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Barnes & Noble said it failed to reach a deal to end a rift with billionaire investor Ron Burkle, casting doubt on the bookstore chain’s ability to attract buyers and raising the specter of a proxy battle.
“Barnes & Noble and Yucaipa were unable to conclude an agreement on mutually acceptable terms,” the company said in a statement on Thursday, referring to Burkle’s investment firm. Get the full story »
Water Tower Place in Chicago, one of General Growth's malls. General Growth filed for Chapter 11 protection from creditors in April 2009. (Alex Garcia/Chicago Tribune)
The former shareholders of Hughes Corp. Wednesday filed an objection to General Growth Properties Inc’s plan to emerge from bankruptcy, saying it does not explain how they would be paid.
The Official Committee of Unsecured Creditors also filed an objection to the proposed disclosure statement, which details the plan.
Under the plan, the group known as the Hughes heirs can be repaid in stock of reorganized mall owner General Growth, or in cash, the Hughes heirs said in court documents filed in U.S Bankruptcy Court in Manhattan. Get the full story »
Macy’s Inc. reported better-than-expected earnings as its exclusive lines helped it win market share and its upscale Bloomingdale’s chain benefited from a pickup in luxury spending. The retailer raised its full year sales and profit forecast, sending shares were up 1.5 percent in premarket trading. Get the full story »
Walgreen Co. plans to unveil its fresh food format Wednesday at one of its South Side stores, the culmination of a year-long effort to bring groceries to the city’s food deserts.
The store, at 67th Street and Stony Island Avenue, is one of 10 Walgreen stores in the city redesigned to carry groceries. The stores will offer more than 750 new food items such as fresh fruits and vegetables, frozen meat and fish, pasta, rice, beans, eggs and whole-grain cereals. Get the full story »
Retail property owner Simon Property Group Inc. said its majority-owned partnership subsidiary, Simon Property Group, LP will sell $900 million of its senior unsecured notes in an underwritten public offering. Get the full story »
Sears Holdings Corp. is opening a Craftsman “experience” store in a River North loft building at 233 W. Huron Street, a block away from it’s Kenmore Live Studio. The move is part of the company’s strategy to sell the key brand through more channels. Earlier, it struck deal to sell Craftsman tools in about 100 Ace Hardware stores. Get the full story >>
Wal-Mart Stores Inc. has raised average prices at its stores by about 6 percent in a month, according to a recent study in Virginia. Get the full story »
General Growth Properties Inc., the No. 2 U.S. mall owner, said Monday that second-quarter funds from operations rose, citing greater leasing activity and higher sales at its malls. Get the full story »
Walgreens unveiled a new service Thursday that makes it possible for pharmacy customers to chat with a pharmacist online 24 hours a day.
Available at Walgreens’ Web site, customers register online to give a pharmacist access to their prescription information, just as they would in a pharmacy, and a registered pharmacist pops up in a chat window to answer confidential prescription-related questions. Get the full story »
Early reports from U.S. retailers show modest revenue gains in July. Hot weather and deep discounts drove Americans into malls for summer bargains, but shoppers remained choosy. The sluggish spending raises worries about the health of the back-to-school season as Americans step up saving amid a stalling economic recovery. Get the full story »
Von Maur Inc., a family-run department store from Iowa, is stepping into the fast-fashion business.
The 138-year-old merchant, known for its white-glove, service said it plans to unveil a new concept stored called Dry Goods aimed at young women. The first store is slated to open at Fox Valley Mall in Aurora this fall. Get the full story »
U.S. drugstore chain Walgreen Co. reported a weaker-than-expected rise in July same-store sales, hurt by sales of lower-priced generic drugs and decreased sales of flu remedies.
Sales at drugstores open at least a year rose 0.4 percent compared to July 2009, less than the 1.6 percent expected by analysts, according to Thomson Reuters data. Get the full story »
Northbrook private equity firm Hilco Consumer Capital LLC said it has financed a $7 million term loan to women’s lingerie and swimwear retailer Frederick’s of Hollywood Group Inc.
