Mergers & Acquisitions

James Han has joined Lowe's Cos. as senior VP of business development.    In this new role, Han is responsible for accelerating the company's business development strategy which involves identifying and implementing growth opportunities through new and emerging businesses, exponential innovation and corporate ventures. He reports to chief development officer Richard Maltsbarger.  

The man who founded the Crazy Eddie consumer electronics chain has died at the age of 68.   Eddie Antar grew his company from one location in Brooklyn, New York, to the largest electronics retailer in the New York metro area in the 1980s, with 43 stores in four states.  The chain gained national fame for its television commercials which featured a maniacal-looking pitchman (which many people mistakenly took to be Antar) screaming at the end of the spot that Crazy Eddie’s prices were  “insane.”  

Patton Square Shopping Center in Woodruff, South Carolina, has been acquired by Pro Vest Properties for $7.3 million dollars. SRS Real Estate partners brokered the deal for the seller, an affiliate of Chen Development.

“Patton Square is a solid grocery-anchored neighborhood center with minimal competition in the market,” said Pierce Mayson, VP for SRS’ Southeast Investment Sales Team. “With a long-term anchor lease and very solid sales numbers, this asset is an excellent purchase for the buyer.”

The nation’s largest specialty bedding retailer posted disappointing results on Friday for its second quarter.

Mattress Firm Holding Corp. on Friday reported a loss of $2.2 million, after reporting a profit in the same period a year earlier.

Revenue increased 48.2% of $980 million, which also fell short of Street forecasts, reflecting incremental sales from acquired and new stores.

Same-store sales fell 1.1%.

Kimco Realty Corp. has purchased the remaining 85% interest in a four-property joint venture portfolio, a deal that includes the assumption of $103 million in mortgage debt. The company also announced it had acquired a Whole Foods-anchored center in the D.C. area for $95 million.  

Based on ongoing discussions with the Federal Trade Commission, Walgreens Boots Alliance gave an update on the amount of stores it will need to divest to win approval for its acquisition of Rite Aid.     Walgreens Boots Alliance said it now expects that the most likely outcome will be that the companies will be required to divest more than 500 stores, but fewer than 1,000 stores. The company previously said that it expected it would have to divest 500 or fewer stores.    

Chain Store Age is pleased to announce that its sister brand, Retailing Today, has become part of a larger, more robust Chain Store Age, one with greater industry coverage and retail audience reach.   “With the merging of Retailing Today into Chain Store Age, readers and advertisers can expect a comprehensive brand representing the full range of omnichannel retail operations,” said Gary Esposito, group publisher, Chain Store Age.  

Pier I Imports is on the hunt for a new chief executive.   The home décor retailer said that its board of directors had  “mutually agreed” with Alex W. Smith that he will step down as president, CEO and a board member, effective Dec. 31, 2016. Pier I’s board is working with Korn Ferry to find a new CEO.