Wwd Macy's Buyout
Wwd Macy's Buyout
Activist investor Land & Buildings on Thursday issued an open letter to HBC shareholders saying that it agrees with a special committee of the board that an offer from a buyout group led by HBC Governor Richard Baker is "inadequate." The firm also claims that "Baker's press release responding to the Special Committee essentially threatens minority shareholders."
Canada Pension Plan Investment Board manages a fund that totaled 550.4 billion Canadian dollars as of Dec. 31. CPPIB, along with Ares Management, acquired the Neiman Marcus Group in a $6 billion leveraged buyout in 2013, and took it bankrupt in 2020. In September 2020, Pimco, Davidson Kempner Capital Management, and Sixth Street acquired Neiman Marcus Group.
Remember these guys?Everybody was all excited in the middle of the Summer of 2009 when they showed up at the corner of Houston Street and Broadway to greet customers in front of what would be Manhattan's first Hollister store. At the time, we called the dramatic environment an "astonishing feat of art direction and casting", but despite its size, it has never been much of a store, just a retail funhouse. It's looking like the immense "Epic" flagship, as it was meant to be called has seen its best days. To be honest, that was the first and last time we even went into the store, for many reasons, but mainly becasue the "fragrance" that gets pumped through the air and onto the sidewalks at most Hollister and Abercrombie stores usually makes The Shophound want to barf. Sadly, Hollister gave up its signature shirtless summer greeters a couple of summers ago, but now the chain is reportedly ready to abandon its gigantic SoHo flagship altogether. If you thought that the lavish space was just a bit more than the sportswear chain needed, you were probably right. The New York Post is reporting that parent company Abercrombe & Fitch has been quietly shopping the space to potential tenants to sub-lease. Other options, however, may include a complete buyout by the landlord which would allow them to court entirely new tenants at a much higher market rate than the one Abercrombie signed when it took the space. 781b155fdc