Mergers & Acquisitions

Sears Holdings has a new finance chief — again.   The struggling retailer announced that Rob Riecker, currently controller and head of capital market activities, has been appointed CFO, effective immediately. He replaces Jason Hollar, who resigned “to pursue another career opportunity,” the retailer said. Hollar was appointed to the role in October 2016.  

Things aren’t getting any better at Sears Holdings, at least not sales wise.   The struggling chain on Friday provided an update on its restructuring program, increased its cost-saving target, and also gave a first quarter update. Since the beginning of the fiscal year, same-store sales at Sears and Kmart declined 11.9% on a combined basis, 10.8% when excluding consumer electronics, compared to the year-ago period.  

It’s curtain time for Bebe Stores — or at least its brick-and-mortar operations.  

The game is back on at City Sports Inc.    In 2015, the Boston-based sporting goods retailer filed for bankruptcy and closed its 26 stores. Shortly afterwards, two Wharton-trained brothers, Brent and Blake Sonnek-Schmelz, bought City Sports' intellectual property rights at a bankruptcy auction for $400,000.    

West Elm is expanding in Texas.   The retailer, a division of William-Sonoma, will open its first Fort Worth location this summer. The 10,502-sq.-ft. store will be located at West 7th Fort Worth, an open-air center in the heart of the ‘Cultural District” in Fort Worth, Texas.    The West 7th development encompasses nearly five blocks of pedestrian-friendly urban elements. It is managed by Vestar.  

Target’s food-based innovation lab, which was targeted to be shut down, may get a second lease on life.   Target’s Food + Future lab initiative ended up on the retailer’s chopping block — along with other innovative projects — as it refocuses efforts on its core business. However, on Tuesday, April 17, sources said an inves-tor approached the chain with an offer, reported the Star Tribune.   

Walmart continues its online buying spree, but this time the target is a Web domain.   ShoeBuy.com, which Walmart acquired in January, has acquired the shoes.com domain name and related intellectual property for $9 million, according to documents filed with the Supreme Court of British Columbia in Bankruptcy and Insolvency. In an unexpected move, the Canada-based Shoes.com shut down its online sites and brick-and-mortar operations in January.   

Albertsons Companies has appointed Wayne Denningham, currently executive VP and COO, to the new role of president and COO for Albertsons Companies. Denningham will continue to lead store operations with added oversight of marketing & merchandising, supply chain, manufacturing, and integration, all of which will continue under their current leadership.  

San Diego-based RAF Pacifica Group recently acquired a 40,000-sq.-ft. land parcel (formerly the site of Cedros Gardens), in the Solana Beach section of San Diego for $5.5 million from a private owner.   The firm plans to develop 26,000 sq. ft. of the property, located within the rapidly growing Cedros Design District. The upscale community is known for its two-and-a-half-block, open-air shopping district housing yoga studios, eateries, galleries, and weekly farmers market.  

Inland Real Estate, the Oak Brook, Illinois, acquisition machine headed by Joe Cosenza, has purchased another center to keep the acquisition tote board on its website churning past $44 billion.   Its latest purchase is the 199,335-sq.-ft. Pentucket Shopping Center in Plaistow, New Hampshire, 40 miles north of Boston. The center houses Home Depot, Staples, and Bed Bath & Beyond and is shadow-anchored by a Super Walmart.