Mergers & Acquisitions

HOFFMAN ESTATES, Ill. — A spokesman for Sears Holdings Corp. said that the owner of Sears and Kmart stores is cutting 100 jobs at its headquarters in Hoffman Estates, Ill.

According to Chris Brathwaite, Sears spokesman, the cuts cover a range of positions. The terminated employees were notified Thursday.

The retailer has not said whether additional cuts are planned.

Glendale, Ariz. -- Westwood Financial Corp. has sold Olive Square, an 86,225-sq-.ft. retail center in Glendale, Ariz., to seller North American Realty Acquisition Corporation for $6.3 million.

New York City -- A retail real estate market report, issued by Savills US retail group, found that, even as recovery remains slow, a few formats are progressing at a faster clip than others.

According to Gerry Mason, head of Savills, the majority of recent and planned retail development is in the grocery-anchored and outlet center category. CBL & Associates and Tanger Outlets are among the most active developers scheduled to break ground in 2012.

Here we go again. Every so often the media gets a hint that Wal-Mart Stores is looking to expand into Russia and the speculation begins. The latest report from Reuters claims that the retailer still sees opportunity in the country as it looks to possibly by the X5 chain. X5, however, is denying reports that it is in talks with Walmart. Whether a purchase in Russia will happen anytime soon remains to be seen, but anything regarding the biggest retailer and one of the biggest markets will continue to garner attention.

Tarrytown, N.Y. -- DLC Management Corp. announced that it has named Jonathan Wigser as chief investment officer, charged with leading all of the company’s acquisition and disposition activities.

Since joining DLC in 2002, Wigser has been involved in the acquisition and disposition of more than $1.1 billion of retail real estate, in addition to raising more than $250 million of equity from institutional and high net worth investors.

New Albany, Ohio -- Abercrombie & Fitch CEO Mike Jeffries told analysts during a conference call Wednesday that the teen retailer would close 180 U.S. stores by 2015.

The chain will target underperforming locations for closure, and by shuttering them hopes to boost image and profits. Specific stores slated for closure have not yet been announced.

Pittsburgh -- GNC Holdings reported Thursday that net income for the fourth quarter rose to $37.7 million, compared with $18.8 million a year earlier.

Revenue increased 17% to $509.6 million in the quarter; domestic same-store sales rose 12.1%.

In 2012, GNC plans to open approximately 125 net new domestic retail locations, 15 net new domestic franchise locations, 150 net new international franchise locations, and 50 net new GNC-Rite Aid store-within-a-store locations.

Hoffman Estates, Ill. -- A spokesman for Sears Holdings Corp. said that the owner of Sears and Kmart stores is cutting 100 jobs at its headquarters in Hoffman Estates, Ill.

According to Chris Brathwaite, Sears spokesman, the cuts cover a range of positions. The terminated employees were notified Thursday. 

The retailer has not said whether additional cuts are planned.