Mergers & Acquisitions

Seattle -- Nordstrom said it plans to open a Nordstrom Rack at 505 Fulton Street in Brooklyn, N.Y. The approximately 41,000-sq.-ft. store is scheduled to open in spring 2014.  The developer for the project is United American Land LLC.

The store will feature a unique design that will blend the architecture of the site — the landmark Offerman building — with the contemporary style of an adjacent, newly built structure. The single-level store will occupy the second floor retail space.

Weak second-quarter financial results from Office Depot offered the latest evidence of the strategic rationale underpinning the company’s pending merger with longtime rival OfficeMax.

Office Depot said sales in the second quarter ended June 29 declined 4% to roughly $2.4 billion and it posted a net loss of $64 million, or 23 cents a share, equal to a loss reported in the second quarter the prior year.

Pittsburgh -- GNC Holdings Inc. has named Carmine Fortino as executive VP business development. He most recently served as president of North American operations for Atrium Innovations Inc., a Canadian natural health products company. Fortino also previously held various management roles within Loblaw Companies Limited, including executive VP of Ontario operations, as well as executive positions with Zehrmart Limited, a grocery chain owned by Loblaw.

PITTSBURGH — GNC Holdings has named Carmine Fortino as EVP, business development. Fortino has extensive experience in the natural products industry and was also a former director of General Nutrition Centers, Inc. from 2007-2011.

"Carmine is a great addition to the GNC senior management team. His background in multichannel development across the health and wellness segment will enhance our approach to new market opportunities as we continue to implement GNC's proven growth strategy," said Joseph Fortunato, GNC's chairman, president and CEO.

Englewood, Colo. -- Sports Authority has named Stephen Binkley, formerly senior VP of merchandising and softlines, as its new chief merchandising officer. He replaces Greg Waters, formerly executive VP, chief merchant and chief marketing officer, who has decided to leave the company after 24 years to pursue personal interests.

During his tenure at Sports Authority, Waters held several leadership roles.

SILVER SPRING, Md. — Regency Centers Corp. and a co-investment partner have acquired the 31,316-sq.-ft. Shoppes of Burnt Mills in Silver Spring, Md., just north of Washington, D.C., for $13.6 million. Regency’s share of the off-market acquisition was $1.7 million.

NEW YORK — Hudson’s Bay Company has reached a deal to buy Saks Inc. The Canadian retail conglomerate, which operates Lord & Taylor in the United States and Hudson Bay in Canada, will purchase Saks and its 41 stores for a total of about $2.9 billion. Purchase price includes $16 per share of Saks as well as the assumption of Saks’ debt.

NEW YORK — Hudson’s Bay Company has reached a deal to buy Saks Inc. in a deal that is expected to bring the luxury department store company to Canada. The Canadian retail conglomerate, which which operates Lord & Taylor in the United States and Hudson Bay in Canada, will purchase Saks for a total of about $2.9 billion. Purchase price includes $16 per share of Saks as well as the assumption of Saks’ debt.