Department Store

Boston -- The Gymboree Corp. and Bain Capital Partners, on Tuesday announced the successful completion of the company by affiliates of Bain Capital for $65.40 per share in cash, or approximately $1.8 billion.

As of Oct. 30, Gymboree operated 1,049 retail stores: 636 Gymboree stores (595 in the United States; 37 in Canada, two in Australia, and two in Puerto Rico); 148 Gymboree Outlet stores; 122 Janie and Jack shops; and 143 Crazy  stores in the United States.

Naples, Fla. -- Beachwood, Ohio-based Developers Diversified Realty Corp. said that Hhgregg has joined Carillon Place, a 283,238-sq.-ft. community center in Naples, Fla., and Peach Street Square, a 676,245-sq.-ft. shopping center in Erie, Pa.

Joining national tenants Walmart Neighborhood Market, Bealls Outlet, T.J.Maxx, Ross Dress for Less and OfficeMax, Hhgregg opened a 36,459-sq.-ft. store at Carillon Place.

The 28,152-sq.-ft. Hhgregg store at Peach Street Square joins Lowe's, Home Depot, Kohl's, Cinemark and PetSmart.

New York City -- J. Crew Group is close to an agreement to be bought by TPG Capital and Leonard Green & Partners for about $2.8 billion, according to reports by the Associated Press, Bloomberg and other news groups.

TPG and Leonard Green would pay $43.50 a share in cash, or 16% more than J. Crew’s closing share price yesterday, according to various reports.

New York City -- Belk is investing $150 million to boost online sales and upgrade its IT systems, The Charlotte Observer reported.

The department store operator plans to focus on improving its e-commerce functions and replace its current systems for ordering and allocating merchandise, according to the report.

Belk has sought to boost its online presence in recent years to keep up with competitors in a marketplace where online sales are growing rapidly.

St. Louis -- Brown Shoe Co., parent of Famous Footwear and Naturalizer shoe stores, said Tuesday that its fiscal third-quarter profit rose to $18.6 million from $16.3 million, topping analysts estimates.

Sales in the quarter ended Oct. 30 rose 14.5% to $716.1 million, from $625.6 million.

Retailers and developers from around the country are preparing to attend the International Council of Shopping Centers’ New York deal-making convention in New York City on Dec. 6 and Dec. 7. Chain Store Age talked with Ivan L. Friedman, president and CEO of New York City-based retail real estate advisory firm RCS Real Estate Advisors, about what the industry has in store for the New York show and beyond.

As retailers prepare to attend the New York deal-making show in early December, how would you describe the current state of retail?