Mar 14, 2013 1:52 PM by Patricia Collier
Colorado Springs, CO - Target announced an agreement to acquire Chefs Catalog, a Colorado Springs-based e-commerce business focused on cooking and kitchenware. Target also announced it will acquire assets of Cooking.com. The businesses will be combined into a new, wholly owned subsidiary of Target, and both brands will continue to operate under their current names.
"We are excited to bring Chefs and Cooking.com into the Target family," says Casey Carl, President, Multichannel and Senior Vice President, Enterprise Strategy at Target. "We know consumers are increasingly looking online for cooking solutions to make their lives easier-from utensils and cookware, to recipes. These strategic transactions provide us a great way to address this growing opportunity and will offer expanded online options for our guests."
Tim Littleton, president and chief executive of CHEFS, will be president of the wholly owned subsidiary and will report to Carl. Tracy Randall, chief executive and co-founder of Cooking.com, will become a consultant to Target.
Both transactions are expected to close within 30 days. Financial terms are not being disclosed.