Finance & Capital Management

With Congress in recess this week, legislators can finally take a break from the grind of D.C. politics – fighting with the other party, fighting with their own party, and of course, the spotlight of a relentless national media. But in a lot of cases, members may have it better in D.C. than back home.   

Regency Center has announced the start of a ground-up addition to a center in an affluent section of Miami.   The nation’s largest retail REIT will add 70,000 sq. ft. of retail to an existing 173,000-sq.-ft. Target on US- 1 to create the new center, called Pinecrest place. The bulk of the addition will be occupied by a 46,000-sq.-ft. Whole Foods Market.   Construction is expected to be completed in second quarter 2018.  

Omega Sports has a new owner.    The Greensboro, North Carolina-based sporting goods retailer has been acquired by Craig and Kristin Carlock. Effective immediately, Craig Carlock, former CEO of specialty grocer The Fresh Market, is Omega’s new CEO.  

The going-out-of-business sales have started at Hhgregg.   The bankrupt retailer began liquidating its assets on Saturday, April 8, after failing to find a buyer. The chain said it expects to close all of its 220 stores by the end of May.  

A veteran retailer has been named co-chairman of Lululemon Athletica.   The retailer has appointed Glen Murphy to its board as co-chairman, effective immediately.    Murphy served as chairman and CEO of Gap Inc. from 2007 to 2014. Prior to that, he was CEO of Canadian drugstore chain Shoppers Drug Mart. Currently, Murphy is head of FIS Holdings, where he is responsible for leading the high-impact consumer-focused investment firm deploying a combination of operating guidance and capital flexibility.

Von Maur has opened its first location in Wisconsin.   The family-owned company opened a 150,000-sq.-ft. store at The Corners of Brookfield in Brookfield, Wisconsin.   Von Maur has been expanding with its eye on a national footprint. After expanding beyond its Midwestern footprint in 2011 with the opening of its first location in Georgia, Von Maur has since grown in additional new states including New York, Alabama and Oklahoma.   

Eastern Outfitters could soon be adding to the surge of store closings among U.S. retailers.   The company won a court order on Thursday, April 6, for an expedited hearing on its plan to shutter 48 of the 86 stores its operates under the Bob's Stores and Eastern Mountain Sports brands, according to Reuters.  

Bids are being accepted on the leases for 425 Payless ShoeSource locations through May 15, according to RCS Real Estate Advisors, which has been retained to handle the disposition.   The stores range in size from 2,000 to 5,000 sq. ft. and are situated in both mall and street environments.   Payless this week filed for Chapter 11 bankruptcy protection, listing liabilities between $1 billion and $10 billion. It will continue to operate its business as usual at its nearly 4,000 other locations. 

L Brands’ recent exit from swimwear continues to take its toll on the company’s sales.    The specialty retailer, which operates Victoria’s Secret, Pink, Bath & Body Works, La Senza and Henri Bendel, reported its net sales decreased 7% to  $951.4 million for the five weeks ended April 1, 2017. This is compared to net sales of $1.027 billion for the five weeks ended April 2 , 2016.  

Stage Stores is officially adding Gordmans stores to its portfolio.   Stage Stores closed on its previously announced acquisition of selected assets of Gordmans Stores, the Omaha, Nebraska-based department store chain that filed for Chapter 11 on March 13.