FINANCE

Licensing mogul purchases Hastings Entertainment

BY Dan Berthiaume

Amarillo, Texas – Parent, a company owned by New Jersey-based licensing and memorabilia mogul Joel Weinshanker, has purchased multimedia entertainment retailer Hastings Entertainment for $21.4 million. The publicly traded Hastings will go private and operate as a wholly owned subsidiary of Parent.

Hastings shareholders, who will receive $3 cash per share in the deal, approved a merger initially entered into on March 17, 2014. Hastings CEO John Marmaduke will depart the company and receive a $1.5 million one-time payment. Weinshanker owns National Entertainment Collectibles Association and owns the licensing and merchandising rights to celebrities including Elvis Presley. There are currently two federal lawsuits challenging the merger on grounds the price per share is too low.

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OPERATIONS

Savings.com launches Amazon price comparison tool

BY Dan Berthiaume

Santa Monica, Calif. – Savings website Savings.com has launched PriceJUmp, an online tool that instantly compares Amazon product prices to prices around the Web. Users copy the URL of the product page they are viewing on Amazon and paste it into the PriceJump website search box.

PriceJump then searches thousands of sites to find better prices. In addition, the Savings.com PriceJump browser extension for Chrome (Firefox and Safari extensions are expected soon) provides the same PriceJump pricing information in the upper right hand corner of the user’s browser window while shopping on Amazon. When the user is not on Amazon, they won’t see any price information.

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REAL ESTATE

DDR opens center in New Hampshire Aug. 12

BY Dan Berthiaume

Beachwood, Ohio – DDR Corp. will hold the grand opening of Seabrook Commons, the company’s most recent ground-up development project located in Seabrook, New Hampshire, on Aug. 12. This 380,000-sq.-ft. prime power center is 96% leased, anchored by Wal-Mart, Dick’s Sporting Goods, PetSmart, Michaels, Ulta, Famous Footwear and Five Below, and features a complementary restaurant lineup that includes Panera, Outback Steakhouse and Noodles & Company.

Seabrook Commons features a trade area population of 251,000 people, an average household income of $90,000, and is located at the first exit north of the Massachusetts-New Hampshire border on Interstate 95. The center will provide more than 500 local jobs.

"We are very pleased to officially open our first ground-up development project for 2014,” said Paul Freddo, senior executive VP of leasing and development for DDR. “Consistent with our strategic initiative, Seabrook Commons enables us to assist the external growth aspirations of our retail partners, monetize another portion of our development land bank and achieve an 8% unlevered return on incremental invested capital."

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