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Mergers & Acquisitions

  • Best Buy reportedly reaches out to Schulze to resume talks

    Minneapolis -- A Thursday report by Bloomberg, citing unnamed sources, said that Best Buy Co. has rekindled its talks with co-founder Richard Schulze about an agreement that would allow Schulze to launch due-diligence efforts toward his proposed acquisition of the company.

    Best Buy reportedly reached out to Schulze shortly after announcing quarterly earnings on Aug. 21 that missed Wall Street estimates, according to one of the unidentified sources, who also said that both parties could reach an agreement later this week.

  • Organic grocer 'Sprouts' new leadership

    PHOENIX — Sprouts Farmers Markets announced that Shon Boney, who has served as CEO since the company's founding in 2002, will assume the role of chairman of the board of Sprouts. Long-time Sprouts president Doug Sanders will become president and CEO, whereby he will continue to be responsible for all day-to-day aspects of running the business.

    According to the company, Boney is taking on the chairman role in order to spend more time with his family in Sand Diego.

  • Carlos Slim reduces stake in Saks

    New York -- On Thursday, Saks’ top shareholder Carlos Slim sold 1.5 million of his shares in Saks Inc., remaining the retailer’s No. 1 shareholder but reducing his holdings to 25 million shares.

    The Mexican billionaire, through Inmobiliaria Carso SA De CV, sold the 1.5 million shares on Monday and Tuesday.
     

  • Receivership Sales: How Lenders Can Protect Their Security and Minimize Liability

    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.

  • Best Buy’s bad news poses CE challenge for WMT

    Wounded retailers have a tendency to take irrational actions which means Walmart could have its hands full this holiday season as Best Buy is looking desperate and has a new CEO at the helm.

  • Bernards breaks ground on mixed-use project on Miracle Mile

    Los Angeles -- Commercial builder Bernards said it has broken ground on a $105-million, mixed-use project at the intersection of Wilshire Boulevard and La Brea Avenue in the mid-city section of Los Angeles.  

    Three years in pre-construction and scheduled for completion in April 2014, the project is being developed by BRE Properties, based in San Francisco.

  • Michaels Stores’ Q2 income up 30%

    Irving, Texas -- Michaels Stores Inc. reported that its net income rose 30% to $13 million for the quarter ended July 28, from $10 million in the year-ago period. The retailer said an increase in total transactions and custom framing helped boost second-quarter earnings for the arts and crafts retailer.

    Total sales for the quarter ending July 28 rose 4.1% to  $892 million. Same-store sales increased 2.9%.

    Michaels filed for an IPO in March.
     

  • Report: Rona dealers critical of Lowe’s offer

    New York -- A group of Rona Inc.'s dealers on Wednesday released an open letter on Wednesday that criticized the proposed takeover of the Canadian home-improvement retailer and distributor by Lowe’s Cos., Reuters reported.

    The letter, which was addressed to Lowe's CEO Robert Niblock, was signed by merchants that operate 164 affiliate or franchise Rona stores.

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