Mergers & Acquisitions

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.  

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.     

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.   

Canadian apparel manufacturer Gildan Activewear Inc. emerged as the winner in the court supervised auction to acquire the bankrupt American Apparel brand and some of its other assets. The company, however, will not be purchasing American Apparel’s 110 retail stores.   Gilden’s $88 million winning bid was higher than its initial proposal of $66 million, which was made back in November as part of a stalking horse portion of American Apparel LLC’s Chapter 11 bankruptcy protection filing.   

The founder of Rent-A-Center has returned to lead the company while it looks for a new CEO.   The nation's largest rent-to-own operator said that Robert D. Davis has resigned as CEO and director, effective immediately. A 23-year company veteran, Davis was named CEO in February 2014 after holding a variety of management positions.  

Dakota REIT has acquired what instantly became the largest shopping center in its portfolio — the 114,102-sq.-ft. Pinehurst Square East in Bismarck, North Dakota.   The Fargo-based REIT’s retail holdings consist primarily of neighborhood centers under 60,000-sq.-ft. in the Dakotas and Minnesota. Its largest center prior to the Pinehurst acquisition was the 103,860-sq.-ft. First Center South in Fargo.