Wetzel's Pretzels, the Pasadena pretzel chain, has been sold to a Dallas private equity firm. Levine Leichtman Capital Partners, a Los Angeles private equity firm that has owned Wetzel's for nine years, sold its majority stake to CenterOak Partners for an undisclosed amount, said Bill Phelps, Wetzel's chief executive and co-founder. The company will remain based in Pasadena. There are no plans to close any of the nearly 300 locations or lay off any of the chain's roughly 3,000 employees, Phelps said. Phelps, who will stay on as CEO and the largest individual shareholder, said Levine Leichtman held onto its stake in the chain for far longer than most private equity investments.
A business leader has accused the former owners of BHS of "lamentable failures", saying its collapse has fuelled public distrust UK plc. Simon Walker, head of the Institute of Directors (IoD), told Radio 4's Today that Sir Philip Green has a moral responsibility to the retailer's staff. The IoD normally promotes the cause of business, but Mr Walker said there were still many unanswered questions. Sir Philip is due to give his side of the story to MPs later this month. It was announced on Thursday that the department store will be wound down with the loss of up to 11,000 jobs after efforts to find a buyer failed.
The most decorated Olympian is trying his hands at a new venture: tech investing. Michael Phelps, winner of 28 Olympic medals, is looking to join the long list of successful athletes turned investors. At the Intuit software conference in San Jose, Phelps expressed his interest to the Associated Press. "I would love to get involved," Phelps told the news outlet. "Whether it's in a couple little startups here and there, take a little risk, have some fun and see where it goes."
Department store BHS is to go into liquidation with the loss of up to 11,000 jobs after efforts to find a buyer failed. The decision followed a lengthy bidding process aimed at saving BHS, which went into administration in April. But none of the offers was judged acceptable by administrators Duff & Phelps, who blamed "seismic shifts" in the retail sector for the collapse. All 163 BHS stores will be holding closing sales over the coming weeks. Hilco Retail Services has been appointed to assist in the process of winding down the BHS store network.