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IVANHOE CAMBRIDGE, COMMERZBANK LINK UP

Ivanhoe Cambridge sold 50 percent stakes in six of its Canadian shopping centers to Germany-based Commerzbank, saying the proceeds will help fund acquisitions and development in the United States and Europe. The parties did not disclose the price, though local media put it at $378.3 million. Montréal-based Ivanhoe owns interests in 50 centers, three of which are in the United States and one in Europe. Meanwhile, Vaughan Mills, an Ivanhoe joint venture outside Toronto with The Mills Corp., is set to open Nov. 4.

SEARS TAKING OVER 61 KMARTS, WAL-MARTS

Sears, Roebuck and Co. is to acquire 54 Kmarts and lease seven Wal-Marts, most of which will be used to create a new midsize format similar to but smaller than its 200,000-square-foot Sears Grand stores. Sears has not named the new format, but it plans to have four of the units operating by the end of this year and as many as 14 by year-end 2005. Under the terms of the $620 million deal, Sears will take possession of the bulk of these stores next year. In addition to the merchandise offered at its mall stores, Sears Grand stores carry food and other convenience items, plus an expanded electronics section. Two Sears Grand units are now in operation.

BARNEYS TO BE SOLD?

Barneys New York could soon be up for sale. The posh Madison Avenue department store’s owners, Bay Harbor Management and turnaround investment firm Whippoorwill Associates, say they are weighing several strategic measures, including seeking a third-party investor to fund an expansion. Neiman Marcus Group, Saks and Nordstrom could be among those interested in buying, analysts say. Barneys, a retailer of high-end, eclectic goods, operates flagships in New York, Chicago and Beverly Hills, Calif., in addition to six regular-price stores and 12 outlets.

DICK’S BUYING GALYANS FOR $362 MILLION

Dick’s Sporting Goods plans to acquire competitor Galyans Trading Company for $362 million ($16.75 per share) in a deal that would mark further consolidation in the sporting goods sector. Galyan’s 47 units would bring the Dick’s store total to 216. Dick’s expects to complete the purchase sometime in October. There is little geographical overlap between the two, so Dick’s says it may close “relatively few stores.” Most Dick’s stores are on the East Coast, while Galyans’ units operate chiefly in the Midwest and the Rockies states. Last year Gart Sports and The Sports Authority formed a 384-unit entity, the largest sporting goods chain in the United States.

INVESTORS BUYING LOEWS FOR $1.5 BILLION

A group of three investment firms is buying Loews Cineplex Entertainment Corp., the industry’s third-largest theater chain, for C$2 billion ($1.5 billion). Bain Capital, The Carlyle Group and Spectrum Equity Advisors have joined up to buy privately owned Loews, which operates 2,835 screens in 281 theaters worldwide, from Canada-based Onex Corp. and partner Oaktree Capital Management. Besides theaters in the United States and Mexico, the deal includes Loews’ 50 percent stake in several Spanish and South Korean theaters. But Onex and Oaktree will retain Loews’ Canadian holdings, under the Cineplex Galaxy name. AMC Entertainment, the second-largest theater chain, had been in talks to buy Loews last year but dropped out.

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