FINANCE

GE Capital administrative agent on Golf Town/Golfsmith credit facility

BY Katherine Boccaccio

Norwalk, Conn. — GE Capital said Friday that it is serving as administrative agent on a $150 million senior secured credit facility to support the combination of Golf Town and Golfsmith, owned by parent company Golfsmith International.

GE said the credit facility will be used to support working capital and to refinance existing debt.

"GE Capital structured the financing that will enable us to make … our ongoing operations a success," said Sue Gove, president and COO of Golfsmith International.

“The industry continues to be selective with mergers and acquisitions, but smart retailers are finding there are good opportunities available to accelerate growth,” said Jim Hogan, senior managing director of GE Capital, Corporate Retail Finance. “Bringing together our retail finance expertise with the sponsor finance experts at GE Antares meant we were able to quickly understand the needs on all sides of this transaction and structure financing accordingly.”

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OPERATIONS

Gordmans names former Safeway exec to HR post

BY Staff Writer

Omaha, Neb. — Midwestern department store retailer Gordmans said that it has named Roger Glenn as senior VP human resources.

Glenn joins Gordmans from Safeway, where he served as group VP for human resources and handled recruitment, employee relations, human resources planning and diversity.

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STORE SPACES

LandMark develops two CVS/Pharmacy stores in California

BY Katherine Boccaccio

Woodland Hills, Calif. — LandMark Retail Group said it has completed the development of two CVS/Pharmacy stores in California – in Bakersfield and Palmdale.

The Bakersfield store will be located in the newly developed Grand Island Village Shopping Center, a 90,000-sq.-ft. neighborhood center home to Chevron, Republic Bank and other small tenants.

The Palmdale store is located in a Vallarta-anchored neighborhood shopping center and offers a drive-thru pharmacy.

LandMark Retail Group is a subsidiary of NewMark Merrill Cos.

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