Department Store

Fremont, Calif. – In another twist to the ongoing Men’s Wearhouse-George Zimmer saga, Reuters reports that Men’s Wearhouse founder and former executive chairman Zimmer is contemplating trying to recapture his position as executive chairman through such means as a buyout attempt with private equity backing or rallying the support of shareholders. Neither Zimmer nor Men’s Wearhouse has officially commented, but Zimmer is reportedly consulting advisers, including his legal counsel, Cooley LLP.

New York -- Men’s apparel and accessories chain Jos. A. Bank Clothiers has confirmed that it is on the hunt for acquisitions to drive growth. The company has retained Financo LLC to assist it in its search.

“As part of its evaluation of strategic opportunities, the company has been and will continue to selectively seek potential acquisitions that are strategically sound and accretive in the long run,” Jos. A. Bank said in a statement. “No timetable has been set for any acquisition.”

New York -- George Zimmer, the founder of Men's Wearhouse Inc., resigned from the company board of directors on Monday, according to a letter he sent the board, which was obtained by Reuters.
   
Last week, Zimmer was fired as the company's executive chairman. On Monday he submitted a letter resigning from the board. In the letter, Zimmer said it was "clear" he was fired by the board "to avoid addressing my growing concerns with recent board decisions."

New York -- Luxury department store operator Neiman Marcus Inc. on Monday disclosed plans for a proposed public offering of up to $100 million.

The retailer’s plan, announced in a regulatory filing, comes some eight years after it was acquired for $5.1 billion by private equity firms TPG Capital and Warburg Pincus. In its filing, Neiman Marcus indicated a desire to expand its outlet center concept, Last Call, which currently operates 35 locations.

Fort Worth, Texas -- The 15.5-acre Longview Plaza power center has been acquired by Morris-Floyd Capital Partners. Located in Longview, Texas, the property is 100% leased.

Anchors include Bed, Bath & Beyond, T.J. Maxx, Michael’s, Office Depot, Best Buy and Books-A-Million. Sperry Van Ness brokered the sale. Longview Plaza Ltd. was the seller.

Washington, D.C. -- Combined Properties and its joint venture partner Saban Capital Group have acquired The Terraces, a 173,000-sq.-ft. community shopping center in Rancho Palos Verdes, a suburb of Los Angeles. Spread across three terraced levels, center retailers include Trader Joe’s, Marshalls, LA Fitness and Starlight Cinemas.

The joint venture between Combined Properties and Saban Capital Group is assembling a $200 million portfolio of value-add retail centers in Southern California and the Washington, D.C., metro market.

China -- China once again topped the A.T. Kearney’s 2013 Retail Apparel Index, which measures the market readiness of developing economies for international apparel retailers to enter. Other compelling expansion opportunities are offered by a number of countries from Latin America and the Middle East.

Cherry Hill, N.J. -- Canadian apparel retailers Dynamite recently opened at Cherry Hill Mall. The 2,800-sq.-ft. store is one of the retailer’s first locations in the United States and it’s first in New Jersey. The fashion-forward retailer has more than 250 stores.

Owned by Pennsylvania Real Estate Investment Trust, the 1,306,800-sq.-ft. mall is anchored by Nordstrom, Macy’s and J. C. Penney.