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    • On October 21, 2016, it was reported, several companies have expressed interest in acquiring the debt-laden American Apparel. Brand licensors Authentic Brands Group and Iconix Brand Group are among the companies eying the chain, Reuters reported. Negotiations could lead to American Apparel filing for bankruptcy for the second time in two years, according the report, as a filing would allow the buyer of the chain to leave behind liabilities of tens of millions of dollars, including leases for more than 200 stores.
    • On October 19, 2016, it was reported, traders have lost faith in Walgreens' giant deal to buy Rite Aid. Rite Aid's shares were sliding Wednesday after a report from the New York Post said the supermarket chain Kroger may no longer be interested in acquiring 650 stores from the two companies as part of that deal. Walgreens and Rite Aid would have to sell the stores to gain antitrust approval for the deal. Rite Aid's stock is trading around $6.70, well below the $9 a share Walgreens is offering for the company. According to Bloomberg, that means traders see only an 18% likelihood that the deal will close.
    • On October 17, 2016, it was reported, Pier 1 Imports' argest active institutional investor is once again at odds with the retailer, demanding a shake up of the company's board. In an Oct. 14 letter sent to Terry London, chairman of Pier 1's board of directors, New York investment management firm Alden Global Capital said London and the entire board "cannot be trusted to protect the best interest of Pier 1 shareholders." Alden added the board has lost the Fort Worth retailer's shareholders nearly $500 million with a "broken capital allocation strategy," and destroyed shareholder value with share repurchases. In addition to shareholder concerns, Alden said the board and Pier 1 CEO Alex Smith have failed to produce meaningful earnings for the company. Between fiscal years 2013 and 2016, Pier 1 has seen a more than 45 percent dip in earnings before interest, taxes, depreciation and amortization, despite seeing a small increase in revenue, the firm said. Alden took aim at London and Smith in particular. The letter states that since London's appointment as Pier 1's chairman in fiscal year 2013, he company's stock has fallen 75 percent from around $16 to roughly $4. In contrast, in that time period, London has earned nearly $1 million in board fees. Smith has also been overcompensated since taking over as CEO nearly a decade ago, Alden said. Since then, Pier 1's stock has dipped from $6.50 to $4, but Smith has been paid more than $70 million.
    • On October 12, 2016, it was reported, American Leather Holdings LLC, a portfolio company of Capital Partners Private Equity Income Fund II LP, has acquired Lee Industries. According to documents obtained by Furniture Today from several sources, American Leather acquired Lee on Sept. 28. American Leather was acquired by CP II along with the company's senior management team in July 2012 and was CP II's first platform investment. According to the document, Capital Partners structured the initial American Leather transaction and the Lee transaction "primarily with equity and only a moderate level of debt financing in order to provide a strong balance sheet from which to implement its growth plan." Lee Industries was founded by Bill and Dottie Coley and has manufactured high-end furniture in Conover, N.C., since 1969. American Leather, founded in 1990, produces custom-upholstered leather and fabric furniture at its Dallas facility.