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Financial/Banking

  • Specialty retailer exploring options

    Eddie Bauer LLC could be for sale.   The retailer has hired investment banks Guggenheim Partners LLC and Financo LLC to explore strategic alternatives, including a potential sale, Reuters reported. The debt-laden company is seeking relief from a $225 million term loan due in 2020 and $200 million revolving credit line that comes due in 2019, the report said.  

  • Sears Canada closing stores, cutting jobs as part of restructuring

    Sears Canada is looking to reinvent itself.    The long-struggling department store retailer said it expects to close 59 of its 225 stores and cut 2,900 of its approximately 17,000 workers as part of its restructuring. Sears Canada filed for protection from its creditors under Canada's Companies' Creditors Arrangement Act, the equivalent of Chapter 11 bankruptcy, on Thursday.    

  • Will there be a bidding war for Whole Foods Market?

    Amazon may face a contender for Whole Foods Market.   JP Morgan research analysts said in a note that Walmart could step in as a rival bidder for the grocery chain, reported CNBC, attracted by Whole Foods' more affluent customer base and strong brand.   

  • Office supply giant close to buyout in blockbuster deal

    Staples is close to returning to private ownership.   Private equity firm Sycamore Partners is in advanced talks to acquire Staples, according to numerous media reports. The deal could top $6 billion, reported Reuters, which said Sycamore is in the process of finalizing a debt financing deal with Staples. Sycamore repeatedly beat out Cerberus Capital Management in an auction.  

  • J.Crew clinched lenders’ consent to amend loan

    J. Crew just bought itself some more time with its lenders.   Lenders holding approximately 88% of the outstanding principal amount of loans under J. Crew’s term loan agreement have approved a term amendment. The amendment, initially proposed in mid-June, was offering to exchange its $566.6 million of outstanding pay-in-kind notes due 2019. The notes were issued by Chinos Intermediate Holdings, an indirect parent to J.Crew.  

  • Canadian retailer prepares for bankruptcy

    Sears Canada could file for Chapter 11 sooner than expected.   The struggling offshoot of Sears Holdings Corp., is preparing to seek court protection against its creditors. The filing — which could happen within weeks — will likely lead to a liquidation, with the business sold off in pieces, sources told Bloomberg.  

  • CEO of specialty grocer resigns

    The Fresh Market's chief executive has resigned after less than two years on the job.    The Fresh Market announced that Rick Anicetti has resigned as CEO and board member. No reason was given for his departure. Anicetti took the reins of the specialty grocer in September 2015, bringing more than 30 years of experience across a variety of retail functions at Hannaford Brothers Company and Food Lion, where he served as president and CEO.   

  • J. Crew clinches lender support to trim debt load

    J. Crew is entering into a deal that it expects will put it one step closer to improving its business.   The fashion retailer has won the support of more than 50% of its term loan holders to trim its $2 billion debt load and end intellectual property litigation. This was according to sources familiar with the situation, according to Reuters.  
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