Foot Locker announced that it will buy Runners Point Warenhandelsges, a German athletic store chain with more than 200 stores for approximately $94 million as it expands in Europe.
Sears Holdings has formed a new unit to market space from Sears and Kmart stores for data centers, disaster recovery space and wireless towers. Ubiquity Critical Environments was created in and attempt to reposition its assets. The retailer operates about 3,200 properties totaling 25 million-square-feet, that includes dozens of Sears and Kmart locations that have been closed over the past few years. Although mall based locations are not viable for data center usage, the company believes they are ideal for disaster recovery centers. The company believes that wireless towers present the most promising opportunity with 70% of the US population living within 10 miles of a Sears or a Kmart store.
TowerBrook Capital Partners has agreed to purchase True Religion Apparel in a deal valued at approximately $835 million. The upscale jeans and sportswear products are sold in department stores and specialty stores around the globe and also operates more than 120 stores in the US and more than 30 international locations. In 1Q 2013, total net sale increased 13.1% to $120.8 million.
Apax Partners and private equity firm, also based in London, has offered $1.1 billion for the PA-based retailer, rue21, a teen clothing retailer. The retailer plans to open its 1,000th location this year with sales in excess of $1 billion. The company also plans to launch an e-commerce platform in early 2014. Apax has been an investor in rue21 since 1998 and was majority owner then the retailer went public in 2009.
Upscale department store operator Saks has reportedly hired Goldman Sachs Group to explore alternative including a possible sale of the company and possibly a merger with Neiman Marcus, which also has been exploring a sale or public offering. The two companies have explored a merger in the past in the hopes of gaining more leverage with vendors. Nieman Marcus is stronger in Texas and parts of California, while Saks has its stronghold in New York and Palm Beach. However, the two retailers do overlap in many locations prompting the risk of cannibalization.
Sponsored by Stewart Title and Trust - The only title company named one of
"AMERICA'S MOST TRUSTWORTHY COMPANIES" in 2012 by Forbes®.
Contact Stewart Title & Trust of Tucson at (520) 327-7373 for your next closing.