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  • INDUSTRY NEWS

    • On June 22, 2022, it was reported, retail holding company Franchise Group is weighing lowering its bid for Kohl's to closer to $50 per share from about $60, according to a person familiar with the deal talks. The owner of The Vitamin Shoppe is actively considering whether or not buying Kohl's is the best use case of Franchise Group's capital, said the person. Kohl's shares opened Wednesday at $41.52 and traded as low as $34.64 in late May.
    • On June 21, 2022, it was reported, Athleta, in a deal brokered by Gap Inc.'s Strategic Growth Office, joined specialist consumer fund IRIS in leading an $8 million series A funding round into Olympian track and field star Allyson Felix's Saysh lifestyle and apparel brand. As part of the investment, Gap Inc. has acquired an equity stake in Saysh, and Athleta will showcase the brand's footwear on Athleta.com, according to a press release. Felix and her brother and business partner Wes Felix founded Saysh a year ago, debuting the Saysh One sneaker designed specifically for the female foot. In 2019 Athleta signed Allyson Felix as its first sponsored athlete.
    • On June 21, 2022, it was reported, Franchise Group, Inc., owner of Top 100 retailers American Freight and Badcock Home Furniture & more, completed the sale-leaseback of all three W.S. Badcock Corp. distribution centers. Affiliates of Oak Street Real Estate Capital, a division of Blue Owl Capital, purchased the DCs for approximately $150 million. "Oak Street has proven to be a trustworthy partner throughout our sale leaseback process," said Brian Kahn, president and CEO of Franchise Group. "We are pleased to close the sale of the Badcock distribution centers and retire the balance of our acquisition term loan with the cash proceeds." FRG expects to complete the sale-leaseback of the corporate headquarters by the end of the second quarter. B. Riley Real Estate acted as advisor and Willkie Farr & Gallagher LLP served as legal counsel to Franchise Group.
    • On May 03, 2022, it was reported, home furnishings and home recreation products retailer Watson's has acquired Detroit-based outdoor furnishings, pools, spas and home recreation specialty retailer Allstate Home Leisure. Terms of the acquisition, which also includes Allstate's Sol Casual and Carlton Billiards brands, were not disclosed. "We have had our eyes on the Detroit market for quite some time," said Erik Mueller, CEO of Watson's. "The Allstate Home Leisure culture and business model ended up being the right fit and aligned with our long-term growth strategy. We believe in Detroit and are excited to partner with the entire Allstate Home Leisure team to continue to help provide fun and relaxation to the families and homes in Detroit." Allstate Home Leisure will operate as a wholly owned subsidiary of Watson's, initially integrated as Allstate Home Leisure by Watson's, with a full transition to complete Watson's branding over the next 18 to 24 months.