Finance & Capital Management

Pittsburgh – The board of directors of GNC Holdings has authorized a multi-year program to repurchase up to an aggregate $500 million of the company's Class A common stock. The authorization is effective immediately.  The GNC may finance any repurchases with cash, potential financing transactions, or a combination of the foregoing.  

Toronto – Sears Canada is undergoing a six-month reorganization that will result in 712 job cuts, including 79 staffers that have already been terminated at its head office. According to Sears, the head office staff reduction aligns its support structure with the size and volume of the organization and also takes advantage of internal processes that have been recently implemented to improve efficiency.

Matteson, Ill. — Cole Credit Property Trust IV has acquired the 150,045-sq.-ft. Matteson Center in Matteson, Ill., for approximately $19 million. Marshalls, Sports Authority, Ross Dress for Less and PetSmart anchor the community shopping center located in the suburbs south of Chicago.

Mid-America Real Estate Corp. represented the seller, Kimco Realty Corp. in the transaction. Mid-America Real Estate Corporation is a member of Mid-America Real Estate Group www.midamericagrp.com, a ChainLinks affiliate headquartered in Oakbrook Terrace, Ill.

Sears Canada is undergoing a six-month reorganization that will result in 712 job cuts, including 79 staffers who have already been terminated at its head office.

According to Sears, the head office staff reduction aligns its support structure with the size and volume of the organization and also takes advantage of internal processes that have been recently implemented to improve efficiency.

New York -- Fitch Ratings expects total U.S. retail sales growth in the 4% range in 2014, a modest increase over expected 2013 figures that reflects slight improvement in both the employment rate and real wages.

Fitch expects 2013 holiday sales to grow in the 3%-4% range, in line with The National Retail Federation forecasts that November and December sales will increase 3.9% year over year to $602 billion.

New York – The Jones Group has reportedly set Dec. 1 as a final deadline for a buyout bid from Sycamore Partners. According to Women’s Wear Daily, with the assistance of Citi Jones Group has gone through an extensive auction process which at times included KKR & Co. and G-III Apparel Group Ltd.

Highland Park, Ill. — Executives with Renaissance Place are working with officials from the City of Highland Park, Ill., to identify the best use for a 49,000-sq.-ft. building that Saks vacated at the close of 2012.

One possible use is healthcare, which may involve interventional cardiology, MRI/radiology and other outpatient services. The Renaissance Place team is also considering national, regional and local retailers.

Okay, maybe not president, but if or when Walmart U.S. president and CEO Bill Simon leaves the company after being passed over for the top job, it will be Walmart’s loss and the nation’s benefit if he pursues political office or public service.