Mergers & Acquisitions

Ace Wholesale Holdings has appointed a new executive to drive the company’s ongoing expansion.   Mark Spanswick was named president and general manager of Ace Wholesale Holdings LLC, a subsidiary of Ace Hardware Corp.   

The retail giant is reorganizing its U.S. technology division — a move that will impact about 10% of its workforce.

Sources familiar with the situation said that Walmart will eliminate 300 jobs across its information systems division (ISD). The layoffs at ISD in the chain's Bentonville headquarters began this week and are expected to continue through the month, according to Talk Business & Politics.

In a move to avoid filing Chapter 11, the fashion retailer is planning to shutter approximately 12% of its stores.   The closures will incur an impairment charge of approximately $2.0 million and will make a termination payment to the landlord of approximately $7.4 million, according to a filing the chain made on April 4, with the Securities and Exchange Commission.   

Riverpoint Center, a 211,000-sq.-ft. grocery-anchored center in Chicago’s Lincoln Park neighborhood, has been acquired by Federal Realty Investment Trust for $107 million.   Mid-America Rea Estate brokered the sales of the center, which is anchored by Jewel-Osco, Marshalls, and Old Navy. The name of the seller was not disclosed.   Riverpoint Center is located at the northwest corner of West Fullerton and North Clybourn Avenues in Lincoln Park, an affluent neighborhood on the lakefront north of downtown.

Coach Inc. has tapped a 26-year fashion veteran to lead the company as its expands its brand portfolio.   Joshua Schulman has been named president and CEO of the Coach brand, effective June 5. In this newly created role, Schulman will be responsible for all aspects of the brand globally, reporting directly to Victor Luis, CEO of Coach, Inc. This new leadership structure follows the 2015 acquisition of Stuart Weitzman, and is an important step in Coach, Inc.’s evolution as a customer-focused, multi-brand organization, the retailer said.

Hudson’s Bay Co.’s newest executive is joining the company just in time to lead the European division’s next phase of development.   Dr. Wolfgang Link will become CEO of HBC Europe, effective May 1. He will lead the expansion and growth strategy for the department store’s European business, including Galeria Kaufhof, Galeria Inno, and the entrance of Hudson’s Bay and Saks OFF 5TH. Reporting to HBC’s CEO Jerry Storch, Dr. Link will also oversee the European management team.  

Rue21 could be the next chain headed toward bankruptcy.   The teen apparel retailer, which is backed by private equity firm Apax Partners, is preparing to file for bankruptcy as soon as this month, according to Bloomberg.    

Amazon will deploy a high-tech, green solution to help power its warehouses.     In a move to increase the energy efficiency of its sprawing network of fulfillment centers, Amazon has entered into a partnership with hydrogen fuel-cell maker Plug Power to deploy Plug Power fuel cells and hydrogen technology in its fulfillment network.    The deal includes an investment option that gives Amazon the right to acquire up to a 23% stake of the fuel-cell maker.