News

Bids on Payless sites are being accepted until May 15
Bids are being accepted on the leases for 425 Payless ShoeSource locations through May 15, according to RCS Real Estate Advisors, which has been retained to handle the disposition. The stores range in size from 2,000 to 5,000 sq. ft. and are situated in both mall and street environments. Payless this week filed for Chapter 11 bankruptcy protection, listing liabilities between $1 billion and $10 billion. It will continue to operate its business as usual at its nearly 4,000 other locations.
Report: Fred’s could receive cash infusion to help purchase Rite Aid stores
Fred’s plan to purchase at least 865 divested Rite Aid stores may be getting a step closer to becoming a reality. More than one prominent investor has recently approached Fred’s Pharmacy with the intention of investing money in the operator of 601 locations in 16 states, according to the New York Post.

Footwear retailer makes global debut with new flagship in Toronto

Footaction opened the doors to its newest flagship store — its first outside of the United States. The store, which is located in the Toronto Eaton Centre in Canada, features 6,500 square-feet of premium retail space. Presenting a unique layout, the new Footaction store is organized largely by brand, rather than by product category — a move that enhances the customer shopping experience.
Stage Stores closes Gordmans deal

Stage Stores is officially adding Gordmans stores to its portfolio. Stage Stores closed on its previously announced acquisition of selected assets of Gordmans Stores, the Omaha, Nebraska-based department store chain that filed for Chapter 11 on March 13.
Report: Eastern Outfitters LLC seeks speedy store closures

Eastern Outfitters could soon be adding to the surge of store closings among U.S. retailers. The company won a court order on Thursday, April 6, for an expedited hearing on its plan to shutter 48 of the 86 stores its operates under the Bob's Stores and Eastern Mountain Sports brands, according to Reuters.
CEO of specialty apparel chain out

The fashion retailer known for its bold, colorful designs is losing its chief executive. Benetton Group’s Marco Airoldi will resign as of May 16. The board accepted his resignation on Tuesday. Airoldi joined the company in 2013 – first as a consultant, then as CEO and managing director. During his tenure, he has contributed to the definition and subsequent launch of the company’s refocus and relaunch plan, which targets a selection of markets, stores and the Benetton Group brands.
Luggage e-retailer purchased by iconic travel brand

eBags is about to embark on a new journey. The online luggage retailer is being acquired by Samsonite International. The deal, which is valued at $105 million, is part of Samsonite’s ongoing strategy to accelerate the growth of its direct-to-consumer, e-commerce business, and strengthen its existing digital capabilities, the company reported.
L Brands’ March comps sink

L Brands’ recent exit from swimwear continues to take its toll on the company’s sales. The specialty retailer, which operates Victoria’s Secret, Pink, Bath & Body Works, La Senza and Henri Bendel, reported its net sales decreased 7% to $951.4 million for the five weeks ended April 1, 2017. This is compared to net sales of $1.027 billion for the five weeks ended April 2 , 2016.
Hudson’s Bay Co. taps Toys “R” Us exec to head up European division

Hudson’s Bay Co.’s newest executive is joining the company just in time to lead the European division’s next phase of development. Dr. Wolfgang Link will become CEO of HBC Europe, effective May 1. He will lead the expansion and growth strategy for the department store’s European business, including Galeria Kaufhof, Galeria Inno, and the entrance of Hudson’s Bay and Saks OFF 5TH. Reporting to HBC’s CEO Jerry Storch, Dr. Link will also oversee the European management team.
Convenience store giant makes $3.3 billion acquisition

7-Eleven has accelerated its U.S. expansion by entering into the largest acquisition in its history. The c-store retailer has agreed to buy the Sunoco chain of gas stations, which includes some 1,108 convenience stores located in 18 states, for a reported $3.3 billion.