P.M. BRIEFING : Melville Adds to Stake in Toys
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NEW YORK — Melville Corp. today announced an agreement to buy the assets of Circus World Toy Stores Inc. for about $95 million in cash.
The purchase of the 330 Circus World stores from Greenman Bros. Inc. will expand Melville’s position in toy retailing. Circus World will become a part of Melville’s Kay-Bee division, which operates 770 toy stores in 50 states.
The acquisition will be financed from operating cash flow and is not expected to dilute earnings, Melville said.
From its headquarters in Rye, N.Y., Melville oversees a collection of specialty retailers, including the off-price apparel chain Marshalls, Thom McAn shoe shops, Linens ‘n Things and This End Up furniture stores.
It also owns the CVS drug and beauty aids chain and last week announced plans to buy Peoples Drug Stores Inc. for $330 million.
Companywide sales totaled $7.6 billion last year.
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