Finance & Capital Management

Northbrook, Ill. -- Pine Tree Commercial Realty and New York City-based Silverpeak Real Estate Partners announced they have formed a joint venture with the goal of acquiring retail assets and portfolios across the United States.

According to Chris Westfahl, principal of Silverpeak, and Peter Borzak, co-founder and principal of Pine Tree, the new JV – Pine Tree Silverpeak Retail Partners LLC – plans to pursue transactions greater than $10 million and across the risk spectrum, ranging from raw land for development to stabilized core assets.

New York City -- Fast-casual restaurant operator Au Bon Pain is launching a major remodeling program that will transform all of its 318 cafes. The Boston-based chain also is testing iPads as an order-taking device in select stores.

Under this initiative, the company has already remodeled a majority of its cafes in the greater New York City area, one of the company's largest markets.

Hartford, Conn. -- RBS recently completed a $20 million senior credit facility for FM Global Holdings (FM Facility Maintenance). The proceeds will be used to provide working capital for growth and acquisition financing.

New York City -- The U.S. shopping-center industry grew to approximately 108,000 centers in 2010, according to the latest statistics from CoStar Group. The data, compiled on behalf of the International Council of Shopping Centers (ICSC), marked the slowest U.S. industry growth (+0.2% or 259 centers) on record since at least 1971 for which consistent data exist.

Norwalk, Conn. -- Retail chief financial officers (CFOs) of U.S. middle-market companies are becoming more optimistic concerning the state of the industry, according to the latest GE Capital survey of  retail CFOs of companies with revenues ranging from $50 million to $1 billion.

HINGHAM, Mass. — Talbots reported that first quarter income from continuing operations was $0.9 million, or 1 cent per share, compared with last year’s loss from continuing operations of $7.1 million, or 12 cents per share.

EL SEGUNDO, Calif. — Boyd Clark was named SVP buying at Big 5 Sporting Goods following the resignation of long-time head merchant Thomas Schlauch, the company announced.

PHILADELPHIA — Sales and profit growth were hard to come by at Pep Boys during the first quarter, although the leading provider of automotive services and parts forged ahead with growth plans.

ANN ARBOR, Mich. -- Borders Group executive VP and chief merchandising officer Michele Cloutier has resigned, Borders said in a late afternoon Friday filing with the U.S. Securities and Exchange Commission.

It is the latest in a string of high-level departures from the bookseller as it struggles to emerge from bankruptcy protection.

On Thursday, the company received a deadline extension until mid-October to file a plan to restructure. An attorney for Borders said parts of the company could be sold in as quickly as two weeks.

PORT WASHINGTON, N.Y. — NPD Group named Perry James, a 16-year veteran with the research firm, as the new president of home and office supplies. 

James replaces Peter Goldman, who moved on to a position within NPD as SVP technology analyst business. 

Before his current position, James was president of NPD’s office supplies and software businesses. From 2005 through 2007, he was with the home group on the business development side.