retailers

Office Depot Parent Company Rejects Staples’ $2.1 Billion Acquisition Offer

by Katie Lee January 20, 2021

Boca Raton, Fla. — ODP Corp., the parent company of Office Depot, has rejected USR Parent Inc.’s off-market transaction offer to acquire the Boca Raton, Fla.-based retailer. USR, the parent company of office products retailer Staples and affiliate of Sycamore Partners, offered to buy ODP for $40 per share in an all-cash deal that would equate to roughly $2.1 billion. In a letter to Stefan Kaluzny, managing director of Sycamore Partners and a member of the board of directors at USR, ODP’s chairman of the board of directors Joseph Vassalluzzo …

January 20, 2021

Bed Bath & Beyond Inc. Completes Sale of Cost Plus World Market

by Katie Lee January 19, 2021

Union, N.J. — Bed Bath & Beyond Inc. has completed the sale of Cost Plus World Market to Kingswood Capital Management, a Los Angeles-based private equity firm. Both companies have agreed to a transition services agreement following the close of the transaction to help ensure business continuity. “The completion of this transaction marks the conclusion of our work to streamline our portfolio,” says Mark Tritton, president and CEO Bed Bath & Beyond. “These efforts will help fund our transformation and put us in the position to start fiscal 2021 with …

January 19, 2021

News retailers

Store Closings Begin at All Christopher & Banks Locations Nationwide

by Katie Lee January 14, 2021

Chicago — On Jan. 13, 2021, Christopher & Banks filed for Chapter 11 reorganization and authorized store closing sales to be conducted by Hilco Merchant Resources. The store closing process has begun at more than 400 stores nationally. Christopher & Banks was founded in 1956. As of February 2020, the retailer had more than 450 locations. In a statement from Christopher & Banks, Keri Jones, president and CEO, said: “Since the start of the COVID pandemic, we have taken aggressive steps to protect our business while continuing to serve our …

January 14, 2021

News retailers

Express, Inc. Receives $140 Million in Additional Financing to Bolster Liquidity

by Katie Lee January 14, 2021

Columbus, Ohio — Fashion apparel retailer Express, Inc. has entered into a definitive loan agreement with Sycamore Partners as lead lender, along with Wells Fargo and Bank of America Merrill Lynch, that strengthens its liquidity position by an additional $140 million. The new financing includes a $90 million FILO Term Loan with a maturity date of May 24, 2024, and a $50 million Delayed Draw Term Loan, to be repaid upon receipt of a CARES Act tax refund expected to be received in the second quarter of 2021. This financing …

January 14, 2021

News people retailers

URBN Makes Management Changes

by Katie Lee January 13, 2021

Philadelphia — Urban Outfitters, Inc., a leading lifestyle products and services company which operates a portfolio of global consumer brands comprised of Anthropologie, BHLDN, Free People, FP Movement, Terrain, Urban Outfitters, Nuuly and Menus & Venues, has made key management changes. Trish Donnelly, chief executive officer of the Urban Outfitters Group, will be leaving the company as of January 31, 2021, to pursue a new career opportunity. Sheila Harrington will become CEO for both Urban Outfitters Group and Free People Group. Additionally, Gabrielle Conforti, currently the chief merchandising officer for …

January 13, 2021

construction and design management News property management retailers

Liberty University to Redevelop Portion of Mall Near Campus

by Katie Lee January 12, 2021

Lynchburg, Va. — The first week of January, River Ridge outlined the next phase of its redevelopment, beginning with the demolition of the former Macy’s building on the West End of the property scheduled for first quarter 2021. The revitalized West End is envisioned as River Ridge’s restaurant and entertainment hub along with traditional retail and personal services options. It will provide a contemporary, open-air shopping experience with higher store elevations and urban-esque storefront designs, as well as an outdoor venue for family themed community events. “Now that updates to the …

January 12, 2021

News retailers

Loves Furniture & Mattresses Files for Chapter 11 Bankruptcy Protection

by Katie Lee January 11, 2021

Warren, Mich. — Loves Furniture & Mattresses, owned by Dallas-based private equity firm U.S. Assets Inc., filed for Chapter 11 bankruptcy protection in early January amid struggles brought on by the COVID-19 pandemic. Loves was formed in April of this year and acquired 27 Art Van Furniture locations across Michigan, Pennsylvania, Ohio, Illinois, Virginia and Maryland in May. That deal did not include the stores’ underlying real estate, which had already been sold off, according to reports by the Detroit Free Press. The company also opened or acquired 13 additional …

January 11, 2021

News retailers

Macy’s to Shutter 45 More Locations, Including Longtime Store at Chicago’s Water Tower Place

by Katie Lee January 7, 2021

Chicago — Macy’s will close its longtime department store at Water Tower Place in Chicago, according to several media reports. The downtown mall is situated on the Magnificent Mile. Macy’s will begin a clearance sale this month at the 170,000-square-foot store. The retailer will continue to operate nearby stores in Skokie, Oak Brook, Schaumburg and Orland Park, Ill. In early 2020, before the COVID-19 pandemic, Macy’s announced that it would close 125 stores nationwide over a 3-year period in an effort to right-size its store fleet. During the first week …

January 7, 2021

News people retailers

Bed Bath & Beyond Appoints Retail/Brand Veteran as GM of buybuy BABY

by Katie Lee January 6, 2021

Union, N.J. — Bed Bath & Beyond Inc. has named Patty Wu as senior vice president and general manager for buybuy BABY, effective January 18. Wu will report to John Hartmann, executive vice president and chief operating officer at Bed Bath & Beyond Inc. and president of buybuy BABY. Wu will be responsible for growing buybuy BABY and its customer base by executing a six-point strategy and capital investment plan that was outlined during the company’s recent Investor Day. The strategy will include extending the product range to include items for young …

January 6, 2021

News retailers

MARQUE Luxury Continues U.S. Expansion with New Location in New York City

by Katie Lee January 6, 2021

New York City — MARQUE Luxury, the wholesale industry’s leading authority in authentic pre-owned designer goods, has opened its New York City showroom located at 261 5th Ave. in Manhattan. MARQUE’s New York City showroom is the first in the Northeast and third East Coast location. The opening will also add a new business development manager/account manager to MARQUE’s corporate team, continuing the company’s aggressive expansion plans in the United States ahead of the New Year and adding talented, experienced, industry veterans to its roster. Throughout the U.S. and online, …

January 6, 2021

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