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Mergers & Acquisitions

  • Another sporting goods retailer calling it quits

    It’s closing time for MC Sports.   The chain, which filed for Chapter 11 bankruptcy protection on Feb. 14, is closing all 66 of its stores across the Midwest. A joint venture between Tiger Capital Group and Great American Group is conducting the going-out-of-business sales, which are now underway.  

  • Glimcher veteran joins Steiner as executive VP

    Thomas “TJ” Drought, who spent nearly 20 years in the employ of WP Glimcher, has joined Steiner + Associates as an executive VP.  

  • Report: Fragrance retailer exploring options

    Declining mall traffic is taking a toll on Perfumania.   Perfumania Holdings Inc. has hired advisers to explore strategic alternatives, including a debt restructuring, Reuters reported. It also plans to negotiate with landlords to exit some of its 313 Perfumania stores.   The company recorded debt of approximately $164 million on Oct. 29 and $2.1 million in cash and cash equivalents, the report said.  

  • Report: Apparel company makes a play for bankrupt specialty retailer

    A new company is interested in The Limited.   Sunrise Brands LLC has bid for the bankrupt apparel retailer’s e-commerce business and intellectual property, a move that challenges a $26.3 million offer from private equity firm Sycamore Partners, Reuters said.   

  • Early Internet sensation goes private

    The $500 million sale of online diamond and jewelry retailer Blue Nile has been completed.   The company was acquired by an investor group comprised of Bain Capital Private Equity, Bow Street and Adama Partners for $40.75 per share in cash. The transaction, first announced on Nov. 7, 2016, was approved by shareholders on Feb.2, 2017.  

  • Report: Update on Walgreens-Rite Aid deal

    Walgreens Boots Alliance’s acquisition of Rite Aid is moving closer to getting a green light from the Federal Trade Commission.       The FTC is expected to approve the sale in the next two to four weeks, reported the New York Post, citing two sources close to the situation.   The major sticking point was reportedly the number of Rite Aid stores that need to be divested to Fred’s Pharmacy.      

  • Specialty retailer to explore alternatives

    An Indianapolis-based appliance and electronics chain is bringing in outside help as it struggles with sinking sales.    Hhgregg announced that it has engaged subsidiaries of Stifel Financial Corp. for advice on potential strategic and financial transactions as the retailer works to improve liquidity and return to profitability.  

  • Tough times for GNC

    GNC Holdings Inc. on Thursday posted dismal results for its fourth quarter and said it was suspending its quarterly dividend in a move to reduce its debt.   The nutritional supplements retailer posted a loss of $433.4 million, or $6.35 a share, compared to a profit of $42.9 million in the year-ago period. Excluding certain items, earnings came in at 7 cents per share, well below the 36 cents that Wall Street analysts expected.  
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