Mergers & Acquisitions

Pittsburgh — Michael M. Nuzzo, executive VP and CFO of GNC Holdings Inc., is resigning in order to accept an executive position at an unspecified private equity-funded consumer products company. Nuzzo will remain with GNC at least through July 18, 2014, which will include preparation of its second quarter 2014 earnings release and 10Q.

Chicago, Ill. — Corner Bakery Café will open its first Wisconsin location later this year at The Mayfair Collection in Wauwatosa, Wis. The 4,000-sq.-ft. franchise location is near the center entrance at Burleigh Street and 114th Street.

Construction is slated to begin within the next few weeks. Neo Fourno Inc., the franchisee, plans to open 10 new cafes in Madison and Milwaukee over the next five years.

Newly separated from Sears Holdings, Lands' End reported respectable sales growth during a first quarter that saw it vow to become a global lifestyle brand.

Lands' End completed its separation from Sears on April 4 and for the quarter ended May 2 said its sales increased 3.6% to $330.5 million, driven by a 4.8% increase in the direct segment offset by a 2.3% decrease in the retail segment. Profits increased 48.1% to $10.9 million, or 34 cents a share, compared to $7.3 million, or 23 cents a year the prior year.

Beachwood, Ohio — DDR Corp. and an affiliate of Blackstone Real Estate Partners VII have announced the formation of a third joint venture to acquire 76 shopping centers currently owned by American Realty Capital Properties, Inc.

The joint venture will acquire the portfolio in a transaction valued at $1.975 billion, including assumed debt of $461 million and approximately $800 million of new financings.  

New York City — Restaurant chain Pret A Manger has leased a 2,577-sq.-ft. shop at 600 Lexington Avenue, a boutique 36-story office tower on East 52nd Street. The new location will bring the chains Manhattan locations to a total of 39.

RKF (www.rkf.com) represented Pret A Manger and the landlord, SL Green Realty Corp. in the transaction. Over the last two years, RKF has arranged a dozen new leases for the chain.

Bebe's Steve Birkhold has resigned as CEO, effective immediately. The board has appointed Jim Wiggett, currently CEO of Jackson Hole Group, as CEO while it starts a search for a permanent replacement.

Dodgeville, Wisconsin — Lands' End reported that profit for the first quarter surged 68% to $10.9 million, from $6.5 million in the year-ago period, as shoppers have responded to improved merchandise assortments and targeted promotions.

The company, which was recently spun off by Sears, also reported a revenue rise of 4% to $330.5 million. Same-store sales climbed 3.4%.
 

Lululemon Athletica Inc.'s first-quarter net income plunged 60%, impacted by a one-time tax adjustment. Although its adjusted profit and revenue beat Wall Street's expectations for the quarter, the retailer lowered its full-year earnings forecast.

Lululemon said that CFO John Currie plans to retire by the end of its fiscal year (February 2015).