Mergers & Acquisitions

A veteran retailer has been named co-chairman of Lululemon Athletica.   The retailer has appointed Glen Murphy to its board as co-chairman, effective immediately.    Murphy served as chairman and CEO of Gap Inc. from 2007 to 2014. Prior to that, he was CEO of Canadian drugstore chain Shoppers Drug Mart. Currently, Murphy is head of FIS Holdings, where he is responsible for leading the high-impact consumer-focused investment firm deploying a combination of operating guidance and capital flexibility.

Eastern Outfitters could soon be adding to the surge of store closings among U.S. retailers.   The company won a court order on Thursday, April 6, for an expedited hearing on its plan to shutter 48 of the 86 stores its operates under the Bob's Stores and Eastern Mountain Sports brands, according to Reuters.  

Bids are being accepted on the leases for 425 Payless ShoeSource locations through May 15, according to RCS Real Estate Advisors, which has been retained to handle the disposition.   The stores range in size from 2,000 to 5,000 sq. ft. and are situated in both mall and street environments.   Payless this week filed for Chapter 11 bankruptcy protection, listing liabilities between $1 billion and $10 billion. It will continue to operate its business as usual at its nearly 4,000 other locations. 

Stage Stores is officially adding Gordmans stores to its portfolio.   Stage Stores closed on its previously announced acquisition of selected assets of Gordmans Stores, the Omaha, Nebraska-based department store chain that filed for Chapter 11 on March 13.   

eBags is about to embark on a new journey.   The online luggage retailer is being acquired by Samsonite International. The deal, which is valued at $105 million, is part of Samsonite’s ongoing strategy to accelerate the growth of its direct-to-consumer, e-commerce business, and strengthen its existing digital capabilities, the company reported.   

The fashion retailer known for its bold, colorful designs is losing its chief executive.   Benetton Group’s Marco Airoldi will resign as of May 16. The board accepted his resignation on Tuesday.   Airoldi joined the company in 2013 – first as a consultant, then as CEO and managing director. During his tenure, he has contributed to the definition and subsequent launch of the company’s refocus and relaunch plan, which targets a selection of markets, stores and the Benetton Group brands. 

Fred’s plan to purchase at least 865 divested Rite Aid stores may be getting a step closer to becoming a reality.    More than one prominent investor has recently approached Fred’s Pharmacy with the intention of investing money in the operator of 601 locations in 16 states, according to the New York Post.  

Riverpoint Center, a 211,000-sq.-ft. grocery-anchored center in Chicago’s Lincoln Park neighborhood, has been acquired by Federal Realty Investment Trust for $107 million.   Mid-America Rea Estate brokered the sales of the center, which is anchored by Jewel-Osco, Marshalls, and Old Navy. The name of the seller was not disclosed.   Riverpoint Center is located at the northwest corner of West Fullerton and North Clybourn Avenues in Lincoln Park, an affluent neighborhood on the lakefront north of downtown.

Hudson’s Bay Co.’s newest executive is joining the company just in time to lead the European division’s next phase of development.   Dr. Wolfgang Link will become CEO of HBC Europe, effective May 1. He will lead the expansion and growth strategy for the department store’s European business, including Galeria Kaufhof, Galeria Inno, and the entrance of Hudson’s Bay and Saks OFF 5TH. Reporting to HBC’s CEO Jerry Storch, Dr. Link will also oversee the European management team.  

Ace Wholesale Holdings has appointed a new executive to drive the company’s ongoing expansion.   Mark Spanswick was named president and general manager of Ace Wholesale Holdings LLC, a subsidiary of Ace Hardware Corp.