Mergers & Acquisitions

Four more and he’ll match his age.   Twenty-four-year old Joel J. Gorjian, a VP at Great Neck, New York-based Namdar Realty Group, has made his 20th retail center purchase in the past 12 months, this time a mall in suburban Chicago.  

Job losses are piling up in the retail industry amid ongoing store closings.    The retail industry experienced 11,669 job cuts in April, the highest total among all industries, bringing the year-to-date total to 50,133, according to a report released Thursday from global outplacement consultancy Challenger, Gray & Christmas. That is up 36% from the 36,977 retail-sector job cuts announced in the first four months of 2016.   

An executive from Avery Dennison Corp. is headed to Nordstrom.    The retailer announced that Anne Bramman is joining the company as CFO effective June 2, 2017. Bramman comes to Nordstrom from Avery Dennison, where she has served as senior VP and CFO since 2015. She previously held the CFO position at Carnival Cruise Line, and was also CFO of Henri Bendel, a subsidiary of L Brands Inc.  

Still awaiting approval on its acquisition by Bass Pro Shops, Cabela’s reported disappointing sales for its first quarter.    Total revenue in the quarter decreased 3.4% to $834.9 million, less than expected. Revenue from retail store sales decreased 3.9% to $542 million.   Online and catalog sales fell 12.6% to $136.1 million. Same-store sales fell 8.9%. U.S. comparable store sales decreased 9.1%.   

Amazon’s fashion journey may have just hit a bump in the road.   Cathy Beaudoin, the online giant’s president of fashion, has left her post — a position she has held for eight years, reported Business of Fashion.  

The retail environment in Canada is proving more challenging than some U.S. retailers had anticipated.     Express said it will close all 17 of its stores in Canada, and discontinue its Canadian operations through its Canadian subsidiary, Express Fashion Apparel Canada Inc. The retailer will continue to operate 635 stores in the United States.      

PEBB Enterprises has acquired Germantown Village Square in Memphis, its second property in Tennessee.   The Boca Raton-based REIT paid $28 million for the 199,629-sq.-ft. mixed-use power center, which houses TJ Maxx, DSW, and Petco alongside office space predominantly occupied The West Clinic, a subsidiary of Baptist Memorial Health Services.  

The fast-growing Floor & Decor Holdings announced the closing of its initial public offering.   The company’s shares are now trading on the New York Stock Exchange under the symbol “FND.” Founded in 2000, Floor & Decor is a multichannel specialty retailer of hard surface flooring and related accessories. It offers a broad in-stock assortment of tile, wood, laminate and natural stone flooring along with decorative and installation accessories.