Mergers & Acquisitions

Neiman Marcus reported modest sales growth and a reduced loss for its recently ended fourth quarter as the operator of 85 stores eyes an initial public stock offering and a bright omnichannel future.
 

The nation’s leading automotive retailer ended its most recent fiscal year the same way it has for the past nine years – with double-digit profit growth and a favorable outlook for the coming year.

Dallas -- Cypress Equities Cos. announced that it has hired Lance Taylor, director of asset management.

Taylor brings 25 years of experience in commercial real estate with varied responsibilities that include underwriting, acquisition, asset management, leasing, land development, receivership and dispositions. Lance’s background includes Archon Group, Deutsche Asset & Wealth Management, Jones Lang LaSalle America’s, Inc. and Stream Realty Partners, L.P.

Chicago -- Mid-America Real Estate Corporation’s Investment Sales team brokered the sale of Roosevelt Galleria in Chicago. Rye, New York-based Acadia Realty Trust purchased the urban retail property for $19.6 million.

Roosevelt Galleria is located in the Roosevelt Road retail corridor in the South Loop. The 40,306 sq. ft. center has a diverse mix of tenants, which include: Golfsmith, Petco, Sleepy’s, United Healthcare and The Vitamin Shoppe.

Steinmart didn’t admit wrongdoing and the Securities and Exchange Commission didn’t bring any charges, but concluding a nearly five year old accounting investigation still cost the company $800,000.

An $800,000 fine may not sound like much to retailers with annual sales in the billions, but Steinmart is relatively small, generating sales of $311 million from 269 stores in the second quarter. An $800,000 fine represents 20% of the company’s net income for the period.

Walmart has returned to its acquisitive ways in Silicon Valley with the purchase of PunchTab, a four-year old company with talent and technology to help the retailer’s Sam’s Club division better personalize offers.

Jeremy King, head of WalmartLabs, and Jamie Iannone, president and CEO of Samsclub.com announced the deal to acquire PunchTab in a joint statement on the @WalmartLabs site. The deal involves the purchase of PunchTab’s and six employees who will join WalmartLabs including founder Mehdi Ait Oufkir.

A planned secondary stock offering by Sportsman’s Warehouse Holdings means the rapidly expanding outdoor retailer no longer meets the definition of a “controlled company” but the private equity firm that brought the company public last year will still own a huge stake.

Consumers looking for arts and crafts online may soon have a new destination. According to The Street, Amazon.com is readying the launch of Handmade at Amazon, an online marketplace of handcrafted goods that should serve as a major new competitor for Etsy Inc.

Reports of Amazon’s plans for Handmade at Amazon initially surfaced in May, but Amazon is now displaying product and seller pages, although there is no e-commerce functionality yet. An Amazon spokesperson only said “Stay tuned” when asked about a launch date for Handmade at Amazon.

Gelson’s Markets, which operates 18 full-service specialty grocery stores in Southern California, is supporting ambitious growth plans with a back-end technology upgrade. Gelson’s will implement JDA space and category management solutions to increase the efficiency and automation of its planning activities.

Columbia, S.C. -- Industry veterans Terry Brown, Jason Tompkins, and Sam Judd last month launched Asana Partners, a retail real estate investment company headquartered in Columbia, South Carolina.

Drawing from the team's deep operational and investment background in retail real estate, including more than $15 billion in transaction activity over the last 15 years, the company will acquire, own, and operate retail properties in dynamic markets across the United States.