Jo-Ann Stores Names New Executive VP
Hudson, Ohio, Jo-Ann Stores appointed Travis Smith to serve as executive VP, merchandising and marketing, effective July 31. Most recently, Smith was senior VP of general merchandise of Fred Meyer. Smith has also had a variety of merchandising and marketing responsibilities at Fred Meyer Stores and May Department Stores.
Read All About It: A New Retail Renaissance
An avalanche of change is altering the retail landscape at an unprecedented pace. The bar has not just been raised for retailers—the goal posts have moved and some of the rules have changed. Retail managers must respond to new realities and imperatives quickly, and manage retail innovation more effectively.
For a full copy of the article, “Managing Innovation in the New Retail Renaissance,” visit the Guest Commentary section of chainstoreage.com.
Kimco Realty, Pan Pacific Retail Properties to Merge
San Diego, Kimco Realty Corp. and Pan Pacific Retail Properties announced that the two companies entered into a definitive merger agreement Monday. The agreement, which has been unanimously approved by both companies’ boards of directors, will merge Pan Pacific’s portfolio of 138 properties with Kimco’s vast holdings.
According to Stuart Tanz, president and CEO of Pan Pacific, “We believe that this offer by the nation’s largest publicly-traded owner of shopping centers is in the best interest of our stakeholders and represents an attractive price that fairly reflects the value of Pan Pacific.”
Kimco expects to target a substantial number of the Pan Pacific properties for its strategic co-investment programs. Under the terms of the agreement, Kimco will acquire all of the outstanding shares of Pan Pacific for a total merger consideration of $70 per share.
The transaction has a total value of approximately $4.0 billion, including Pan Pacific’s outstanding debt totaling approximately $1.1 billion and $2.9 billion in equity value. Kimco received financing commitments totaling up to $3.0 billion, which it may use to fund all or a portion of the total merger consideration.
The transaction is expected to close during the fourth quarter of 2006.