Wednesday, November 16, 2011

Giordano's Pizza Sold at Bankruptcy Auction

According to the Chicago Tribune, the Giordano's pizza chain was sold today (November 16) at auction for $61.6 million to an investor group led by Chicago-based private equity firm Victory Park Capital.

Giordano's and its related entities filed for Chapter 11 bankruptcy protection last February. The company owed nearly $50 million to its principal lender, Fifth Third Bank and about $2 million to two other banks.

The price bid at the auction was reportedly high enough that the company's unsecured creditors may receive some payments on their claims.

Read the full article.

Monday, November 7, 2011

Chicago Luxury Hotel Hosts In-Residence Artist Studio

Since opening five years ago, Chicago luxury hotel The James has become an important fixture in the city's art scene by supporting and featuring local and regional artists throughout the hotel's interior through both permanent and rotating pieces. Inspired by the hotel's recent interior refurbishment, The James is proud to announce a first-ever, in-residence Artist Studio @ The James. This art-inspired hotel program is designed to celebrate talent in the Midwest and give artists the chance to create a one-of-a-kind piece that will be added to the hotel's permanent collection. This would be the first piece commissioned since the hotel opened in 2006.

From Nov. 3 to Nov. 6, five artists from Chicago, Detroit and Minneapolis will take residence at the Magnificent Mile hotel for four days only to create a wall-based piece inspired by their experience in the city. From metal working to painting to collage, artists will be given the chance to make their way into the permanent hotel art collection with creations that reflect the hotel's eclectic and refreshing energy. Each piece will be critiqued by a local panel of judges and the winning artwork will undergo official review for permanent commission. Participating artists include:

  • Kristina Estell – Nominated by Minneapolis Institute of Arts, Minneapolis
  • Jane Ritchie, David Rollins and Amy Weiks – Cranbrook Academy of Art, Bloomfield Hills, MI
  • Monica Sirimarco – Nominated Fine Arts Building, Chicago

Art enthusiasts can catch all the action by visiting the The James Facebook page and viewing the "Artist Studio @ The James" tab. An introduction to each artist, interviews, videos and photos will be featured, allowing the public to watch as each piece is created on-site at the hotel. The Artist Studio @ The James program winner will be announced on Facebook on Monday, Nov. 7 at 1 p.m. CT.

In addition, The James Chicago has revealed a refreshed look this fall, including updated furnishings, new environmentally-thoughtful services and a selection of updated in-room amenities. Highlights include a partnership with Intelligent Nutrients, complimentary triple-filtered water - refreshed twice daily - in each guest room, eco-friendly pillow options by Keetsa, custom-crafted furniture motivated by guest feedback and additions to the hotel's existing art collection – including the piece commissioned for the Artist Studio @ The James.

In the realm of hospitality, The James hotels, with ideally situated locations in Chicago, New York and The James Royal Palm in Miami (opening late 2012), are authentic, warmly modern, residentially-styled luxury hotels that deliver an artistically inspired blend of exquisitely hand-crafted design surrounded by environmentally thoughtful details. The James defines luxury liberated from tradition; this core philosophy is evident in the properties' residential yet social environment and personal, intuitive service.

Friday, November 4, 2011

Groupon IPO Raises $700 Million

Chicago-based Groupon Inc. has priced its much-awaited initial public offering at $20 per share, according to a regulatory filing made late Thursday, the Chicago Tribune reports. That price is higher than Groupon's expected price range of $16 to $18 a share. The company also increased the number of shares in the offering by 5 million shares to 35 million, representing 5.5% of the company, and raising $700 million. At the reported new price, the value of the entire company would be $12.76 billion.

Read the full story in the Chicago Tribune.

Thursday, November 3, 2011

Charles Schwab to Acquire Chicago Software Company Compliance11

The Charles Schwab Corporation has entered into an agreement to acquire Compliance11, Inc., a Chicago-based provider of cloud-based, regulatory compliance software. The acquisition is expected to close in the fourth quarter of 2011, subject to customary closing conditions.

Based in Chicago and founded in 2005, Compliance11, Inc. is a leading provider of cloud-based compliance automation software for public companies, brokerage firms, investment advisors, hedge funds, private equity firms and pension funds. Its highly scalable and customizable platform provides companies with a series of compliance tools to assist in managing their disclosure, tracking, surveillance and reporting needs, and more efficiently manage employee compliance.

Schwab's Designated Brokerage Services (DBS) business has provided employee trade monitoring services to employers in regulated industries for more than 15 years and now serves over 650 corporate relationships who monitor over $30 billion in assets across 130,000 employee accounts. DBS provides employee trading data to these companies, which helps them manage their responsibilities, while providing their employees all of the products, services and support Schwab has to offer.

"The range of firms monitoring their employees' investing and trading activities to ensure compliance with industry regulations is expanding," stated Jim McCool, executive vice president and head of Institutional Services at Schwab. "A heightened regulatory focus and attention to corporate reputational risk create more reason than ever for firms toseek out efficient solutions to helpmeet their compliance obligations."

"This combination of capabilities will put Schwab in a unique position," added Trish Cox, senior vice president of Schwab Corporate Brokerage Services. "By making Compliance11's technology available with our own investing, trading andreporting systems we can create a one-of-a-kind solution that brings great advantages to the corporate marketplace. For example, with an integrated platform, employers would be able to streamline the process of monitoring employee trades to comply with regulations, avoiding potential delays and inefficiencies."

"We are delighted to be joining forces with Schwab," said Tad Mitchell, Compliance11 president and CEO. "Innovation and excellent customer service are what have made us both great companies. We're looking forward to the opportunity to take both of these to the next level."

Wednesday, November 2, 2011

Filenes Basement and Syms to Liquidate

Discount clothing retailer Syms Corp., known for its slogan "An Educated Consumer is our Best Customer," and its Filene's Basement chain, famous for its "Running of the Brides" events, filed for bankruptcy Wednesday in Delaware. Both chains plan to go out of business. In the Chicago area, Syms has one store, in Addison, and Filene's Basement has 2 stores in Chicago, at One North State Street and at 830 N. Michigan Avenue on Chicago's Magnificent Mile.

Syms and Filene's Basement will be jointly administered during the bankruptcy. The liquidation of stores is expected to run through approximately January 2012. The schedule for store closings is to be determined as the liquidation of merchandise is completed.

Chief Executive Marcy Syms said, in a prepared statement, "This has been a challenging time for Syms and Filene's Basement. We have been faced with increased competition from large department stores that now offer the same brands as our stores at similar discounts."

Syms Corp was founded by Sy Syms in 1959. Filene's Basement traces its roots back to 1909 and founder William Filene. Syms acquired assets of Filene’s Basement, Inc., which had filed for bankruptcy, in a bankruptcy auction in 2009. Syms Corp and Filene's Basement, LLC collectively own and operate 46 "off-price" apparel stores located predominantly on the east coast of the United States under the "Syms" name (which, together with co-branded Syms/Filene's Basement stores, are owned and operated by Syms Corp) and the "Filene's Basement" name (which are owned and operated by Filene’s Basement, LLC).

With the end of Filene's Basement goes its "Running of the Brides" events (pictured above). Brides-to-be from acrosss the Midwest traveled to Chicago to find bargain wedding gowns. The dresses, often discontinued lines from major wedding gown manufacturers, appealed to both bargain hunters and simply adventurous brides and their friends and family, who often came as a team. While there are plenty of bridal boutiques in Chicago, there was only one Filene's Basement. Photo credit: Dimonika Studio/Flickr