Toys R Us to close 7 Chicago area stores

Adding to the recent announced closings by many other national retailers, toy store giant Toys R Us has announced that it is closing 180 stores, 20% of its total stores, over the coming months.  The Chicago Tribune reports that the closures include 7 stores in the Chicago area: Highland Park, Schaumburg, Vernon Hills, Matteson, Burbank, Niles and the Bricktown shopping center in Chicago.

According to the Tribune, the store closings will begin in February and the majority of the targeted locations will be closed completely by mid-April. At some Toys R Us locations that will remain open, Babies R Us stores will be combined with the Toys R Us stores.

Read more.

Photo credit: Raysonho @ Open Grid Scheduler / Grid Engine - CC0, https://commons.wikimedia.org/w/index.php?curid=62337989

SpotHero Acquires Leading Competitor Parking Panda

Chicago-based SpotHero, the nation’s leading parking reservation service, announced today that it has acquired Parking Panda, the leader in event parking reservations in the United States and Canada. This move firmly positions SpotHero as the category leader across all major off-street parking verticals, including daily, monthly, business, event, and airport parking. On track to park 20 million cars in 2017 and offering nearly 5,000 parking locations across North America, SpotHero is a driving force in the parking industry's evolution as it embraces technology and focuses increasingly on customer experience.

“We’re thrilled to combine forces with Parking Panda to bring easy parking to more drivers faster,” said Mark Lawrence, co-founder and CEO, SpotHero. “We’ve long admired Parking Panda’s talented team and ability to drive product innovation. SpotHero’s consumer focus and great mobile experience are further strengthened by Parking Panda’s strong B2B technology and partnerships.”

Prior to the acquisition, Parking Panda established over 800 strategic partnerships, including event parking partnerships with numerous NHL, NFL, MLB, and NBA teams, as well as major convention centers, sports arenas, theaters, and municipalities. In 2016, the company leveraged this strength in partnerships and event parking to enter the Canadian market, quickly achieving scale. SpotHero will leverage Parking Panda's momentum in Canada to continue building holistic mobility solutions for drivers and parking companies in 47 major cities across North America. With what is already the largest network of connected garages in the United States and the broadest base of mobile-first consumers, SpotHero is positioned to replicate this success in Canada.

SpotHero also will accelerate its aggressive B2B product roadmap with the integration of Parking Panda’s robust suite of tools and technology, including unique SaaS offerings designed for the parking industry. For consumers, the expanded engineering team will mean rapid innovation to SpotHero’s award-winning platform with a heavy focus on driver convenience.

“This is the most natural progression for our company,” said Parking Panda CEO Adam Zilberbaum. “By joining forces, we will have a greater impact on the transportation landscape, making parking more convenient through technology. We’ve long held values similar to those of SpotHero, including putting drivers first, investing in our people, and building great products.”

SpotHero’s Co-founder and CEO Mark Lawrence will continue to serve as CEO, and Parking Panda’s leadership team of CEO and Founder Adam Zilberbaum and COO James Bain will remain with the company.

About SpotHero

SpotHero, the nation’s leading parking reservation service, empowers drivers with easy parking at thousands of garages, lots, and valets in major cities across the U.S. Launched in 2011, SpotHero has parked more than seven million cars. The company is headquartered in Chicago and has raised $27 million in VC funding.

Notably, in 2017 SpotHero launched SpotHero for Business, the first in-app solution to offer businesses and their employees tools to manage parking expenses and provide increased visibility. Also this year, SpotHero launched its Parking Developer Platform, enabling select websites, apps and connected or autonomous vehicle manufacturers to extend parking reservation functionality to their native interfaces. To learn more, visit www.spothero.com.

hhgregg files for bankrupcty under Chapter 11

(BUSINESS WIRE)--hhgregg, Inc. today announced that it has taken action to restructure its balance sheet and better position itself for future success by filing voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code. This follows the Company's delisting by the New York Stock Exchange earlier this month and the  Company’s announcement on March 3, 2017 that it is closing 88 stores in 15 states and 3 distribution centers. The stores being closed include 5 in Illinois:  Schaumburg, Bloomingdale, Arlington Heights, Niles, Springfield and Champaign.

“We’ve given it a valiant effort over the past 12 months,” said Robert J. Riesbeck, hhgregg's President and CEO. “We have conducted an extensive review of alternatives and believe pursuing a restructuring through Chapter 11 is the best path forward to ensure hhgregg’s long-term success. We are thankful for the continued support of our dedicated employees, valued customers, vendors and business partners as we navigate this process, and look forward to becoming a stronger company in the coming months.”

The Company has signed a term sheet with an anonymous party to purchase the assets of the Company, which is intended to allow the Company to exit Chapter 11 debt free with significant improvement in liquidity for the future stability of the business. The Company expects a quick and smooth process through Chapter 11 with emergence in approximately 60 days.

“We have streamlined our store footprint and remain fully committed to the 132 remaining stores, and the associates supporting those locations. We have solidified our senior management team and everyone is dedicated to restructuring our business model for future profitability and growth,” continued Riesbeck. “Through these strategic steps, we plan to come out of this debt free and more agile as we serve our valued customers and vendor partners, and continue to be a dominant force in appliances, electronics and home furnishings.”

hhgregg's 132 store locations will operate in the ordinary course of business throughout the restructuring process. The 88 stores affected by the Company’s announcement on March 3, 2017 will continue to operate as previously disclosed in the coming weeks.

As it navigates the Chapter 11 process, hhgregg intends to continue:

• Providing superior delivery, installation and customer service;
• Providing wages, healthcare and other benefits to its associates without interruption; and
• Paying suppliers and vendors for the goods and services it receives in the ordinary course of business throughout the restructuring process.
• The Company has obtained a committed $80 million debtor-in-possession (“DIP”) financing facility underwritten by Wells Fargo Bank, National Association and GACP Finance Co., LLC.

Subject to Court approval, this DIP financing, combined with the acquiring party’s investment and the Company’s cash from operations, is expected to provide sufficient liquidity during the Chapter 11 case to support its continuing normal business operations and minimize disruption.

Morgan, Lewis and Bockius LLP and Ice Miller are serving as hhgregg’s legal advisors in the restructuring and Stifel, Nicolaus & Company, Incorporated, Miller Buckfire & Co., and Berkeley Research Group, LLC are serving as financial and restructuring advisors.

TurboAppeal raises $4 million Series A round

Backed by Guaranteed Rate, Barbara Corcoran Venture Partners, @Properties, Camber Creek, Garland Capital, Property Tax Appeal Startup Poised for Fast Growth

CHICAGO (October 3, 2016) – TurboAppeal, a leading technology firm that helps consumers and businesses appeal property taxes, announces today it has secured a $4 million Series A round led by Guaranteed Rate, Barbara Corcoran Venture Partners, Garland Capital and Camber Creek. Also participating in this round were Hyde Park Venture Partners, @properties and other strategic real estate technology investors.

“We have been very fortunate to have the support from these outstanding business visionaries and investors,” said Badal Shah, co-founder and CEO of TurboAppeal. “We are honored they believe in our vision of what we can accomplish in this industry.”

With its proprietary software and strategic partnerships, TurboAppeal is disrupting the multibillion-dollar real estate industry by combining big-data and property tax appeals. This funding round will help further TurboAppeal’s national expansion, and grow both its consumer and commercial lines of business by developing new products and services.

“We have seen first-hand how TurboAppeal’s technology and service are game-changers in the real estate industry,” said Thaddeus Wong, co-founder of Chicago-based @properties, the 11th largest brokerage firm in the U.S. by sales volume. “We’re excited to be a part of the team as they continue to grow and innovate within the industry.”

In 2016, TurboAppeal has opened an additional office in Miami and announced a strategic partnership with Paradigm Tax Group, the leading national real estate consulting firm, to revolutionize the commercial property tax appeal offering.

“We believe TurboAppeal has the ability to help so many property owners across America tackle a problem that has plagued them for years,” said Co-founder and Managing Director of Barbara Corcoran Venture Partners, Phil Nadel. “We’re looking forward to helping them expand.”

For more information on TurboAppeal, please visit www.turboappeal.com, or contact Anna Niesen at 312-517-7023 or aniesen@turboappeal.com.

About TurboAppeal

Founded in 2015, TurboAppeal provides best in class technology combined with exceptional customer service to make the process of appealing property taxes simple. The driving force behind TurboAppeal’s success has been the data-driven approach to ensuring the most accurate evidence to support an appeal. With offices in Chicago, Denver and Miami, TurboAppeal is currently expanding nationally.

About @properties

@properties is the No. 1 independent residential brokerage firm in Illinois and one of the top 11 residential brokers in the U.S. by sales volume. @properties has more than 2,000 licensed brokers in 23 offices throughout downtown Chicago, surrounding suburbs, southwest Michigan, and Lake Geneva, Wisconsin.

About Barbara Corcoran Venture Partners

Co-founded by Phil Nadel and Barbara Corcoran, of ABC's hit TV show Shark Tank, Barbara Corcoran Venture Partners allows investors an opportunity to invest alongside Barbara in innovative, post-revenue companies led by dynamic, growth-oriented entrepreneurs.

Rick Bayless sells Frontera's packaged goods business to ConAgra

Chicago chef Rick Bayless has sold the packaged foods businesses of Frontera Foods, Inc. and Red Fork LLC, including the Frontera, Red Fork and Salpica brands to ConAgra Foods, Inc., (NYSE: CAG).

Frontera’s premium salsa, sauces, snacks and meals feature the distinct flavors of Mexico. Red Fork is known for its premium American cooking sauces and Salpica is a unique Tex-Mex salsa line.

Bayless, owner of the highly-acclaimed Frontera Grill, Topolobampo and Xoco restaurants in Chicago, established Frontera Foods in 1996 with partner and CEO Manny Valdes. Today, the company makes more than 50 regional Mexican food products using premium ingredients and time-honored cooking methods.

Frontera products are handmade from fresh ingredients. Frontera’s Chipotle Salsa, made from fresh fire-roasted tomatillos, roasted garlic, onions and chipotle chiles, introduced this country to the true flavor of smoky chipotle chiles. It won a Sofi Award in 1998 and remains a top seller.

Frontera produces a wide variety of gourmet Mexican products including salsas, taco skillet sauces, slow cook sauces, enchilada sauces, marinades, chili mixes, guacamole mixes, hot sauces and Non-GMO Project Verified stone-ground corn tortilla chips. Frontera products are available nationally through gourmet, specialty and natural food stores. The website www.fronterakitchens.com features recipes for gourmet Mexican meals made easy.

In 2010, Frontera launched the first-ever, fresh-packed seasoning sauces in convenient 8-ounce pouches for quick and easy skillet tacos, fajitas and enchiladas. The skillet taco seasoning sauces were quickly followed by gourmet Mole Sauce, Barbacoa Slow-Cook Sauce and Carnitas Slow-Cook Sauce in the innovative 8-ounce pouch packaging.

Frontera received two 2011 Sofi Award nominations for the Key Lime Cilantro Taco Skillet Sauce and the seasonal Chipotle Pumpkin Salsa. In 2016, Frontera received a Sofi nomination for Frontera Beef Barbacoa Slow Cook Sauce.

ConAgra's announcement stated that Frontera founders Bayless and Valdes will continue to actively support the business.

Terms of the transaction were not disclosed. The acquisition does not include any restaurant assets, including Frontera-branded restaurants.

Tribune Publishing and 3 other media companies launch joint marketing firm

NEW YORK, NY--(Marketwired - April 14, 2016) - Four leading media companies -- Gannett Co., Inc., Hearst, McClatchy and Tribune Publishing Co. -- today announced the formation of Nucleus Marketing Solutions. This premier marketing solutions provider will connect national advertisers to the top U.S. local publishers' highly engaged audiences across existing and emerging digital platforms.

Former Mashable CRO Seth Rogin, whose career has been built on multi-platform brand growth and digital media leadership, has been named CEO of Nucleus. Rogin has experience in mission-based media and will bring his well-known digital expertise to launch Nucleus.

In addition to the news organizations owned by the founding companies, the network expects to include as many as 11 other affiliate partners across the top U.S. advertising markets.

Nucleus will reach over 70% of consumers in the top 30 U.S. advertising markets and provide clients with integrated solutions that deliver on their marketing goals. Digitally, the network will reach 168 million unique visitors. It is a true national content marketing network for integrated multimedia solutions, offering advertisers a brand-safe, easy-to-access and scalable distribution alternative.

Tony Hunter, Tribune Publishing's President of National Revenue and Strategic Initiatives, who will serve as Chairman of Nucleus, said, "Seth's experience as an innovative, transformational force at both The New York Times and Mashable will suit him well in repositioning our industry with marketers. His thought leading digital expertise, and marketing acumen made him our clear choice."

"My lifelong passion has been to support journalism that matters by helping brands connect with the most desirable audiences in environments of high integrity," Rogin said. "I'm humbled by the opportunity and eager to bring startup drive to this important enterprise. No longer will advertisers have to choose between trust and scale. Nucleus can provide it all in one simple solution."

Rogin was most recently Mashable's Chief Revenue Officer, successfully driving the rapid growth of a diverse revenue portfolio there beginning in June 2013. In his time at Mashable, in addition to sudden, large scale revenue growth, Mashable closed three rounds of venture investor funding and expanded around the nation and the globe.

Previously, he worked for The New York Times for 13 years in various positions, including Vice President of Advertising from 2006 until 2013.

A leader in media across platforms, Rogin is often called upon to speak at conferences around the world, at universities, and to the staff of leading media and consumer brands. He serves as a judge for The Festival of Media Awards, Global and Middle East. He was named "One of the 30 best people in advertising to follow on Twitter" by Business Insider. He is a member of Media Industry Newsletter's Media Sales Hall of Fame. Rogin sits on the Board of Directors of The Ad Council, as well as the Advisory Boards of The Jerry Garcia Foundation and Advertising Week New York and Europe.

Woodridge-based Navitas System named one of 7 leading vendors in Technavio report

LONDON--(BUSINESS WIRE)--The technology research and advisory firm Technavio has announced the top seven leading vendors in its recent global golf cart battery market report.

Navitas System was founded in 2010 and is headquartered in Woodridge, Illinois. The company designs, develops, and manufactures energy storage products and energy enabled system solutions for industrial, commercial, and government agency customers.

Image credit: Navitas System

In October 2014, the company received a contract from Alion Science and Technology (a technology company that delivers operational support and technical expertise to the Department of Defense, commercial customers, and civilian government agencies) worth $1.55 million for the development of the Li-ion 6T battery system that is used in military applications.

Competitive vendor landscape

The global golf cart battery market is highly diverse, with leading vendors providing cost-effective lead-acid batteries with limited features and functionalities. Overall, the market is highly competitive. Intense competition and rapid advances in technology are the key factors that may affect market growth. However, the declining price of lead-acid batteries and end-user preferences for other advanced batteries will also present significant challenges to lead-acid battery vendors.

“The golf course industry is seeing a transformation with the use of the latest technologies. To increase a golfer’s preference and attract new customers, golf clubs are integrating the latest models of golf carts. For instance, the Yamaha Golf-Car Company launched its Drive AC golf cart in January 2015 during the PGA Merchandise Show in Orlando,” says Vishu Rai, a lead analyst at Technavio for energy storage.

The other companies listed among the top seven golf cart battery market vendors are:

Axion Power International

Axion Power International, formerly known as Tamboril, was established in 2003 through a reverse acquisition with Tamboril Cigar. It is headquartered in New Castle, Pennsylvania.

The company offers uninterruptible power supply (UPS) batteries under the brand name SureEnergy. These batteries are used in emergency lighting systems, hospitals, data centers, medical systems, federal data systems, network operation centers, reservation systems, banks and financial markets, emergency response facilities, manufacturing facilities, and industrial process controls, and Internet service providers.

Crown Battery

Crown Battery was founded in 1926 and is headquartered in Fremont, California. It is one of the leading battery manufacturing companies.

East Penn Manufacturing

East Penn Manufacturing was founded in 1946 and is headquartered in Pennsylvania. The company offers lead-acid batteries, wire and cable products, and battery accessories.

In July 2015, East Penn Manufacturing received $25,000 from Ben Franklin Technology Partners of Northeastern Pennsylvania to conduct a comprehensive analysis of recycling considerations at its Lyon Station facility. This relates to the growing need for new battery technology to cope with the high demand for HEVs.

Exide Technologies

Exide Technologies was founded in 1888 and is headquartered in Milton, Georgia. The company serves the complex stored energy needs of customers worldwide. It provides services and systems to enhance vehicle performance and fleet utilization with an aim to reduce the risk of temporary power supply interruptions.

Exide Technologies is one of the leading stored electrical energy solution providers, with subsidiaries in more than 80 countries. The company operates through its 33 manufacturing facilities in 11 countries. It has partnerships with OEMs and serves the spare parts market for industrial and transportation applications.

EnerSys

EnerSys was incorporated in 2000 and is headquartered in Pennsylvania. The company manufactures, markets, and distributes industrial batteries and related products such as chargers, outdoor cabinet enclosures, power equipment, and battery accessories. It offers related after-market and customer support services for industrial batteries.

EnerSys markets and sells its products to more than 10,000 customers in over 100 countries via a network of distributors, independent representatives, and its internal sales force.

Trojan Battery

Trojan Battery was founded in 1925 and is headquartered in Santa Fe Springs, California. It is a manufacturer of deep-cycle batteries. The company offers a broad range of batteries such as deep-cycle flooded, deep-cycle AGM, and gel batteries. These batteries are used in golf carts and utility, aerial work platforms, commercial trucking, marine, floor machines, RVs, material handling applications, and renewable energy systems.

The company operates through its manufacturing plants in California and Georgia. As of 2015, the company had over 600 employees.

About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Orbitz to be sold to Expedia for $1.6 billion

Chicago-based online travel company Orbitz Worldwide, Inc. (NYSE: OWW) will be purchased by Expedia, Inc. (NASDAQ: EXPE), according to a news release issued today by Expedia. Expedia, announced it has entered into a definitive agreement under which it will acquire Orbitz Worldwide, , including all of Orbitz Worldwide's brands, for $12.00 per share in cash, representing an enterprise value of approximately $1.6 billion, and a premium of approximately 29% over the volume weighted average share price for the five trading days up to and including February 11, 2015.

The Boards of Directors of both companies have approved the transaction, which is subject to approval by the shareholders of a majority of Orbitz Worldwide's common stock and other customary closing conditions, including applicable regulatory approvals. The Board of Directors of Orbitz Worldwide received a fairness opinion from Qatalyst Partners and has recommended that its stockholders vote in favor of the merger.

"We are attracted to the Orbitz Worldwide business because of its strong brands and impressive team. This acquisition will allow us to deliver best-in-class experiences to an even wider set of travelers all over the world," said Dara Khosrowshahi, President and Chief Executive Officer, Expedia, Inc. "From the flagship Orbitz.com brand, to other well-known consumer brands such as CheapTickets, ebookers and HotelClub and the business-to-business brands Orbitz Partner Network and Orbitz for Business, the Orbitz Worldwide team has built a devoted customer base and we look forward to welcoming them to the Expedia, Inc. family."

"Our mission at Orbitz Worldwide has been to build our brands to be the world's most rewarding places to plan and purchase travel," said Barney Harford, Chief Executive Officer, Orbitz Worldwide. "We're excited for Orbitz Worldwide to join the Expedia, Inc. family and for our teams to work together to further enhance the offerings we provide to our customers and partners."

Expedia, Inc. (NASDAQ: EXPE) is one of the world's largest travel companies, with an extensive brand portfolio that includes leading online travel brands, such as:

• Expedia.com®, the world's largest full service online travel agency with localized sites in 31 countries
• Hotels.com®, the hotel specialist with localized sites in more than 60 countries
• Hotwire®, a leading discount travel site that offers opaque deals in 12 countries throughoutNorth America, Europe and Asia
• Travelocity®, a pioneer in online travel and a leading online travel agency in the US and Canada
• Egencia®, the world's fifth largest corporate travel management company
• eLong™, a leading mobile and online travel service provider in China
• Venere.com™, an online hotel reservation specialist in Europe
• trivago®, a leading online hotel metasearch company with sites in 49 countries
• Wotif Group, a leading operator of travel brands in the Asia-Pacific region, including Wotif.com®, lastminute.com.au®, travel.com.au, Asia Web Direct®, LateStays.com, GoDo.com.au and Arnold Travel Technology
• Expedia Local Expert®, a provider of online and in-market concierge services, activities, experiences and ground transportation in hundreds of destinations worldwide
• Classic Vacations®, a top luxury travel specialist
• Expedia® CruiseShipCenters®, a provider of exceptional value and expert advice for travelers booking cruises and vacations through its network of 180 franchise locations across North America
• CarRentals.com™, the premier car rental booking company on the web

The company delivers consumers value in leisure and business travel, drives incremental demand and direct bookings to travel suppliers, and provides advertisers the opportunity to reach a highly valuable audience of in-market consumers through Expedia® Media Solutions. Expedia also powers bookings for some of the world's leading airlines and hotels, top consumer brands, high traffic websites, and thousands of active affiliates through Expedia® Affiliate Network. For corporate and industry news and views, visit us at www.expediainc.com or follow us on Twitter @expediainc.

Orbitz Worldwide (NYSE: OWW) is a leading global online travel company using technology to transform the way consumers around the world plan and purchase travel. Orbitz Worldwide operates the consumer travel planning sites Orbitz (orbitz.com), ebookers (ebookers.com), HotelClub (hotelclub.com) and CheapTickets (cheaptickets.com). Also within the Orbitz Worldwide family, Orbitz Partner Network (orbitzpartnernetwork.com) delivers private label travel technology solutions to a broad range of partners including some of the world`s largest airlines, bank loyalty programs and travel agencies, and Orbitz for Business (orbitzforbusiness.com) delivers managed travel solutions for companies of all sizes. Orbitz Worldwide makes investor relations information available at investors.orbitz.com.

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.

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."

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.

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.

OfficeMax Asks Illinois for Tax Incentives

The merger of office supply warehouse store giants Office Depot Inc. and OfficeMax Inc. have given the two companies an opportunity to play Florida and Illinois against each other.  The two companies' CEOs are asking for huge tax handouts from the states to keep the corporate headquarters in their current states (OfficeMax in Illinois and Office Depot in Florida).

According to an article in today's Chicago Tribune, OfficeMax CEO Ravi Saligram has asked Illinois legislators to allow the company  keep the state tax withholdings of employees for 10 to 15 years after it completes its merger with rival Office Depot.

Saligram refused to reveal the amount of the taxes, claiming that he was keeping the figure secret because he didn't want to start a bidding war for the new company's corporate headquarters and distribution centers. The new company, he told the House Revenue and Finance Committee, will retain 2,050 jobs, create 200 jobs and spend $150 million in the state on leases.

Saligram said the CEO of Office Depot, headquartered in Boca Raton, Fla., also is seeking incentives from that state but that he doesn’t know the value of them. He also said that he couldn’t guarantee that the new company's CEO would stay in Naperville, where OfficeMax is based.

A bill is expected to be introduced that would combine the OfficeMax request with those of other companies seeking to keep their employees' personal income tax withholdings instead of forwarding them to the state.

What is the value of keeping a company in the state if it gets to keep all of the state income taxes paid by its employees for the next 10-15 years?  Sure, they sign leases but the bulk of those payments either go to pay interest or to make distributions to the owners.  Just because the properties may be in Illinois doesn't mean that any of that money stays in the state.  And how many of the jobs that OfficeMax is counting are in retail stores that are unaffected by where the headquarters is located?

It sounds like one more big handout to corporate America that makes no economic sense.  Will our lawmakers as usual fall all over themselves to hand out money to big business while the state can't meet its own responsibilities? Tell your Illinois state representative and state senator to WAKE UP.

Swiss Banks May Pay Fines to Avoid Tax Evasion Prosecution

Reuters has reported that the United States and Switzerland have reached an agreement to permit some Swiss banks to pay fines to avoid or defer prosecution in connection with tax evasion by their U.S. customers. The agreement would do much to resolve the long-running dispute between the two countries.

The deal would apply to about 100 second-tier Swiss banks.  Those banks could be required to divulge some previously secret financial information and the would face penalties of up to 50 percent of assets they managed on behalf of wealthy American tax dodgers.

The reported agreement would not cover banks already under U.S. criminal investigation, which include some of Switzerland's biggest banks such as Credit Suisse and Julius Baer.

According to the Reuters report, "the deal is a step forward in a long-running U.S. drive to pierce the shroud of Swiss bank secrecy, though analysts said it was too early to say how much the Swiss banks would have to pay or how much extra revenue would flow to the United States."

For more, read http://www.chicagotribune.com/business/sns-rt-us-usa-tax-switzerland-20130829,0,4868203.story.

New Luxury Hotel Opens in Chicago

The Langham, Chicago is Chicago’s newest addition to its expanding list of luxury hotels. The 316-room hotel occupies floors 2-13 in the former IBM Building at 330 N. Wabash, a 52-story landmark tower designed by renowned architect Mies van der Rohe.

The Langham, Chicago features 316 luxurious guest rooms and suites, which are among the most spacious in the city. The 516-square-foot unit features a king-sized bed or two double beds, dressing and dining parlors and a bathroom. At the other end of the spectrum, a guest can stay in one of two 2,700-square-foot suites with two bedrooms, two bathrooms, a fireplace and a grand piano. All guest rooms have 9.5 foot ceilings with floor-to-ceiling windows providing dramatic views of the Chicago River, Lake Michigan and the Chicago skyline.

Read more at The Langham Chicago: A New Luxury Hotel.

Sears Announces New Agreement With Jackson Hewitt Tax Service

Hoffman Estates-based Sears Holdings Corporation has announced that Jackson Hewitt Tax Service will replace H&R Block as provider of professional tax services in the majority of Sears locations nationwide.

"Sears continues to look for opportunities to put the customer at the center of everything we do and we are pleased to extend our Sears Tax Services with today's agreement with Jackson Hewitt", stated Dave Schuvie vice president, licensed business and specialty income, Sears Holdings. "This new agreement will offer professional tax services in Sears stores nationwide and deliver added an benefit to the millions of ShopYourWay members."

Jackson Hewitt Tax Service® is an industry leader providing full-service individual federal and state income tax return preparation through approximately 6,600 franchised and company-owned offices throughout the United States. Sears customers will be able to engage with Jackson Hewitt tax preparers starting in January 2013.

 SOURCE Sears Holdings Corporation

Chicago Private Equity Firm Thoma Bravo Buying Deltek for $1.1 Billion

Chicago private equity firm Thoma Bravo, LLC has reached a deal to acquire Deltek, Inc., a leading global provider of enterprise software and information solutions for professional services firms and government contractors, in an all-cash transaction valued at approximately $1.1 billion.

Thoma Bravo is one of the two private-equity firms that spun out of Chicago-based buyout pioneer Golder Thoma & Co. It is a leading private equity investment firm building on a 30+ year history of providing equity and strategic support to experienced management teams and growing companies. The firm has continued to apply the concept of industry consolidation investing, which seeks to create value through the strategic use of acquisitions to accelerate business growth.

Thoma Bravo invests across multiple industries, with a particular focus in enterprise and infrastructure software and financial and business services, and works in partnership with management to implement its operating and consolidation expertise to build long-term value. The firm currently manages a series of private equity funds representing almost $4 billion of equity commitments.  In software, Thoma Bravo has completed 54 add-on acquisitions across 23 platform companies with total annual earnings of approximately $1 billion.

Deltek’s stockholders will receive $13 in cash for each share of Deltek stock when the transaction closes.  The $13 per share offer price represents a 7% discount to Deltek’s stock price on August 24, 2012 and a 24% premium over Deltek’s stock price on June 11, 2012 – the day before Deltek released information on the sales process to interested parties and their respective advisors on a confidential basis. The price represents a 14.6x multiple of enterprise value to Deltek’s trailing twelve months adjusted EBITDA as of June 30, 2012.

Deltek’s Board of Directors unanimously approved the definitive agreement for Deltek to be acquired by Thoma Bravo.  Deltek’s largest shareholder, New Mountain Capital, has consented in favor of the acquisition. New Mountain Capital consented to the acquisition and holds 100% of Deltek’s Class A stock and 59.5% of the Company’s common stock.  No further approval of Deltek’s stockholders is required to approve the transaction.  An information statement will be mailed to the stockholders. 

The transaction is anticipated to close during the fourth quarter of 2012. After the acquisition closes, Deltek will remain headquartered in Herndon, VA and will continue to be led by its existing senior management team.  Deltek will also become a privately held company and its stock will no longer trade on the NASDAQ following the acquisition’s close.

Jefferies & Company, Inc. served as lead financial advisor to Thoma Bravo, and Jefferies Finance LLC and RBC Capital Markets provided financing commitments to the firm. Kirkland & Ellis LLP served as legal advisor to Thoma Bravo.

SEO Training Classes to be Held in Chicago

CHICAGO, IL, August 21, 2012 /24-7PressRelease/ -- The Search Engine Optimization experts from Brick Marketing will be hosting full-day SEO Training Classes in Chicago, Illinois. Each Chicago SEO Training Class is designed for business owners and marketing professionals who are looking for a comprehensive overview of white hat SEO practices. Those who attend the classes will learn how major search engines operate as well as how to develop and manage an ongoing Search Engine Optimization program that works to increase website visitors and boost sales.

President and Founder of Brick Marketing, Nick Stamoulis, developed the Brick Marketing SEO workshops as a way to assist marketing professionals and small business owners who are responsible for their own Search Engine Optimization. "Many business owners cannot afford a full service SEO firm and have to handle their SEO and social media marketing alone on top of running their businesses on a daily basis," says Stamoulis. "The Chicago SEO Training Classes are designed to instruct business owners, marketing professionals, and even web designers from the Chicago area in white hat SEO best practices so they can learn how to build and maintain their own SEO strategies."

The SEO Training Classes are divided into a morning and afternoon session. A catered lunch will be served and is included with class registration. Both sections will be taught by one of Brick Marketing's SEO Specialists. The morning SEO session will cover Search Engine Optimization basics starting with how the major search engines operate and continuing with SEO topics such as optimizing websites with URL structure, H1 tags, and Meta Descriptions; competitive SEO keyword research; and content marketing. Class participants will also review case studies and real life examples of effective SEO strategies.

Following lunch, the afternoon SEO session will cover link building and how to conduct a link audit. Participants will learn the importance of developing an ongoing link building strategy that works build search engine trust. Additionally, the instructor will demonstrate how to integrate social media into an overall SEO strategy and will show attendees some of the many tools available that help to automate SEO and social media tasks. Participants will also learn how to measure the ROI and success of an SEO program. Compared to other full-day SEO training courses, the Chicago SEO Trainings are presented in a small classroom format.

Class registration is limited so that all attendees have the opportunity to interact directly with the SEO instructor. At the close of the workshop, each participant will receive an SEO website review of their site to kick start their SEO efforts. Brick Marketing will also provide physical copies of all materials covered in the day's lessons so that attendees can continue to develop their own SEO strategies specific to their business or organization. For additional information regarding the Chicago SEO Training Classes, including dates and registration, call Brick Marketing at 877-295-0620 or visit the Chicago SEO Training Class registration page at http://chicago-il-seo.eventbrite.com .

Chicago Retailer Mark Shale Files For Chapter 11 Bankruptcy

CHICAGO, Aug. 21, 2012 /PRNewswire/ -- Mark Shale, the Chicago-area high-end fashion retailer, announced today that it has filed a voluntary petition for Chapter 11 business reorganization in the U.S. Bankruptcy Court of the Northern District of Illinois.

Mark Shale's President Rich Myers said: "We have tried since Mark Shale was acquired to ensure the lasting success of this 83-year-old Chicago icon. The company has always sought to bring quality and outstanding service to high-end fashion. We are proud to have some of the most experienced and loyal employees in the business, from sales associates, to tailors, to warehouse staff, to buyers and managers.

"Unfortunately, in the current economic environment and despite our significant efforts over the past few years, we have concluded that a Chapter 11 filing was the Company's best alternative. We continue to seek a strategic partner to fortify the business. In the meantime, all three of our stores – at 900 N. Michigan Avenue, Oakbrook Center and Northbrook Court – will, as always, provide the highest level of service to our customers."

Founded in 1929, Mark Shale has been one of Chicago's premier providers of men's and women's clothing. Known for its extraordinary customer service and timeless clothing collections, Mark Shale has consistently been named one of the best stores in the United States by Esquire Magazine.

Mayor Emanuel and Governor Quinn Announce SalesForce.com is Expanding Chicago Office

Mayor Rahm Emanuel and Governor Pat Quinn today announced that salesforce.com is creating 200 jobs as it expands into a new facility in River North. The global software company has leased more than 100,000 square feet at 111 W. Illinois where it will base its Midwest corporate sales office and join the region's growing hub of technology firms.

“Salesforce.com is the world’s most innovative company according to Forbes Magazine and a great example of a cutting-edge company that is rapidly expanding,” said Mayor Rahm Emanuel. “The company has a vibrant, thriving, and growing presence downtown, and exemplifies the sort of company that will carry Chicago’s business community forward in the 21st century.”

“Creating jobs is our top priority, and the expansion of companies like salesforce.com is good news for the Illinois economy,” Governor Quinn said. “Illinois’ high-tech industry is growing fast, and we will continue to create the jobs of the future.”

 “I’d like to thank Governor Quinn and Mayor Emanuel for their support as salesforce.comgrows its operations in Chicago,” said George Hu, COO, salesforce.com. “The Chicago area’s incredibly talented workforce is a perfect match for our fast paced and innovative culture.”

With more than 100,000 customers, salesforce.com is the enterprise cloud computing company that is leading the shift to the social enterprise. Social enterprises leverage social, mobile and open cloud technologies to connect with customers and employees in entirely new ways. The company has been named to FORTUNE Magazine’s “100 Best Companies to Work For” list for four consecutive years.

For the last year, World Business Chicago has worked with Salesforce.com to help the company deal with the City of Chicago, including informing the company about new potential pools of employees. World Business Chicago is focused on working with Chicago-based businesses to solve their talent and real estate needs, while driving forward Chicago’s economy in key areas.

Under the company’s agreement with the state of Illinois, salesforce.com will be eligible for tax credits tied to increasing its workforce. The state’s targeted investment package, estimated at approximately $10.4 million, includes Economic Development for a Growing Economy (EDGE) tax credits, which are based on jobs and distributed over a period of 10 years, and training grants through the Employer Training Investment Program (ETIP). The Illinois Department of Commerce and Economic Opportunity (DCEO) will administer the package.