Glimcher Realty Trust to be acquired in $4.3 billion deal
Columbus, Ohio — Washington Prime Group announced Tuesday it will acquire shopping center REIT Glimcher Realty Trust in a deal worth $4.3 billion.
Washington Prime Group, a Bethesda, Maryland-based REIT, and Glimcher will combine under a new name WP Glimcher, with headquarters remaining in the current Glimcher offices in Columbus, Ohio.
The newly combined company will remain publicly traded.
Glimcher boasts such notable properties as Scottsdale (Arizona) Quarter, Polaris Fashion Place in hometown Columbus, and Puente Hills Mall in City of Industry, California. The combined WP Glimcher will feature a total of 119 retail properties spanning 68 million sq. ft. of GLA.
Glimcher Realty CEO Michael Glimcher will remain CEO of WP Glimcher and serve as vice chairman. Washington Prime CEO Mark Ordan will become executive chairman of the combined company.
“We believe there is an immediate benefit to our shareholders and our associates when we consider the growth profile of the joint company,” Glimcher said in a statement. “Together we gain a competitive advantage with a premier balance sheet, a larger pool of assets and a proven platform to deliver results.”
Added Ordan: “This transaction with Glimcher checks every box, very early in our company’s trajectory.”
Washington Prime went public just three months prior.
Two Glimcher properties — The Outlet Collection Jersey Gardens, in Elizabeth, N.J., and University Park Village in Fort Worth, Texas — will be spun off to Simon Property Group for $1.09 billion.
Build-A-Bear Workshop taps new CFO
Build-A-Bear Workshop has appointed Voin Todorovic as its new CFO, reporting to CEO Sharon John.
"Voin has a solid background in linking financial goals and business objectives. I am excited to have him join the team as we continue to evolve our business model to leverage the strength of the Build-A-Bear brand to drive toward the Company’s stated objectives of sustainable, profitable growth,” said John.
Todorovic was most recently employed at global footwear and apparel company Wolverine World Wide, as the head of finance and operations for its Lifestyle Group which includes a portfolio of iconic brands such as Sperry Top-Sider, Hush Puppies, Keds, and Stride Rite. Prior to his tenure at Wolverine World Wide, he held positions of increasing responsibility at Payless Shoe Source and Collective Brands. Todorovic completed his MBA and undergraduate studies at Missouri State University.
Todorovic succeeds Tina Klocke, who had been serving as the company’s CFO and COO.
The company said that Klocke is leaving the company to pursue her interests in the nonprofit business sector. Klocke will remain with the company through the first quarter of 2015 and will retain her position as COO during this time.
Join Chain Store Age at Plug and Play Fall Expo 2014 on Sept. 18
Plug and Play’s quarterly pitch competition event, Plug and Play Fall Expo 2014, is coming to Plug and Play’s campus in Sunnyvale, California. Fall Expo 2014 will feature 40-plus startup pitches, panel discussions and corporate networking. It will be held Thursday, Sept. 18, from 9:30 a.m. – 7 p.m. PDT.
Chain Store Age will be in attendance and we hope to see you there!