Mergers & Acquisitions

Plano, Texas -- J. C. Penney Corp. has completed a new five-year $1.25 billion bank credit facility.

The new facility replaces a $750 million credit facility that was scheduled to mature in April 2012 and provides further strength to the company's liquidity position. The facility may be used for general corporate purposes and will mature in April 2016.
 

New York City -- Hudson’s Bay Co. will test its HBC’s Home Outfitters concept in the United States, opening two stores in New Jersey in late summer, The Globe and Mail reported.

If successful, the company will further expand the home-goods concept, which will be called Lord & Taylor Home in the United States. (Hudson’s Bay and Lord & Taylor are owned by Purchase, N.Y.-based NRDC Equity Partners.)

Sunbury, Pa. — Weis Markets on Thursday announced an increase of its 2011 capital expenditure budget by 7% to $110 million. The current budget includes 14 major remodels, two additions and three new/replacement stores.

The company currently is building a replacement unit near Reading, a new unit near Easton and a replacement unit near State College, all in Pennsylvania.

ASHEVILLE, N.C. — Net sales and net income for Ingles Markets realized a 4% and 38% increase, respectively, during the second quarter ended March 26, the retailer announced Friday.

Ingles reported that second-quarter net sales rose $33.4 million to $870.4 million, while second-quarter net income increased from $5.6 million to $7.7 million.

New York City -- Triple Five Worldwide Development Co. LLC, owner of the Mall of America in Minnesota, reached a deal with lenders and New Jersey Governor Chris Christie to complete and expand the stalled Meadowlands Xanadu entertainment complex in East Rutherford, N.J., Bloomberg reported.

FARMINGTON HILLS, Mich. --Pet Supplies "Plus" announced that Dave Bolen will join the company as president, effective May 2. PSP, a portfolio company of Irving Place Capital, is the third-largest pet specialty retailer in the United States, according to the company.

In case you missed it because you were too busy putting away the noisemakers or watching college football, the first day of 2011 was not just another New Year’s Day. It was a significant generational milestone: The first members of the Baby Boom generation turned 65.

Washington, D.C. -- Commercial real estate information company CoStar Group has signed a definitive agreement to acquire LoopNet, the leading online commercial real estate marketplace.

“CoStar revolutionized how the industry researches commercial real estate and LoopNet revolutionized the way the industry markets commercial real estate," said Andrew C. Florance, president and CEO, CoStar. "We expect the combination of our companies to give the $11 trillion commercial real estate market the full benefit of the Internet."