Mergers & Acquisitions

Tarrytown, New York - DLC Management Corporation announced its latest acquisition of 11 retail assets in New York, North Carolina, Arkansas and Tennessee totaling 2.58 million sq. ft., of which 1.73 million sq. ft. is owned property.   According to DLC, this acquisition is the largest in its history. The The properties include:  

• 2015 Walden Avenue, 26,500 sq. ft. – Cheektowaga, New York
• Batavia Commons, 49,431 sq. ft. – Batavia, New York

New York - Shack Corp. on Monday denied that it  defaulted on a loan from its term lenders—Salus Capital Partners and Cerberus Capital Management—less than a week after the chain initially disputed the allegations as “wrong and self-serving,” the Wall Street Journal reported.  

Teen retailer Delia’s Inc. plans to liquidate operations and file for Chapter 11 bankruptcy protection "in the very near term."

The company has struggled with weak sales for years and has not reported an annual profit since 2007.

Several teen apparel retailers have been losing market share to fast-fashion brands such as H&M, Forever 21 and Zara.

Houston — In its surprise change of leadership, Francesca's Holdings Corp. named Michael W. Barnes as chairman, president and CEO, effective immediately. He joins Fancesca's after serving as CEO of Signet Jewelers since 2011, and leading the company’s $1.46 billion acquisition of Zale Corp. Barnes left the Ohio-based Signet in October, saying he wanted to be closer to his family in Dallas.  

Struggling retailer Francesca's has named specialty retailing veteran Michael W. Barnes as president and CEO.

Greg Brenneman, chairman of the board since 2010, was named lead director.

Barnes had been CEO at Signet since 2011 and led Signet’s $1.46 billion acquisition of Zale Corp. Before that, he spent more than 25 years at the fashion company Gossip Group Inc., becoming president and chief operating officer in 2007.

Laguna Hills, Calif. — Heslin Holdings, Inc., a privately owned commercial real estate investment and development firm, has purchased 1640 Rio Rancho Blvd., aretail property located in Rio Rancho, a city within the major metropolitanregion of Albuquerque, N.M. The firm will redevelop and re-tenant the property as part of a value-add investment strategy. Additionally, the firm has announced plans to invest up to $100 million in commercial properties in 2015.

Genesco detailed succession plans for its CFO on a day that the company also reported weaker-than-expected earnings for the fiscal third quarter and lowered its outlook for the full year.

Oakville, Canada — The proposed merger between Tim Hortons Inc. and Burger King Worldwide Inc. has been approved by the Minister of Industry under the Investment Canada Act ("ICA"). The companies have set the deadline for registered shareholders of Tim Hortons or Burger King Worldwide to make an election by Dec. 9, with the assumption the proposed merger will occur Dec. 12.