Sycamore completes acquisition of Hot Topic
City of Industry, Calif. — Private equity outfit Sycamore Partners said Thursday it has completed its previously announced acquisition of Hot Topic, valued at about $600 million and returning the Hot Topic namesake stores and the Torrid banner to the private sector.
"Hot Topic and Torrid are both leaders in their categories, and we are excited to have both brands as part of our portfolio," said Stefan Kaluzny, managing director of Sycamore Partners.
Canada’s Birks to debut new format
Montreal — Canadian jewelery retailer Birks will introduce a new retail concept in the summer of 2013, with new stores opening in DIX30 Complex, Brossard, Quebec, and in the new Mapleview Mall in Burlington, Ontario.
The new format, developed in collaboration with Sid Lee Architecture, will feature round 1,500 sq. ft. of retail space and be dedicated to jewelry from the Birks Collection.
Meijer to open two Indiana supercenters
Grand Rapids, Mich. — Meijer will open two 190,000-sq.-ft. supercenters in the northern Indiana towns of Portage and Warsaw on June 13. Meijer operates more than 200 stores in the Midwest and will have 32 stores in Indiana. Meijer expects the stores to create more than 500 new jobs.
The new locations are built to Leadership in Energy and Environmental Design (LEED) standards and are the latest in a $200 million investment this year that includes the construction of six new Meijer supercenters, remodel projects for five additional stores in Michigan and Illinois, and upgrades to two distribution complexes.
"Our team has worked very hard to get these supercenters ready and we’re excited to bring the Meijer experience to our new neighbors in Portage and Warsaw and the surrounding communities," said Hank Meijer, co-chairman of Meijer.