Mergers & Acquisitions

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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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.

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. 

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.  

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.  

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.