Mergers & Acquisitions

For the second time in a week, Sears Holdings Corp. is borrowing money from the hedge fund of its CEO.   The embattled retailer has entered into a $500 million secured loan facility (maturing in July 2020) with ESL Investments, the hedge fund controlled by Sears chairman and CEO Edward Lampert. Of the total, $321 million was funded immediately, and an additional $179 million may be drawn in the future.  

Saks Fifth Avenue Off 5th will open its first location in Montreal, at CF Galeries d’Anjou. The approximately 30,000-sq.-ft. store will open this summer.   “We have now announced four locations across Quebec and we look forward to bringing the Off 5th experience to these areas, said Jonathan Greller, president, Saks Off 5th and Gilt.    CF Galeries d’Anjou is managed by Cadillac Fairview, and jointly owned by Cadillac Fairview and Ivanhoé Cambridge.  

CBRE announced it has acquired Floored, a provider of 3-D graphics technology that helps retailers envision build-outs of their commercial space. Its SaaS (Software as a Service) solutions figure to quickly be incorporated into CBRE’s leasing operations.   

Office Depot Inc. continues to streamline its operations.    The office supply giant announced it has completed the sale of its European business to The Aurelius Group. The purchase price was not disclosed.    The transaction is part of the company's recently announced international divestiture strategy to focus on opportunities in its North American business.  

Walgreens Boots Alliance is piloting a retail vision care center within the Walgreens flagship in the Wrigley Building in Chicago, the company recently revealed, taking what has been a successful page out of its U.K.-based Boots Pharmacy division and applying that strategy to the U.S. market.  

Federal regulators have raised questions over Bass Pro Shops' $4.5 billion deal to acquire Cabela's Inc.    In a regulatory filing Friday, Cabela's said the Federal Trade Commission had requested additional information from both Cabela's and Bass Pro Shops, according to Foxnews.com.   

Iconix Brand Group has sold the rights to the Sharper Image brand and related intellectual property assets to the company that recently bought FAO Schwarz from Toys “R” Us.      Iconix sold Sharper Image to ThreeSixty Group, which manufactures and distributes toys and other consumer products to stores nationwide, for $100 million in cash. ThreeSixty is also Sharper Image’s largest licensee.   

A new partnership plans to open dozens of Dunkin’ Donuts locations in Louisiana.    The company announced that New Orleans Saints Quarterback Drew Brees, in partnership with existing franchisee Vik Patel, has signed an agreement to develop up to 69 new Dunkin' Donuts restaurants in New Orleans, Baton Rouge, Shreveport, Monroe and Alexandria, Louisiana over the coming years. Brees is a New Orleans Saints Super Bowl champion and MVP and former New York Giants offensive lineman.