Mergers & Acquisitions

San Francisco -- W. Howard Lester, chairman emeritus and former CEO of Willliams-Sonoma, died Nov. 15 from cancer at his home in Indian Wells, Calif. He was 75.

Lester purchased the company with a partner in 1978, when it generated $4 million in annual sales and had four stores. During his time as CEO, from 1978 to 2001, and later as chairman, Lester took Williams-Sonoma public and expanded it to 600 stores and more than $3.4 billion in sales, the company said yesterday in a statement.

Chesapeake, Va. -- Dollar Tree announced that it has completed its purchase of the assets of  Dollar Giant Store Ltd, which is based in Vancouver, B.C. The purchase is Dollar Tree’s first expansion of its retail operations outside of the United States.

Dollar Giant stores offer a wide assortment of quality general merchandise, contemporary seasonal goods and everyday consumables, all priced at $1.25 (CAD) or less. The stores average 9,000 sq. ft. and operate in British Columbia, Ontario, Alberta and Saskatchewan.

In the November issue of Chain Store Age (page 28), leasing specialist Bill Bosco discussed what is being called the biggest threat to retailers’ earnings: the Financial Accounting Standards Board’s (FASB) proposed new rules for lease accounting.

According to Bosco and other experts, the new rules will essentially turn operating leases into capital leases for accounting purposes, wreaking havoc on retailers’ bottom lines.

Madison, Miss. -- Chattanooga, Tenn.-based CBL & Associates Properties announced the opening of Phase I of The Forum at Grandview, a community center development in Madison, Miss.

The 110,000-sq.-ft. Phase I opened 100% leased with anchors Best Buy, Dick’s Sporting Goods and Stein Mart. The new stores join the existing anchors Miskelly Furniture and Malco Grandview Theater.

The Forum at Grandview is a joint venture of CBL and The Mattiace Co.

Natick, Mass. -- BJ's Wholesale Club reported third-quarter earnings Wednesday that beat Wall Street expectations on improved revenue from gas and merchandise rose. The warehouse club operator raised its earnings guidance for the year.

BJ’s net income rose to $23 million for the three months ended Oct. 30, up from $17.4 million a year ago.

Revenue rose 5% to $2.63 billion from $2.51 billion last year, just shy of the $2.64 billion expected by analysts. Same-store sales rose 2.5%, or 1.5% excluding gas sales.

New York City -- Barnes & Noble's shareholders on Wednesday ratified a shareholder rights plan that prevents an outside investor from acquiring 20% or more of the company's shares without board approval. 

Preliminary results show 72% of shareholders voted in favor of the plan at a special shareholder meeting in New York. The plan limits shareholder stakes to 20%, finally making the so-called "poison pill" official.

Raleigh, N.C. -- Jacksonville, Fla.-based Regency Centers said it has leased restaurant space in Raleigh, N.C., at Market at Colonnade to Panera Bread.

Panera has leased 4,000 sq. ft. and is slated to open in spring 2011.

Market at Colonnade is a 57,511-sq.-ft. shopping center anchored by a 40,000-sq.-ft. Whole Foods Market.