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  • INDUSTRY NEWS

    • On December 13, 2018, L Brands announced a definitive agreement to transfer ownership and operating control of its Canadian La Senza lingerie brand, 100% of its assets including the home office organization, North American stores and e-commerce and international partnerships, to an affiliate of private equity firm Regent LP. The deal, expected to be completed next month, will have Regent assuming La Senza's liabilities and provides L Brands future consideration if it sells or otherwise monetizes La Senza, according to a company press release. The brand is included in L Brand's "other" segment, which in the most recent quarter reached $155.9 million in revenue, up from $148.2 million in the year-ago quarter. The company estimates that La Senza's 2018 revenues will reach about $250 million and its operating loss will be about $40 million, according to its release Thursday.
    • On December 12, 2018, it was reported that David Shiroff, the president and CEO of Metro Mattress, is leaving the company for a new career in the solar energy field, he announced on his Facebook page. Shiroff said he has sold his interest in Metro Mattress, based in Syracuse, N.Y., and has accepted an offer to become a partner and CEO of a "rapidly expanding solar energy company" based in Scottsdale, AZ. He said his successor at Metro Mattress will be CFO Jason Mehl, who he said will do a great job.
    • On December 10, 2018, it was reported, Top 20 bedding producer Southerland is acquiring the assets of regional bedding producer Tualatin Sleep Products, based in Tualatin, Ore. The deal is expected to close by the first of the year. Terms of the deal were not disclosed. The acquisition will support Southerland's growth in the Northwest, giving it penetration throughout Idaho, Montana, Oregon, Washington and Wyoming, key markets for the company as it continues to fill in the U.S. map for a national footprint, officials said. "The Northwest is a significant growth area for us as we continue to grow our footprint nationally," said Bryan Smith, CEO of Southerland, based in Nashville. "This acquisition will allow us to better service existing customers in the Northwest while enhancing our reach into the region. Tualatin Sleep is a great addition to the Southerland family, and its commitment to quality and service syncs nicely with the way we do business." Southerland and Tualatin are both Englander licensees, which adds to the synergies of the acquisition, officials said. "Our group is thrilled with the acquisition by Southerland," said John Hagglund, president of Tualatin Sleep Products, a family-owned company. "We've been affiliated with the company through our work with Englanderand think highly of its management team, product quality and corporate ethos." Hagglund will remain with the company as regional vice president of sales for the Northwest. Under terms of the agreement, Southerland will lease the 70,000-square-foot Tualatin factory to manufacture and distribute mattresses and foundations, as well as to distribute Southerland's adjustable base lineup in the region. The additional manufacturing square footage pushes Southerland's
    • On December 07, 2018, it was reported, Edward Lampert, the chairman and biggest creditor of Sears Holdings Corp. SHLDQ 3.70% , has made an offer to buy the retailer's stores and other assets out of bankruptcy court in a bid to keep control of the struggling chain. Mr. Lampert's hedge fund ESL Investments Inc. is proposing to buy Sears, its real estate and brands like Kenmore in a deal that wouldn't rely heavily on cash, and would instead use new borrowings, forgive Sears's existing debts and roll over the company's other debts. In a securities filing Thursday, ESL said the deal was valued at $4.6 billion, mostly from $950 million in new loans, the forgiveness of $1.8 billion in debt and $1.1 billion of assumed liabilities. The plan would seek to prevent a full liquidation of the roughly 500 remaining stores and keep the embattled retailer operating under Mr. Lampert's leadership. It would need to be approved by creditors and would have to beat out other bids being prepared by liquidators. ESL's offer includes the brand Kenmore appliance brand and Sears Auto Services, among other entities. ESL said it plans to keep about 50,000 of the retailer's employees. The retailer, which filed for bankruptcy in October, received court approval last month to sell at least 400 of its best-performing stores. The company needs to find a top bidder for those stores by Dec. 15. An auction for the stores will be held in mid-January if there are multiple bidders. ESL was expected to make an offer. Mr. Lampert, who stepped down as CEO when Sears filed for bankruptcy, is the chairman of Sears, as well as its largest shareholder and creditor through his hedge fund.