Mergers & Acquisitions

Neiman Marcus is making moves to offset its debt and improve its capital structure.   The luxury department store’s first step was to eliminate 225 positions. Affected employees — which span all brands and operating divisions — will receive severance packages, and also be considered for other job openings within the company, according to the Dallas News.  

Death knells for B-Class malls are rung regularly by the general business press and tech pundits, but a major ratings service is telling investors to hold off on funeral plans.   “There’s certainly been far more store closings in 2017 than in previous years…but I think it’s fair to say that investors are comfortable that bricks-and-mortar retail won’t disappear,” said Fitch Ratings managing director Huxley Somerville in a video released by the company this week.  

Investors at the nation’s largest rent-to-own company are their losing patience.   Activist hedge fund Marcato Capital Management LP demanded in a letter on Tuesday, July 25, that Rent-A-Center start the process of selling itself. If the company doesn’t, the hedge fund threatened to throw out board members up for re-election at next year's annual meeting, according to Reuters.  

Michael Kors expects its newest acquisition to give it a stronger hold in the luxury sector.   The brand, which built its reputation on lines of high-end apparel, handbags, shoes and fashion accessories, has acquired luxury shoemaker Jimmy Choo for approximately $1.350 billion. The transaction, which is expected to close in the fourth quarter of 2017, has been approved by the boards of directors of both Michael Kors and Jimmy Choo.  

Dunhill Partners has acquired The Center at Pearland Parkway in Houston, which houses T.J. Maxx and Ross Dress for Less and is shadow-anchored by an HEB grocery store. Seller Stream Realty Partners did not disclose the sale price.   "Due to the ideal spacing between the two closest major retail nodes, the Center at Pearland Parkway offers tenants the ability to capture this under-served community with limited competition," said Stream managing director Mark Sondock.  

Walmart is stepping up efforts to drive energy efficiency across its distribution network.   The discount giant is adopting fuel cells and hydrogen stations from provider Power Plug — a move that will bolster its energy efficiency at up to 30 more locations. Walmart already has Plug Power fuel cells installed at 22 distribution centers, according to USA Today.  

J.C. Penney has a new finance chief.   The department store retailer named Jeffrey Davis as executive VP and CFO. Davis will report to Marvin R. Ellison, Penney’s chairman and chief executive officer.   

One investor wants Barnes & Noble to embark on a new chapter — with a new owner.   Activist investor Sandell Asset Management issued a letter to Barnes & Noble’s board of directors on Tuesday, urging the company to sell itself. The firm believes a sale would not only improve the value of the brand, but protect itself against a volatile marketplace that continues to take a toll on sales.