the possibility of an alliance between India's largest retailer and the world's largest retailer. If the alliance fructifies, it could reconfigure organized retail in India.

Wal-Mart announced that it will reopen 12 of its Seiyu stores in Japan, which were affected by the earthquake. A company spokesman added that the retailer is hoping to open the remaining 12 impacted stores as soon as possible.

Kohl’s has closed on the purchase of a building for a new e-commerce distribution center. It's expected to open in July 2011, and the 602,000-square-foot building will fulfill Kohls.com purchases, and Kohl’s will expand the facility to 1 million-square-feet by 2012.

Hot Topic will discontinue ShockHound.com, its website that sells music merchandise and MP3s, and said Amy Kocoureke, merchandising chief of its namesake division, left the company as it overhauls its business.

Wet Seal reported that net income for the fourth quarter ended Jan. 29 dropped to $5.3 million, compared with $74.2 million in the year-ago period. Last year’s fourth quarter included a noncash tax benefit of $64.7 million.

OneStopPlus.com announced its official partnership with Dress for Success, an international nonprofit organization that promotes the economic independence of disadvantaged women by providing professional attire, a network of support and the career development tools to help women thrive in work and in life.

BJ’s Wholesale Club shareholder Leonard Green & Partners said it’s considering making an offer for the U.S. membership warehouse chain, reviving its overtures after BJ’s began looking for suitors.

Gilt Groupe announced it's acquired leading home decor site Decorati, a destination site for upscale interior design products and services as well as a community for the display of designer portfolios.

Walgreens announced today that it plans to buy drugstore.com in a deal valued at $409 million. Investors in the online retailer will get $3.80 in cash for every share they own, which represents a 113 percent premium of the stock closing price on Wednesday.