Deals

Walgreens Boots Alliance’s acquisition of Rite Aid is moving closer to getting a green light from the Federal Trade Commission.       The FTC is expected to approve the sale in the next two to four weeks, reported the New York Post, citing two sources close to the situation.   The major sticking point was reportedly the number of Rite Aid stores that need to be divested to Fred’s Pharmacy.      

It’s going to be a busy spring for Stein Mart.   The Florida-based chain will open five stores this spring –– the first phase of its 2017 store plan to open a total of 11 new stores. The remainder of the locations will open in the fall.    “These new stores fall within our real estate strategy to grow sales by filling existing markets where we are doing well,” said Hunt Hawkins, CEO of Stein Mart, which operates 290 stores.   

RCS Real Estate Advisors will receive a Turnaround Award from M&A Advisor later this month for its work in the reorganization of Pacific Sunwear.  

The online retailer is expanding its presence in California.   Amazon has pre-leased an additional one million sq. ft. of logistics space from Goodman Commerce Center Eastvale, California, according to a statement by Goodman. Goodman will construct the logistics center for Amazon.  

Sears Holding Corp.’s chairman and CEO Eddie Lampert and the company's board settled a lawsuit alleging that the chief executive benefited from a spin-off deal.   The lawsuit was brought on behalf of Sears and against Lampert, other Sears directors and Seritage Growth Properties, the real estate investment trust established to acquire 235 of the struggling chain’s best stores, reported Reuters.  

Macerich is pursuing an option to acquire land in Rosemont, Illinois, to allow it to expand its Fashion Outlets of Chicago mall there, according to the local Daily Herald.   Rosemont authorities told the news site that Macerich could draft an option agreement within the next 60 days that would give it right of first refusal on a village-owned lot east of the shopping center that currently houses The Rosemont Theatre.  

The Kroger Co. has acquired a New York City-based retailer of specialty cheeses and meats.   The supermarket giant has purchased Murray's Cheese, which was founded in 1940. Financial terms of the deal were not disclosed.    Kroger also bought the three Greenwich Village retail condominium units that house Murray’s home base. The five-story, 22,000-sq-ft. building, which is also home to a bakery, was owned by Murray’s Cheese.    

Warby Parker is making a big commitment to brick-and-mortar.    The hip eyewear retailer plans to open at least 25 stores this year, The Wall Street Journal reported.   The new locations, planned for Miami, Philadelphia, Los Angeles and other cities, are expected to bring Warby Parker’s total store count to about 70 by year end.    The stores will range in size and include freestanding as well as mall locations, the report said. 

Eastern Outfitters, the parent company of Eastern Mountain Sports and Bob’s Stores, has filed for Chapter 11 bankruptcy protection.     The company listed assets and liabilities in the range of $100 million to $500 million in its filing        British sporting goods retailer Sports Direct International has engaged in extensive talks with Eastern Outfitters to become a stalking-horse bidder in a bankruptcy auction, Reuters reported.    

The largest proposed mall and entertainment center in North America  has been granted its first approval.    The comphrehensive master plan of the massive,  6.2 million-sq.-ft.  American Dream Miami project won preliminary approval from the Miami-Dade County Commission, reported The Read Deal.