REBusinessOnline

Petco Ends First Day of Trading 63 Percent Higher than IPO Price

SAN DIEGO — Petco ended its first day of trading on Nasdaq on Thursday at $29.40 per share, 63 percent higher than its initial public offering (IPO). The San Diego-based pet care retailer is trading under the stock symbol WOOF. Petco priced its IPO at $18 per share, and the stock price opened at $26 per share Thursday.Petco operates more than 1,500 stores in the United States, Puerto Rico and Mexico and sells food, toys and healthcare needs for a variety of pets. Additionally, more than …

Urban Outfitters Reports 8.4 Decrease in Net Sales to Close 2020, Announces Leadership Changes

PHILADELPHIA — Urban Outfitters (NASDAQ: URBN) reported an 8.4 percent sales decrease for the two months that ended on Dec. 31, 2020 compared with the same period a year earlier.The Philadelphia-based apparel retailer said that lower sales within its brick-and-mortar stores were partially offset by double-digit sales growth across the digital platforms of its family of brands, which includes Free People and Anthropologie Group. For the fiscal year 2020, the company’s net sales declined …

PREIT Receives Zoning Approval to Add Multifamily, Hotel Uses to New Jersey’s Moorestown Mall

MOORESTOWN, N.J. — Pennsylvania Real Estate Investment Trust (PREIT) has received a zoning approval that will allow the Philadelphia-based mall owner to add up to 1,065 multifamily units and a hotel to its Moorestown Mall in Southern New Jersey.For PREIT (NYSE: PEI), which filed for Chapter 11 bankruptcy in early November, the move is part of a larger effort to diversify the real estate at several of its regional malls. Dubbed a “densification plan” by company executives, PREIT’s …

Loves Furniture & Mattresses Files for Chapter 11 Bankruptcy Protection

WARREN, MICH. — Loves Furniture & Mattresses, owned by Dallas-based private equity firm U.S. Assets Inc., filed for Chapter 11 bankruptcy protection this week amid struggles brought on by the COVID-19 pandemic. Loves was formed in April of this year and acquired 27 Art Van Furniture locations across Michigan, Pennsylvania, Ohio, Illinois, Virginia and Maryland in May. That deal did not include the stores’ underlying real estate, which had already been sold off, according to reports …

Bed Bath & Beyond Reports Third-Quarter Sales Growth, Will Continue Store Closures

UNION, N.J. — Bed Bath & Beyond (NASDAQ: BBBY) reported 2 percent comparable sales growth for its fiscal third quarter that ended on Nov. 30, an increase that was fueled largely by 77 percent growth in digital sales compared with the same period a year ago. Despite this growth, the New Jersey-based retailer will continue with its plan that was announced in July of last year to close some 200 stores by mid-2022. According to CNBC, this includes the closing of 43 stores by the end of …

Brookfield Asset Management Offers to Take Brookfield Property Partners Private for $5.9B

NEW YORK CITY — Brookfield Asset Management (NYSE: BAM) has submitted a non-binding proposal to acquire all outstanding shares of common stock of Brookfield Property Partners (NASDAQ: BPY), which would effectively take its commercial real estate division private.Brookfield Property Partners has about 357.6 million outstanding shares. Brookfield Asset Management’s bid to acquire those shares from public investors at $16.50 per share gives the deal a total price tag of $5.9 …

Private Equity Firm Thoma Bravo Acquires Texas-Based RealPage for $10.2B

CHICAGO AND RICHARDSON, TEXAS — Chicago-based private equity firm Thoma Bravo has acquired RealPage (NASDAQ: RP), the Richardson, Texas-based provider of property management software, in a deal valued at $10.2 billion. The price tag includes the assumption of the debt of RealPage, which was founded in 1998 and serves owners worldwide that have more than 19 million apartments in their combined portfolios.Under the terms of the agreement, RealPage stockholders will receive $88.75 in cash …

Marcus & Millichap Acquires Houston-Based Financial Intermediary LMI Capital

HOUSTON — Marcus & Millichap has acquired LMI Capital, a Houston-based financial intermediary and Real Estate Capital Alliance (RECA) member. LMI Capital, which was founded in 1999, arranges debt and equity across all property types throughout Texas and the greater Southwest region. The 10-member LMI team has completed more than $1.2 billion in transactions over the last three years. Most recently, LMI principal Brandon Brown arranged a $29 million bridge loan for the acquisition of a …

Peloton Agrees to Acquire Fitness Equipment Maker Precor, Two Manufacturing Facilities for $420M

NEW YORK CITY — Interactive fitness company Peloton (NASDAQ: PTON) has entered into an agreement to acquire Precor, a producer of fitness equipment based in metro Seattle, for approximately $420 million. Under the terms of the deal, which is expected to close in early 2021, Peloton will also acquire two of Precor’s equipment manufacturing facilities totaling 625,000 square feet in North Carolina and Washington. Peloton’s stock price eclipsed $160 per share in early trading on Tuesday, …

Darden Restaurants Reports 19.4 Percent Decline in Fiscal Second-Quarter Revenue

ORLANDO, FLA. — Darden Restaurants Inc. (NYSE: DRI) has reported a 19.4 percent decline in total year-over-year revenues during its fiscal year 2021 second quarter, the company said Friday. Orlando-based Darden’s second quarter ended Nov. 29 with $1.66 billion in total revenue compared with $2.06 billion in fiscal second-quarter 2020. Darden owns restaurant brands including Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama …

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