Philip runs the business day to day, while his brother, Eric, 29, is the creative, design-minded in-store operator.
Goodwill Industries, for instance, generated $2.8 billion in retail sales in 2009, while thrift store operator Buffalo Exchange now has 39 stores in 14 states.
Couche-Tard, the leading convenience store operator in Canada, has bought several hundred outlets in the Midwest over the last three years, notably the Bigfoot and Dairy Mart chains.
They sold their holding in Saks for $362 million when Hudson's Bay Company bought the department store operator in July 2013.
The announcement came just two weeks after the Deposit Insurance Corporation, a government agency, and one of the country's largest banks said they would forgive $4.5 billion in loans to the department store operator, which is based in Osaka.
Tesco is the largest convenience store operator in the country, running about 1,500 Tesco Express stores as well as the One Stop chain.
[C2.] More Pressure on Japanese Banks Daiei, a struggling discount store operator in Japan, won a new lease on life from its banks.
At the high end, the deal values Matahari at $3.4 billion, or nearly four times the $892 million valuation, including debt, at which CVC and its fellow investors acquired the department store operator in 2010.
Couche-Tard, which means "go to bed late," is set to be the fourth-biggest convenience store operator in the United States with an agreement last week to buy more than 2,000 outlets owned and franchised by the Circle K Corporation for $821 million.
Lotte Shopping, the biggest department store operator in South Korea, confirmed Monday morning that it had agreed to buy a controlling stake in Hong Kong-listed Times Ltd. "We have in effect acquired Times, though some processes [to complete the deal] remain," said a spokesperson for Lotte Group, parent company of Lotte Shopping.
A damped sales outlook from Macy's set off a drop in chain store operators' shares.
