Mergers & Acquisitions

Same property net operating income during the first quarter was up 3.2% at Brixmor Property Group thanks to aggressive redevelopment efforts, said the company’s CEO.    "While the overall retail environment brought an increase in announced retail bankruptcies and store closings, our portfolio continued to benefit from healthy tenant demand, resulting in 1.9 million sq. ft. of new and renewal leases executed in the first quarter at blended comparable rent spreads of 16.4%," said James Taylor in a statement.

A men’s grooming shop that provides hand and foot care, haircuts and shaves in a “man cave nirvana” has ambitious designs for expansion.   

Two private equity firms are “actively” exploring a buyout of Staples, according to a report by CNBC.   Cerberus Capital Management and Sycamore Partners have emerged as the leading frontrunners pursuing a deal, the report said. While other private equity firms, including Clayton Dubilier & Rice LLC, Advent International Corp and Bain Capital LLC, held discussions with the retailer include, they appear to be walked back and are less interested in the deal.  

Coach reported better-than-expected profit for its third quarter as its turnaround efforts to reduce discounts on its goods sold in the United States gain increased traction.   The upscale retailer reported net income of $130 million, with earnings per diluted share of $0.46, in the quarter ended April 1, compared to $124 million in the year-ago period. Its results exceeded Wall Street expectations.    

Hudson’s Bay Company is losing its finance head.   The retailer said that CFO Paul Beesley has made the decision to resign in order to return home to Canada to be closer to his family. Beesley will continue in his role over the next two months to ensure a smooth transition. His last day with HBC will be July 7. HBC has engaged an executive search firm to assist in recruiting a new CFO.  

There’s been a couple of change in the C-suite of hand-made goods marketplace Etsy.   The company said chairman and CEO Chad Dickerson is stepping down, to be succeeded as CEO by board member Josh Silverman, effective May 3. Fred Wilson, who has served as lead independent director of the Etsy board, since October 2014, will succeed Dickerson as chairman.  

The Outlet Shoppes at Oklahoma City was acquired this week by an unnamed buyer, reported CBL & Associates, which co-owned the center with Horizon Group Properties.   "The Outlet Shoppes at Oklahoma City was the first project we developed with Horizon and has been a huge success,” said Stephen Lebovitz, CBL’s president & CEO. “We are pleased to demonstrate the value of our outlet portfolio and provide additional liquidity to reduce leverage and help fund our redevelopment program."  

The company responsible for last year’s hottest holiday toy has bought Marbles: The Brain Store.   Toronto-based Spin Master Corp., creators of hit toy Hatchimal, said its purchase of Marbles builds upon Spin Master's increased presence in the games and puzzles category. Under the terms of the sale, Spin Master will acquire the company's brand name, e-commerce business, portfolio of games and other assets.