Finance & Capital Management

Global Payments president Jeffrey S. Sloan has been named as the company's CEO by the company’s board of directors. He succeeds Paul R. Garcia, who has been the company’s CEO since June 1999 and Chairman since October 2002.  

Under Garcia's leadership, Global Payments became a publicly traded company in early 2001. At that time, Global Payments generated annual revenues of under $350 million, nearly all of which was sourced in the United States. Today, Global Payments is a multinational corporation with nearly $2.5 billion in revenues for fiscal year 2013.

Plano, Texas – J.C. Penney Company shareholder Alan Marcus is suing the troubled department store chain because of its recent decision to build equity by issuing more than $800 million worth of new stock, which sent share values plunging, Reuters reported.    

The report said Marcus, who bought 300 shares of Penney stock on Sept. 26 shortly before the new stock was announced, is trying to obtain class-action status for his suit.
     

Beachwood, Ohio — DDR Corp. has announced the closing of its previously announce acquisition activity totaling $591 million. The acquisitions include a portfolio of seven prime power centers in a newly-formed joint venture with an affiliate of Blackstone Real Estate Partners VII L.P. for $332 million in August and two market dominant regional power centers in Orlando, Fla. and Atlanta, Ga., for an aggregate $259 million in July.

Shares of Burlington Stores surged more than 40% in their first day of trading as the company executed an initial public offering on Wednesday.

The retailer operates 503 stores primarily under the name Burlington Coat Factory and sold 13.3 million shares that were priced at $17, slightly above an earlier range of $14 to $16. The limited number of shares contributed to strong demand and at the open the stock price popped more than 40% and closed at $25.13.

Proceeds from the sale were estimated to total roughly $205 million which the company planned to use to repay debt.

Springfield, N.J. – Village Super Market reported net income of $6.2 million during fourth quarter 2013 and $25.8 million during the full fiscal year. These figures were respectively down 31% from $9 million and 18% from $31.4 million year-over-year.

The retailer cited the negative impact of higher expenses and lower gross profits as contributing to its drop in net income.

Beachwood, Ohio — DDR Corp. has closed a previously announced acquisition of a portfolio of 30 power centers from a joint venture with Blackstone Real Estate Partners VII L.P. and settled its forward equity sale. DDR acquired Blackstone’s 95% share.

The company funded the investment through a combination of proceeds from the issuance of new common equity and unsecured debt, preferred equity and mezzanine loan repayments and the assumption of existing mortgage debt.

J.C. Penney is making headlines again thanks to shareholder Alan Marcus, who is suing the troubled department store chain because of its recent decision to build equity by issuing more than $800 million worth of new stock, which sent share values plunging, Reuters reported.

The report said Marcus, who bought 300 shares of Penney stock on Sept. 26 shortly before the new stock was announced, is trying to obtain class-action status for his suit.