Hunter Crossroads, Fort Worth, Texas
When an 180,000-sq.-ft. Walmart Supercenter opens at Hunter Crossroads this fall, it will mark the first major retail opening in the shopping center, which is part of a larger 160-acre planned mixed-use project.
Developed by Hunter Crossroads LP, the center is being leased by Transwestern, based in Dallas.
Construction on the new Walmart is more than halfway completed; expected opening date is September 2013 and the store will feature Walmart’s smaller, more efficient prototype in lieu of its more traditional 220,000-sq.-ft. layout.
In addition to the new Walmart, an adjacent 20,000-sq.-ft. retail development is expected to break ground in May. McDonald’s has committed to build a new restaurant at the property and other junior anchor retailers are currently negotiating for space, including quick-service restaurants, sit-down restaurants and convenience stores.
Rue21 legal head takes on additional responsibilities
WARRENDALE, Pa. — Specialty apparel retailer Rue21hasannounced that Stacy Siegal, the company’s current VP, general counsel and corporate secretary, has beenpromoted to the additional position of chief administrative officer.Siegal will continue to report directly to Bob Fisch, the company’s president and CEO.
Siegal has served as the company’s general counsel and corporate secretary since March, 2010.In her expanded role Siegal will assumeresponsibility for the human resources division of the company whilealso retaining oversight of the company’s legal matters, regulatorycompliance and corporate communications. She will continue to serve as secretary to the board of directors.
"We are very pleased to announce Stacy’s promotion to chief administrative officer. She has proven herself to be a valuable memberof our senior management team and a committed and enthusiastic leader.Her promotion to CAO ensures that our human resource, legal, andoperational initiatives are well aligned so that our business goalswill continue to be successfully executed," stated Bob Fisch, presidentand CEO of Rue21.
Siegal received her bachelor’s degree from Lehigh University and adoctorate of jurisprudence from the George Washington University LawSchool. She is an active member of the National Retail Federation’sGeneral Counsel’s Forum, the National Association of CorporateDirectors, the Association of Corporate Counsel, and the Society forHuman Resource Management.
Sycamore Partners to acquire Hot Topic
CITY OF INDUSTRY, Calif. — Sycamore Partners has agreed to acquire teen retailer Hot Topic for approximately $600 million, or 14 cents per share in cash. The agreement, which has been unanimously approved by Hot Topic’s board of directors, represents a premium of approximately 30% over Hot Topic’s closing stock price on March 6.
Lisa Harper, CEO and chairman of the board of Hot Topic, said, “We are pleased that this transaction will allow us to deliver positive results for our shareholders. In addition, we are very excited about the future growth for the company and know that Sycamore Partners will provide great resources and expertise to us as we operate as a private company.”
“We are excited to partner with the Hot Topic management team and all of its talented and passionate employees,” said Stefan Kaluzny, managing director of Sycamore Partners. “We look forward to supporting the company’s continued growth.”
The transaction, which is structured as a one-step merger with Hot Topic as the surviving corporation, is subject to customary closing conditions, including receipt of shareholder and regulatory approvals. The transaction requires the affirmative vote of holders of a majority of the Company’s outstanding shares, which will be sought at a special meeting of shareholders.
In connection with the merger agreement, Lisa Harper and Becker Drapkin Management LP, holders of 8.9% of the company’s stock, each signed customary support agreements indicating they would support the proposed transaction.
Guggenheim Securities is acting as financial advisor to Hot Topic in connection with the transaction. Cooley LLP is acting as Hot Topic’s legal advisor. BofA Merrill Lynch is acting as financial advisor to Sycamore Partners and Winston & Strawn LLP and the Law Offices of Gary M. Holihan, P.C. are acting as its legal counsel.