Department Store

Merrimack, N.H. -- Specialty retailer Brookstone Holdings Corp. has filed for Chapter 11 bankruptcy protection, with a plan to sell itself to Spencer Spirit Holdings, owner of the Spencer’s retail chain, for about $147 million. The purchase price comprises $120 million in cash, $7.5 million in new notes and about $18.5 million of assumed liabilities.

Under the agreement with Spencer Spirit, Brookstone would continue to operate its stores in malls and airports, along with its catalog, website and wholesale business, under the Brookstone brand.

Best Buy, Staples, Home Depot, 3M and Colgate-Palmolive were among the many retailer and CPG companies to be recognized by the U.S. Environmental Protection Agency and the U.S. Department of Energy as recipients of the 2014 Energy Star Partner of the Year Award.

A total of 127 companies were received the Energy Star Partner of the Year distinction and were selected from a total of 16,000 Energy Start partners overall in the areas of manufacturing, retailing, public schools, hospitals, real estate companies and home builders.

Dallas — Cypress Equities has acquired Brookwood Village, a mixed-use development in the affluent Mountain Brook area of Birmingham, Ala.  A fund managed by Cypress’s real estate investment management group carried out the transaction.

The 816,000-sq.-ft. center consists of a 604,000-sq.-ft., two-level enclosed mall, a 41,900-sq.-ft. grocery-anchored retail component and a nine-story 170,000-sq.-ft. Class A office building.  

Toronto -- Hudson’s Bay Company’s net profit for the fourth quarter fell to $29.1 million from $86.8 million in the year ago period, amid higher expenses.

The company’s sales for the quarter, ended Feb.1, rose 74% to $2.41 billion, largely driven by the inclusion of Saks, which it acquired in November 2013. Same-store sales rose 6.6%, with an increase of 5.2% at its namesake stores, a 3.1% increase at Saks, and a decline of 1.3% at Lord & Taylor.

Washington, D.C. -- The National Retail Federation (NRF) has urged Congress to pass the bipartisan Save American Workers Act, which would change the Affordable Care Act’s definition of full-time employment from 30 hours per week to 40 hours. NRF sent a letter to the House saying all votes related to the bill, H.R. 2575, would be considered key votes for the association’s annual scorecard.

Boca Raton, Fla. -- Office Depot has appointed Troy Rice as executive VP of retail, effective April 14. Rice, who replaces Juan Guerrero, will also serve as a member of Office Depot’s leadership team and report directly to chairman and CEO Roland Smith.
 

York, Pa. -- The Bon-Ton Stores plans to open a 27,000-sq.-ft. Herberger’s Clearance Center in Maplewood, Minn. The store is scheduled to open May 2014.

“We are pleased to announce the opening of our fourth free-standing clearance center,” said Brendan Hoffman, president and CEO.

Bon-Ton Stores operates 270 department stores in 25 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers nameplates.

Veteran retail operations executive Troy Rice has joined Office Depot as EVP of retail as the company continues to build out its senior leadership team in the wake of its merger with OfficeMax.

Rice spent the past eight years with Toys “R” Us, most recently serving as EVP fo stores and services. Prior that he spent 16 years with The Home Depot and served as president of the retailer’s $24 billion northern division at the time of his departure.