Mergers & Acquisitions

Conn’s is selling off much of its consumer debt and appointing a new CEO as the specialty retailer looks reposition its business.

In a series of strategic moves designed to shore up its ailing consumer finance business and restore investor confidence, Conn’s has named Norman Miller as its new CEO, entered into an agreement to securitize $1.4 billion of retail installment contract receivables, and received board authorization to repurchase up to $75 million of securities, and termination of the stockholders’ rights plan.

On a day when his company reported its fifth straight quarter of sales declines, the CEO of Barnes & Noble sounded a positive note, telling the Wall Street Journal that the retailer is looking at a new store prototype.

Indianapolis – With retailers like Amazon.com entering the online services market, online services network Angie’s List is tapping a veteran retail e-commerce executive to run the company.

Scott Durchslag, who served as president of e-commerce and global marketing at Best Buy from 2012-2014, has joined Angie’s List as president and CEO.

Hoffman Estates, Ill. – Sears Holding Corp. is protecting the assets of its pension fund following the creation of its Seritage Growth Properties real estate investment trust (REIT).

The company has entered into a five-year agreement with Pension Benefit Guarantee Corp. (PBGC) to guarantee that it will continue to make required contributions to the fund.

New Jersey-based women's shoe company Aerosoles has named a retail and footwear industry veteran as its next CEO.

New York -- An Irish fast-fashion leader is getting ready to make its U.S. debut.

Primark, known for its value prices and on-trend fashions for the entire family, leased a 677,000-sq.-ft. distribution center to support its entry into the United States.

Hoffman Estates, Ill. – Sears Hometown & Outlet Stores Inc. posted declining profits and revenues in a generally difficult second quarter of fiscal 2015.

The retailer plans to close 40-50 underperforming stores by the end of the year, on top of 63 underperforming locations closed in the first half of 2015.

New York -- A new report suggest that the Federal Trade Commission is unlikely to approve the merger between Staples and Office Depot.

The report, by 24/7 Wall St., cites on a market-share argument that the proposed combination imperils competition.

To read the story, click here.
 

Plainfield, Ind. -- Mid-America Real Estate Group announced that its corporate investment sales team recently brokered the sale of The Shops at Metropolis located in Plainfield, Indiana. Chicago-based Core Equities purchased the 131,195-sq.-ft. center anchored by Burlington Coat Factory and The Room Place.

Joe Girardi and Rick Drogosz of Mid-America Real Estate Corporation were the brokers in the transaction on behalf of Dallas-based Tabani Group.

Hy-Vee announced Thursday that it would be placing retail clinics in two new Twin Cities-area stores opening in September.

For the clinics in the New Hope and Oakdale stores, Hy-Vee has teamed with North Memorial Health Care, whose physician assistants and nurses will staff the North Memorial Express Clinics.