Big Lots has completed its previously announced sale and leaseback transactions with affiliates of Oak Street Real Estate Capital relating to its four company-owned distribution centers. Gross proceeds from the transactions were $725 million and net proceeds, after expenses and taxes, are expected to be approximately $550 million.
Macy’s is restructuring to align its cost base with anticipated near-term sales as the business recovers from the impact of the COVID-19 pandemic, including the closure of stores from March 18 through May 4, 2020 and gradual reopening.
Instacart has raised $225 million as part of a new financing round led by DST Global and General Catalyst, with existing investor D1 Capital Partners participating. The investment comes as Instacart continues to experience a surge in customer demand for grocery delivery and pickup.
The board of directors of Overstock has appointed William Nettles as a new independent director. Nettles is a co-founder and managing partner of Invictus Growth Partners, a private equity firm located in San Francisco that invests in and advises automation-enabled technology companies.
Albertsons has launched an initial public offering of 65,800,000 shares of its common stock to be sold by certain of its stockholders, at an anticipated initial public offering price between $18 and $20 per share, pursuant to a registration statement on Form S-1 previously filed with the U.S. Securities and Exchange Commission.
After a series of occurrences, including trade disputes, the COVID-19 pandemic and political conflicts, consumers in the U.S. are looking at China-made products in a more negative light, according to Coresight Research.
Bed Bath & Beyond has strengthened its liquidity position by executing an $850 million three-year secured asset-based revolving credit facility, or ABL facility, with a syndicate of banks, while also providing additional information on its store reopening process.
A team of disposition firms consisting of Gordon Brothers, Hilco Merchant Resources, Great American Group and Tiger Group have commenced store closing sales at 137 J.C. Penney stores across the U.S. The closures are the company’s first step in implementing a planned store optimization strategy.
Office Depot has appointed D. Anthony Scaglione as evp/chief financial officer, effective July 20, 2020. As CFO, Scaglione will report directly to CEO Gerry Smith and be a member of the executive committee.
In a global Mastercard study conducted in 15 markets around the world, consumers demonstrated that they are moving away from cash and opting for contact-free and digital payments experiences, and they may not go back to old habits even after the COVID-19 pandemic wanes.
Coronavirus-related circumstances and the capabilities the company has developed to serve customers in new ways contributed to big gains The Kroger Co. made in the first quarter, the company asserted.