Mergers & Acquisitions

AMSTERDAM — Royal Ahold's U.S. subsidiary saw net sales rise 3.4% in light of challenging market conditions, the retailer reported last week.

York, Pa. -- The Bon-Ton Stores Inc. said that it plans to close its Carson's store in the River Oaks Mall in Calumet City, Ill., when the lease expires in January. 

The department store company said doesn't expect costs tied to the closing to be material.

Bon Ton received the leasehold interests in the store as part of its Northern Department Store Group acquisition in 2006.
 

Minneapolis -- Best Buy Co. announced Monday that it as agreed to let founder and former chairman Richard Schulze conduct due diligence and form an investment group with private equity sponsors as he tries to take the retailer private.

Best Buy said its agreement with Schulze establishes a non-exclusive, orderly process that satisfies his requests and protects the interests of shareholders.

By Jim Hogan, [email protected]

The retail industry is a bellwether for U.S financial health given that consumer spending is roughly 60%-70% of the economy. While the economy has sent mixed signals of late -- consumer confidence down, unemployment up -- consumer credit has swung up decidedly and leading companies in a wide swath of retail segments can point to positive year-over-year same store sales. This is prompting some retailers -- particularly discount stores--to begin opening new stores.

MINNEAPOLIS — Richard Schulze has moved one step closer to achieving his goal of acquiring Best Buy. The company has agreed to let its founder and former chairman access to certain due diligence information and form an invesment group so that he may continue his efforts to attempt to buy the company.

New York -- Advisors to Supervalu Inc. are asking potential buyers to bid for the entire operation, even as several suitors have inquired about individual parts of the U.S. grocery company, according to a report by Bloomberg News.

In July, Supervalu said it was looking at options for overhauling the company, including a sale. The chain hired Goldman Sachs Group Inc. and Greenhill & Co as advisors.
 

MISSISSAUGA, Ontario — The first of 39 former Zellers stores in Canada celebrated its grand opening as a Walmart store Friday.

According to Walmart Canada, the 69,000 sq. ft. store located in Newmarket, Ontario, will feature easy-to-navigate aisles with directional signage, and a bright interior colour palette, which help define the store's merchandise areas, and lower shelving throughout for an improved sightline. In addition, a pharmacy has been added to the store making it even easier for customers to find everything they need.

By James H. Donell, CPM  CCIM, [email protected]

When a commercial real estate property goes into foreclosure, the effects can be damaging for all parties involved – not only for the owner of the property who has defaulted, but also the lender and any additional creditors who may have a lien on the property.