Mergers & Acquisitions

Amazon’s upward trajectory is not going to stop anytime soon — and it’s not going unnoticed on Wall Street.  

Gymboree Corp.’s debt and mounting losses may have finally caught up with it.   The embattled retailer is preparing to file for Chapter 11 bankruptcy protection, Bloomberg reported, as it faces a June 1 interest payment on its debt.   Gymboree has more than $1 billion in debt resulting from its Bain Capital buyout in 2010. It warned in March that it was running short on cash.   

The going-out-of-business sales have started at Hhgregg.   The bankrupt retailer began liquidating its assets on Saturday, April 8, after failing to find a buyer. The chain said it expects to close all of its 220 stores by the end of May.  

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.

Omega Sports has a new owner.    The Greensboro, North Carolina-based sporting goods retailer has been acquired by Craig and Kristin Carlock. Effective immediately, Craig Carlock, former CEO of specialty grocer The Fresh Market, is Omega’s new CEO.  

Shelby Crossings, a 76,390-sq.-ft. power center in the Detroit suburb of Utica, has been acquired by Beverly Hills, Michigan-based Grand Management & Development.   Mid-America Real Estate Corp., which represented the seller in the transaction, could not disclose the price.   The property features the Bed Bath & Beyond subsidiaries Christmas Tree Shops and BuyBuy Baby, and is surrounded by a larger regional center anchored by Target and Planet Fitness.

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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.