Mergers & Acquisitions

Limited Stores has taken another step in the liquidation process it started in December.   The women’s apparel retailer announced on Tuesday it has filed for Chapter 11 bankruptcy protection. The chain also said it agreed to a "stalking horse" bid for its intellectual property and some related assets from an affiliate of private equity firm Sycamore Partners.     

Phillips Edison & Company, a leading national player in grocery-anchored centers, has promoted David Wik to senior VP of acquisitions.   In his past six years with the company, most recently spearheading growth in the Southeast, Wik sourced the acquisition of more than 100 assets representing $1 billion-plus in investments for the company’s several REITs. He previously worked in acquisitions at Midland Atlantic Development.  

After nearly 30 years of doing business in the MainPlace Mall in Santa Ana, California, Nordstrom has announced it will be shuttering the location.  

Time Equities has acquired Colony Square, a 425,430-sq.-ft. mall in Zanesville, Ohio, for $31.5 million. It’s now the largest property in the company’s Ohio portfolio.   The enclosed regional mall is anchored by J.C. Penney, Cinemark, Dunham’s Sports, and the Elder-Beerman department store. Urban Retail Properties will handle management, marketing, and leasing at the property on behalf of TEI.  

Aeropostale, the teen apparel retailer that most of the industry had written off as dead, has risen like a Phoenix.     Starting this week, the company is reopening more than 500 doors across the United States. In February, Aéropostale will kick off its spring 2017 marketing campaign, which is designed to showcase the brand’s trans-formation under its new owners. The campaign will be in the stores as well as online and through social media.    

Target is bringing back its retail accelerator program for a second round.   On the heels of the first Target + Techstars retail accelerator, the retailer said it has opened applications for a second round of the program yesterday, inviting retail-specific tech startups worldwide to apply for a chance to relocate to Minneapolis and embed themselves at Target.  

Look for J.C. Penney to close some stores as it moves forward.    In remarks at the The Weitzman Group’s annual forecast event, Penney CEO Marvin Ellison said the company’s 1,014-store portfolio is too large and that the retailer is analyzing which locations don’t meet its “brand standard,” the Dallas Business Journal reported.   

Supervalu Inc. swung to a loss in its third quarter amid increased competition in the retail segment.   The company reported a net loss of $26 million during its 2017 fiscal third quarter, ended Dec. 3, as revenue fell 1.4% to $3 billion.      The loss, however, included a settlement charge of $41 million related to pensions and also store closure charges.