Sears Holdings CEO Edward Lampert is asking the board to sell off the Kenmore appliance brand and spin off the company's home improvement services and parts businesses to his hedge fund, ESL Investments. He also has proposed selling off some of the real estate in a sales lease-back transaction.
Macerich CEO and Chairman Arthur Coppola, who has been head of the company since 1993, will be retiring at the end of the year. The REIT is searching for a new CEO and has tapped board member Steven Hash to fill the role of chairman starting at the upcoming annual meeting.
Retail REITs that have been financially prudent and are able to invest should be able to distinguish themselves from competitors, says DJ Busch, managing director for retail at Green Street Advisors. In general, he says, the "bar is getting higher on what qualifies as quality in the retail space."
Even with high street areas seeing numerous vacancies across the UK, Sports Direct remains positive about the region's opportunities. The company secured bumper property funding to renovate Southport's high street, opened Sports Direct, Everlast and Flannels location, and watched as other vacant storefronts filled in with independent companies.
With parent company Bon-Ton Stores filing for bankruptcy, Carson's will close its anchor store at Spring Hill Mall in Illinois. Rouse Properties, which owns the retail center, says it is sure it will be able to find a new tenant.
Party City will be the first major US retailer to offer a line of decorations for the monthlong Muslim celebration of Ramadan. The 850-store chain will sell items including balloons, banners, gift bags and tableware for the Eid al-Fitr celebration that marks the end of Ramadan.
L Brands will focus resources on reviving Victoria's Secret this year, amid declining popularity and sales. The lingerie retailer will expand its athletic and loungewear lines with new styles, test bras with more structure and focus on growing international markets including China.