Boca Raton, Fla. — Boca Raton, Fla.-based Office Depot Inc. (NASDAQ: ODP) announced Wednesday that the company plans to close an additional 300 stores over the next three years in an attempt to cut $250 million in costs by 2018.
Sunbury, Pa. — Weis Markets Inc., a Mid-Atlantic grocery retailer, has reached an agreement with Food Lion LLC to purchase 38 Food Lion supermarket locations in Maryland, Virginia and Delaware.
Beachwood, Ohio — Beachwood-based DDR Corp. has named Thomas August president and CEO.
Los Angeles — Peter Lowy, co-CEO of Westfield Corp., the Australia-based shopping center owner and operator that has its U.S. headquarters in Los Angeles, has been named to the U.S. Department of Commerce’s newly established U.S. Investment Advisory Council (IAC).
New York and Los Angeles — NorthStar Asset Management Group Inc. (NYSE: NSAM), Colony Capital Inc. (NYSE: CLNY) and NorthStar Realty Finance Corp. (NYSE: NRF) have entered into a definitive merger agreement under which the companies will combine in an all-stock merger to create a diversified global equity REIT with a total capitalization of $17 billion.
Englewood, Colo. — Englewood-based Sports Authority Inc. has announced that it will close the doors to all 463 of its locations by the end of August.
New York City — New York REIT (NYSE: NYRT) has agreed to acquire all properties of JBG Cos. and some of its private funds, creating an $8.4 billion real estate investment trust (REIT) named JBG Realty Trust.
Boca Raton, Fla. — The merger agreement between Staples Inc. (NASDAQ: SPLS) and Office Depot Inc. (NASDAQ: ODP) has been terminated. As a result, Office Depot will receive a cash payment from Staples of $250 million on May 19, 2016.
Winston-Salem, N.C. — Jab Beech Inc. and Krispy Kreme Doughnuts Inc. have entered into a definitive merger agreement under which JAB will acquire Krispy Kreme for $21-per-share in cash, or a total equity value of approximately $1.35 billion.
New York City — After losing money for 13 consecutive quarters, teen apparel retailer Aéropostale Inc. (OTCQX: AROP) has filed for Chapter 11 Bankruptcy protection.