Thursday, January 16, 2014

Illinois accounting firms merge

Two Illinois accounting firms, Mowery & Schoenfeld and Wolowicki and Associates, merged effective Jan. 2, 2014.  The combined CPA firm will continue operations as Mowery & Schoenfeld.

This is Mowery & Schoenfeld's third merger in the last five years; the firm has grown from three employees to 55 in just 17 years.

"We've been fortunate to identify three great merger opportunities in the last five years," said Jeff Mowery, managing partner of Mowery & Schoenfeld.  "With each merger, we've had the opportunity to add incredible talent and clients to our firm.  We are only interested in pursuing opportunities where the culture, clients and staff are a seamless fit into our organization."

For the third year in a row, Mowery & Schoenfeld is the proud recipient of the "Best Accounting Firms to Work For" award from Accounting Today.  This award is a true testament to the employees, the leadership and the incredible clients the firm works with on a daily basis.

"It didn't take us long to realize Mowery & Schoenfeld was a great fit for our employees and our clients," said Jerry Wolowicki, managing partner of Wolowicki and Associates.  "We are excited about our future as one firm."

Mowery & Schoenfeld is a full-service CPA firm located in Lincolnshire, Illinois.  The 55-person firm works with private businesses and individuals in providing audit, tax, consulting and wealth management services.

Wolowicki and Associates, formerly based in Schaumburg, moved to the Mowery & Schoenfeld offices in Lincolnshire on January 2, 2014.

Wednesday, January 15, 2014

J C Penney announces plans to close 33 stores, including 2 in Illinois


J. C. Penney Company, Inc. (NYSE:JCP) today announced that as part of its turnaround efforts, the Company will be closing 33 underperforming stores across the country in order to focus its resources on the Company's highest potential growth opportunities.  Among the stores slated to close are 2 stores in Illinois: in Bloomingdale at the Stratford Square Mall and in Forsyth at the Hickory Point Mall.

In a press release issued after the markets closed, the Company stated that these actions are expected to result in an annual cost savings of approximately $65 million, beginning in 2014. In connection with this initiative, the Company expects to incur estimated pre-tax charges of approximately $26 million in the fourth quarter of fiscal 2013 and approximately $17 million in future periods.

Remaining inventory in the affected stores will be sold over the next several months, with final closings expected to be complete by early May. The closings will result in the elimination of approximately 2,000 positions. Eligible associates who do not remain with the Company will receive separation benefits packages. Meanwhile, the Company announced it is continuing its plans to open a new store location later this year at the Gateway II development in Brooklyn, N.Y.

"As we continue to progress toward long-term profitable growth, it is necessary to reexamine the financial performance of our store portfolio and adjust our national footprint accordingly," said Myron E. (Mike) Ullman, III, chief executive officer of JCPenney.  "While it's always difficult to make a business decision that impacts our valued customers and associates, this important step addresses a strategic priority to improve the profitability of our stores and position JCPenney for future success."













Tuesday, January 14, 2014

Beam sold in $16 billion deal to Japan's Suntory Holdings

Chicago mergers and acquisitions activity continues to heat up. Japan's Suntory Holdings has announced it will acquire Deerfield-based Beam Inc., the producer of Jim Beam and Maker's Mark bourbons and other top-shelf liquor brands. Beam became an independent company when Fortune Brands Inc. was split into two companies in 2011.

Suntory Holdings has agreed to pay $83.50 a share in cash to purchase Beam. The transaction values Beam at $16 billion, including the assumption of debt. If the acquisition is completed as planned, the merged company would have annual sales of more than $4.3 billion, the two companies said, making it the world's third-largest premium spirits company, behind Diageo and Pernod Ricard.


Friday, January 3, 2014

Cumulus Media buys 2 radio stations from Merlin Media

The Chicago Tribune reports that Cumulus Media, owner of news/talk WLS AM 890 and classic hits WLS FM 94.7, is poised to acquire two stations from Merlin Media: classic rock WLUP FM 97.9 and WIQI FM 101.1 (which will revert to modern rock WKQX).

“The addition of WKQX and WLUP will add two legendary radio brands to the two legendary radio brands Cumulus already owns in Chicago,” John Dickey, executive vice president and co-chief operating officer of Cumulus, told Inside Radio. “We are excited to be growing our presence in one of the best media markets in the world.”

Dickey told AllAccess.com there will be no change in the Loop’s format, adding: “We will migrate WKQX from 87.7 to 101.1 next week and return it to alternative, dropping ’90s, 2K & Today.’ We will simulcast it for a month.”

Sale of the two Merlin stations essentially closes another chapter in the saga of Randy Michaels, who launched the company in 2011 after his exit as CEO of Tribune Co.

Terms of the business acquisition agreement with Merlin Media announced Friday were not yet known.