Finance & Capital Management

Kimco Realty Corp. has purchased the remaining 85% interest in a four-property joint venture portfolio, a deal that includes the assumption of $103 million in mortgage debt. The company also announced it had acquired a Whole Foods-anchored center in the D.C. area for $95 million.  

As retailers industry-wide search for the ideal customer engagement program, Williams-Sonoma is getting back to basics.  

Based on ongoing discussions with the Federal Trade Commission, Walgreens Boots Alliance gave an update on the amount of stores it will need to divest to win approval for its acquisition of Rite Aid.     Walgreens Boots Alliance said it now expects that the most likely outcome will be that the companies will be required to divest more than 500 stores, but fewer than 1,000 stores. The company previously said that it expected it would have to divest 500 or fewer stores.    

Petco will be busy in September.   The retailer announced it will open 13 stores in September, along with one relocation. The expansion reflects Petco’s 2016 growth plan, which includes 34 new Petco stores and one new Unleashed by Petco year-to date.  

Pier I Imports is on the hunt for a new chief executive.   The home décor retailer said that its board of directors had  “mutually agreed” with Alex W. Smith that he will step down as president, CEO and a board member, effective Dec. 31, 2016. Pier I’s board is working with Korn Ferry to find a new CEO.  

Chain Store Age is pleased to announce that its sister brand, Retailing Today, has become part of a larger, more robust Chain Store Age, one with greater industry coverage and retail audience reach.   “With the merging of Retailing Today into Chain Store Age, readers and advertisers can expect a comprehensive brand representing the full range of omnichannel retail operations,” said Gary Esposito, group publisher, Chain Store Age.  

Pacific Sunwear of California Inc. has won court approval to exit Chapter 11 bankruptcy.   The chain’s reorganization plan was approved by the court on Tuesday. Under the plan, the chain will give all its stock to affiliates of private equity firm Golden Gate Capital, its senior lender.   

Photo: Noel Mannion   Noel Mannion, who spent the bulk of his career with the National Realty & Development Corp., has been named the Purchase, New York-based company’s executive VP of property operations.   Mannion, previously managing director of operations, will be responsible for overseeing budgeting, maintenance, repair and improvement projects, billing, lease administration, and risk management for NRDC’s portfolio of more than 78 projects in 14 states.  

Francesca’s Holdings Corp. posted better-than-expected sales and earnings for its second quarter, helped in part by higher online sales.   The retailer reported a profit of $10.6 million, or 27 cents a share, compared with a profit of $9.3 million, or 22 cents a share, in the year-ago period.      Sales increased 9% to $115.3 million, helped by a net gain of 44 stores over the year-ago period. Online sales rose 37%.    

A newly formed developer called the Maker Bros. has announced plans to build a $150 million mixed-use project in South Austin, Texas, christened the Saint Elmo Market District.   A 40,000-sq.-ft. former school bus factory on the site will be converted into and indoor-outdoor marketplace that will serve as the new home of the Saxon Pub, a celebrated live music hall in Austin. Maker Bros. has apportioned 100,000 sq. ft. of the site for office space, a boutique hotel, and condos.