Finance & Capital Management

A new deal could give Amazon a foothold in the Middle East.   Amazon has agreed in principle to buy Souq.com, a leader in the Middle East's online shopping market, according to a report in Reuters.   

MC Sports, a longtime fixture in the Midwest that filed for bankruptcy in February, has put leases on its stores in seven states up for auction.   The 58 stores range in size from 11,000 to 46,000 sq. ft. and are located in Iowa, Illinois, Indiana, Michigan, Missouri, Ohio, and Wisconsin. Bids are due by April 7 to A&G Realty Partners, which is handling the auction.  

Meijer continues to expand its presence in the Indianapolis area.   On May 2, the retailer will open two supercenter in McCordsville, Ind., and one in Franklin, Ind.   The Indianapolis-area supercenters are two of seven new stores Meijer is opening in Indiana, Michigan and Wisconsin this year.  

The parent company of Dunkin' Donuts and Baskin-Robbins announced that Paul Carbone, CFO, is leaving the company effective April 21, 2017.  

Online gaming is taking its toll on GameStop in a big way.   The retailer said that its video game category was weak, particularly in the second half of the year. This challenge, combined with shoppers’ attraction to online gaming, contributed to a total global sales decrease of 13.6% to $3.05 billion for the fourth quarter ended January 28, 2017.   The company earned $208.7 million, in the fourth quarter, compared with profits of $247.8 million for the same period a year ago.  

The baton has officially been passed at Macy’s.   Jeff Gennette has been named as the department store chain’s new CEO, succeeding Terry Lundgren, who will continue as executive chairman.   Gennette, who has served as Macy’s president since 2014, is Lundgren’s handpicked successor. Prior to becoming president, he was appointed Macy’s chief merchandising officer in 2009.  

The Pinnacle Nord du Lac Shopping Center on the north end of the world’s longest bridge — the Lake Pontchartrain Causeway — is adding about 30% to its size.   Property owner Cypress equities has begun construction on an 94,500 sq. ft. of GLA that will house new lifestyle retail and restaurants at the Covington, Louisiana, center that currently spans 327,000 ft.  

Home Depot disclosed an ongoing Environmental Protection Agency investigation into its lead safety practices related to its installation services business.   In an SEC filing published on Thursday, Home Depot disclosed an investigation by the EPA's criminal investigation division into its compliance with lead-safe work practices. Home Depot is currently cooperating with the EPA, having previously responded to civil document requests from several EPA regions.  

Payless could be the newest retailer headed toward bankruptcy.   The struggling retailer could file for bankruptcy as soon as next week. In the meantime, Payless is already making plans to reorganize operations by shuttering stores, according to Bloomberg.   

A combination of sluggish mall traffic, a shaky sporting goods industry, and poorly performing merchandise took a toll on The Finish Line in the fourth quarter and fiscal 2016.