Financial/Banking

Foothill Rach, Calif. – A winning bidder has reportedly emerged for the assets of The Wet Seal Inc., which declared bankruptcy in January 2015. According to the Wall Street Journal, Versa Capital Management LLC will take over at least 140 store leases and invest $10 million in the specialty apparel chain.

Santa Monica, Calif. – Macerich Co., a California-based mall operator whose properties include Tysons Corner Center in Tysons Corner, Virginia, has rejected a hostile $22 billion takeover bid from Simon Property Group Inc. Macerich has publicly stated it thinks the deal undervalues its portfolio and growth opportunities.

"It is truly disappointing Macerich would not even meet to discuss our proposal," said Simon Property CEO David Simon. "Macerich's rejection is based on a rosy view of its future prospects."

New Canaan, Conn. - Stadium Capital Management LLC and its affiliates have notified Big 5 Sporting Goods Corp. that Stadium Capital will nominate three independent candidates to the board of directors of Big 5 at the 2015 annual meeting, expected to be held in June 2015. The nominees are Dominic P. DeMarco, a managing director and co-chief investment officer of SCM and an existing member of the board; Nicholas Donatiello Jr., a consumer, media and technology strategist; and Michael J.

Flint, Mich. — Diplomat Pharmacy announced Friday the filing of a registration statement with the Securities and Exchange Commission in connection with a proposed follow-on public offering of its common stock. Subject to market conditions, the offering could raise approximately $200 million.   

New York -- Aeropostale Inc. decreased its loss in the fourth quarter, and reported its first adjusted operating profit in its last eight quarters. But the struggling teen apparel retailer said it is considering potentially closing approximately 50 to 75 Aeropostale stores and one P.S. Store in 2015.

Aeropostale's net loss narrowed to $13.5 million in the fourth quarter ended Jan. 31, down from $70.3 million a year earlier.

Net sales fell 11.3% to $593.8 million. Comparable sales declined 9%.

The turnaround at Citi Trends seems nearly complete and now the urban fashion retailer is making some major executive moves just as it reported impressive fourth quarter results.

The retailer announced that Ed Anderson is retiring as CEO, effective March 21. Jason Mazzola, currently EVP and CMO, will become president and CEO effective March 22 and has been also appointed to the Board of Directors.

Additionally, Bruce Smith, the Company’s Executive Vice President and Chief Financial Officer, will also become its Chief Operating Officer.

Grand Chute, Wis. -- Mid-America Real Estate Corporation’s Investment Sales team recently brokered the sale of Fox River Commons located in Grand Chute, Wisconsin. The 78,977-sq.-ft. asset was purchased by Bloomfield Hills, Mich.-based Agree Realty Corporation for $12.2 million.
 
Fox River Commons is located at the northwest corner of Casaloma Drive and College Avenue in Grand Chute (Appleton MSA), and is anchored by Bed Bath & Beyond, Barnes & Noble, Old Navy and Dress Barn.

David Tehle, executive vice president and CFO at Dollar General, will retire from the company effective July 1. The retailer has started a search for a successor and will consider both internal and external candidates for the job.

The news comes as Dollar General prepares the retail industry’s most aggressive new store expansion plan.