July 13, 2010 at 5:40 a.m.
Filed under:
Bankruptcy,
Commercial real estate,
Retail
By Reuters
General Growth's Water Tower Place mall in Chicago. (Nancy Stone/Chicago Tribune)
The second largest U.S. mall owner said it has successfully restructured about $15 billion in project-level debt which will allow it to satisfy its debt and other claims in full and implement a recapitalization with $7 billion to $8 billion of new capital.
After emerging out of Chapter 11 protection, General Growth will split itself into two separate publicly traded companies and current shareholders will receive common stock in both companies. Get the full story »
July 12, 2010 at 4:32 p.m.
Filed under:
Autos,
Retail
By McClatchy Tribune Newspapers
A host of mystery shoppers sent to critique dealerships across the country gave luxury brands such as Mercedes-Benz and Lexus high marks and put Ford and Lincoln above the industry average.
The study of dealerships, released Monday, also found that fewer salespeople offer vehicle brochures that customers can take home. Only 57 percent of dealerships offer brochures, compared with 62 percent in 2007. Get the full story »
July 12, 2010 at 11:44 a.m.
Filed under:
Bankruptcy,
Commercial real estate,
Retail
By Reuters
General Growth Properties Inc., the second-largest U.S. mall owner, said it has won a $500 million equity investment from a large Texas pension fund and still expects to emerge from bankruptcy by October.
The Teacher Retirement System of Texas, which oversees $96.7 billion of assets, will pay $10.25 each for shares of a reorganized General Growth, according to a joint statement issued Monday. Get the full story »
July 12, 2010 at 10:32 a.m.
Filed under:
M&A,
Retail
By Dow Jones Newswires
Beauty products direct-seller Avon Products Inc. said it will buy closely held sterling-silver jewelry seller Silpada Designs Inc. for at least $650 million.
An additional payment will be made to Silpada shareholders in early 2015 if certain earnings-growth targets are hit. There is no contractual minimum or maximum to this potential payment, but Avon estimated that it could range from $50 million to $100 million. Get the full story »
July 12, 2010 at 5:59 a.m.
Filed under:
Bankruptcy,
M&A,
Retail
By Reuters
Jones Lang LaSalle Inc. a real estate services company, said Monday it expanded its retail arm by acquiring third-party mall and shopping center leasing and management responsibilities from No. 2 U.S. mall owner General Growth Properties Inc.
Terms of the deal, which closed on Friday, were not disclosed. General Growth, which filed for bankruptcy protection in April 2009, will continue to manage and lease the nearly 200 malls it owns. Get the full story »
July 9, 2010 at 11:38 a.m.
Filed under:
Bankruptcy,
Commercial real estate,
Retail,
Updated
By Dow Jones Newswires
General Growth Properties Inc. is seeking court approval to replace its $400 million bankruptcy loan with a new financing package, which the shopping-mall operator said will allow it to save several million dollars in interest payments each month.
In court papers filed Thursday, General Growth said it has struck a deal with Barclays Bank PLC to take out a $400 million bankruptcy loan to replace a similar loan from a group of lenders led by Farallon Capital Management LLC. Get the full story »
July 9, 2010 at 10:03 a.m.
Filed under:
Economy,
Retail
By Reuters
U.S. wholesales sales fell unexpectedly for the first time in more than a year, lifting inventories to their highest level in 11 months, a government report showed on Friday.
Total wholesale inventories rose 0.5 percent to $398.81 billion, the Commerce Department said, following a revised 0.2 percent gain in April. Get the full story »
July 8, 2010 at 4:39 p.m.
Filed under:
Advertising/Marketing,
Earnings,
Food,
Retail
By Associated Press
Sandwich chain Cosi Inc. said Thursday that revenue at established stores rose 5.5 percent in June as expanded marketing efforts boosted customer traffic. This figure is considered a key indicator of a retailer’s health as it measures performance at stores open at least a year, stripping away the impact of new or closed sites. Cosi measures performance at locations open more than 15 months.
July 8, 2010 at 7:03 a.m.
Filed under:
Economy,
Retail
By Associated Press
Early reports from retailers show sluggish June sales and shoppers buying mostly deeply discounted clothing amid escalating job worries. June’s lackluster revenue performance is raising concerns about back-to-school shopping and the health of the economic recovery.
July 7, 2010 at 1:06 p.m.
Filed under:
Energy,
Retail
By Reuters
U.S. weekly retail gasoline demand rose 1.6 percent in the week ending July 2 as the Fourth of July holiday weekend approached, the SpendingPulse report said Wednesday.
Average gasoline demand rose to 9.649 million barrels per day last week, while the national average retail price for gasoline remained unchanged at $2.74 a gallon, the survey showed. Get the full story »
July 6, 2010 at 3:37 p.m.
Filed under:
Autos,
Retail
By McClatchy Tribune Newspapers
Only a select few Chrysler dealers will earn the right to sell the Fiat 500 when it goes on sale in the U.S. in December, the company said Monday.
Chrysler is inviting about 2,300 Chrysler, Dodge, Jeep and Ram truck dealers to bid for about 125 Fiat franchises in 41 states. Get the full story »
July 6, 2010 at 7:36 a.m.
Filed under:
Pharmaceuticals,
Retail
By Dow Jones Newswires
Walgreen Co. said its June same-store sales rose 2 percent, a reversal from two straight months of declines, as front-end discretionary sales improved. Overall, sales jumped 8.4 percent to $5.67 billion, increased by three percentage points by Duane Reade stores the company acquired this year. Duane Reade stores aren’t included in same-store results. Get the full story »
July 6, 2010 at 6:18 a.m.
Filed under:
Banking,
Retail
By Associated Press
Wal-Mart’s warehouse chain Sam’s Club says it is offering small business loans of up to $25,000 to its business members.
July 2, 2010 at 10:41 a.m.
Filed under:
Chicago executives,
Retail
By Dow Jones Newswires
Wal-Mart Stores Inc. said Chief Merchandising Officer John Fleming would resign from the company on Aug. 1, leaving the retail giant after 10 years of service and becoming the latest executive change.
The chief merchandising post is a key role for many retailers as that person typically steers a large staff and maintains relationships with vendors and suppliers. Wal-Mart is taking steps to improve its U.S. operations, with its high-profile move to open a second store in Chicago seen as a potential door-opener to other urban markets. The company also is opening smaller stores as it boosts its presence as a grocer. Get the full story »
July 2, 2010 at 6:59 a.m.
Filed under:
Media,
Retail
By Reuters
Blockbuster Inc stayed a step ahead of bankruptcy after winning a crucial one-month reprieve on debt payments, but was forced to begin the process of delisting from the New York stock exchange. Get the full story »
