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LVMH Agrees to Acquire Tiffany & Co. for $16.2 Billion

by Alex Tostado

New York City — LVMH Moët Hennessy Louis Vuitton SE (LVMH), a French conglomerate and supplier of luxury goods, has agreed to acquire luxury jewelry retailer Tiffany & Co. (NYSE: TIF) for approximately $16.2 billion. The sales price equates to $135 per share, to be paid in cash. The deal is expected to close in the second or third quarter of 2020. LVMH, based in Paris, owns more than 70 luxury brands in the clothing, cosmetics, jewelry and spirits industries, including Dom Pérignon champagne, Givenchy clothing and perfume and Christian …

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Company newsIllinoisNewsRetailers

Sears to Close 96 More Stores by February 2020

by Alex Tostado

Hoffman Estates, Ill. — Sears Holdings Corp. plans to close 96 underperforming stores by February 2020, according to the retailer’s parent company, Transform Holdco LLC. The closings will consist of 51 Sears stores and 45 Kmart stores, leaving 182 operational Sears and Kmart stores remaining in the United States. The closing stores are scattered throughout all regions of the country, including 28 located in California. A full list of store closures can be found here. “Since purchasing substantially all the assets of Sears Holdings Corp. in February 2019, Transformco has faced …

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Company newsNewsRetailersRhode Island

CVS to Close 22 Stores in 2020

by Alex Tostado

Woonsocket, R.I. — CVS Health (NYSE: CVS) plans to close 22 underperforming drugstores during the first quarter of 2020. In its third quarter results of 2019, the Rhode Island-based drugstore giant reported a 36.5 percent increase in revenue from $47.3 billion in 2018 to $64.8 this year. During 2018, CVS closed 46 underperforming stores and acquired health insurance and Medicare company Aetna (NYSE: AET) for approximately $70 billion. The integrated companies moved forward with major asset redevelopments, including a “hub-and-spoke” model wherein smaller retail stores function as outposts for central …

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Company newsNewsRetailersVirginia

Hamilton Beach to Close All 160 Kitchen Collection Stores by End of Year

by Alex Tostado

Glen Allen, Va. — Hamilton Beach Brands Holding Co. has announced that it will close all stores of its retail subsidiary, The Kitchen Collection, by the end of the year. Kitchen Collection employs approximately 800 people at 160 stores across 37 states. The company previously closed about 35 underperforming stores in an effort to maintain long-term profitability, but higher operating losses in the first half of 2019 have prompted Hamilton Beach Brands to shutter the chain entirely. “Despite our best efforts to return Kitchen Collection to profitability through footprint consolidation, …

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Company newsFloridaNewsRestaurants

Cracker Barrel Acquires Maple Street Biscuit for $36 Million

by Alex Tostado

Jacksonville, Fla. — Cracker Barrel Old Country Store Inc. has acquired Maple Street Biscuit Co. for $36 million in an all-cash deal. Maple Street’s portfolio comprised 28 company-owned and five franchise-owned restaurants in seven states at the time of sale. The company plans to convert its Holler & Dash Biscuit House into Maple Street Biscuit locations. Scott Moore and Gus Johnson founded Maple Street in Jacksonville in 2012. Moore will stay on as CEO and will report to Sandra Cochran, president and CEO of Cracker Barrel.

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CaliforniaCompany newsNewsRetailers

Forever 21 Files for Chapter 11 Bankruptcy, Plans to Shutter 350 Stores Worldwide

by Alex Tostado

Los Angeles — Forever 21 Inc. has filed for chapter 11 bankruptcy in the United States Bankruptcy Court in the District of Delaware. Forever 21 intends to use these proceedings to facilitate a global restructuring that will allow the company to focus on a profitable core part of its operations. As part of its restructuring strategy, the company plans to exit most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America. The Wall Street Journal reports Forever 21 could close up to …

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Company newsGeorgiaIllinoisInvestment salesNewsRestaurants

Arby’s Parent Company to Acquire Jimmy John’s

by Alex Tostado

Atlanta and Champaign, Ill. — Inspire Brands Inc., the parent company of Arby’s, has agreed to acquire Jimmy John’s Gourmet Sandwiches. Terms of the transaction, expected to close by the end of October, were not disclosed. The Jimmy John’s Board of Directors, including founder and chairman Jimmy John Liautaud, unanimously approved the agreement. Jimmy John’s had $2.15 billion in U.S. sales last year across 2,803 stores, a roughly 50 percent increase in both sales and locations since 2013, according to The Wall Street Journal. Jimmy John’s, based in Champaign, opened its …

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Company newsIllinoisNews

Envoy Heads Joint Venture to Fund Commercial Construction Projects

by Alex Tostado

Chicago — Envoy Net Lease Partners has formed a joint venture with an unnamed partner to fund development projects of commercial, industrial, office and net-lease properties nationwide. The partner is backed by more than $10 billion in assets, allowing Envoy to fund projects up to $20 million. Envoy expects to originate over $200 million of build-to-suit construction loans in the next two years.

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Company newsNewsRetailers

Le Tote Agrees to Buy Lord + Taylor for $100 Million

by Alex Tostado

Toronto — Le Tote, a fashion rental subscription service, has agreed to buy Hudson’s Bay Co.’s (HBC) Lord + Taylor brand for $100 million. Le Tote will pay Toronto-based HBC $75 million in cash upon closing as well as a promissory note of $25 million, payable after two years. In addition, HBC will receive an equity stake in Le Tote, two seats on the company’s board of directors and certain rights as a minority shareholder. Le Tote will assume responsibility of Lord + Taylor’s 38 stores, digital channels and inventory. …

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Company newsNew JerseyNewsRetailers

Women’s Fashion Chain Avenue to Close All 222 Stores Across 33 States

by Alex Tostado

Rochelle Park, N.J. — Avenue Stores LLC will close all 222 of its Avenue stores across 33 states after failing to procure a buyer for the plus-size women’s clothing chain. It was not made immediately clear if the retailer will continue to operate its e-commerce platform. Philadelphia-based Versa Capital Management acquired Avenue Stores LLC in bankruptcy in 2012 when the retailer operated 433 stores. Avenue will hold liquidation sales in all of its stores, offering 30 to 50 percent off clothes, accessories and even store fixtures. Hilco Merchant Resources and …

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