Data show increase in retail bankruptcies, store closures | Developers approved for loan to update N.J. mall | Safehold agrees to create ground lease for N.Y. building
September 13, 2019
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Data show increase in retail bankruptcies, store closures
Retail bankruptcies have accelerated in 2019, with 14 retailers with 25 or more stores filing in the first half of the year, according to a BDO USA report. Meanwhile, the pace of of store closures has surged, with about 19 retailers already reporting plans to shutter more than 7,000 stores.
The Wall Street Journal (tiered subscription model) (9/11) 
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Industry Tracker
Developers approved for loan to update N.J. mall
Advance Realty Investors has been approved for a $72.5 million loan to redevelop a former Roxbury Township, N.J., retail center. The Shops at Ledgewood Commons will feature an open-air design, a Walmart Supercenter anchor and new restaurants.
Commercial Property Executive (9/11) 
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Safehold agrees to create ground lease for N.Y. building
Safehold has agreed to create a $275 million ground lease at New York City's 195 Broadway, which contains 22,000 square feet of retail and 1 million square feet of office space.
GlobeSt (free registration) (9/12) 
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Texas' Bird Creek Crossing retail center changes hands
A 129,941-square-foot retail center in Temple, Texas, has been sold. Bird Creek Crossing was 98% leased when the deal closed to retailers like PetSmart, Best Buy, SPEC's Wine & Spirits and Michaels.
Shopping Center Business (9/12) 
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Retail News
Sources: Forever 21 could be close to bankruptcy filing
Sources: Forever 21 could be close to bankruptcy filing
(Cameron Spencer/Getty Images)
Forever 21 is reportedly planning to file for bankruptcy protection, with sources saying the filing could come as soon as Sunday. However, Forever 21 said it is not planning to file on Sunday, and noted that "it is our intention to continue to operate the vast majority of US stores, as well as a smaller amount of international stores."
The Wall Street Journal (tiered subscription model) (9/11) 
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Atlanta-based Huddle House to buy Perkins Restaurant & Bakery
Huddle House will acquire Perkins Restaurant & Bakery for an undisclosed amount, in a deal scheduled to close Oct. 21, the companies said. Memphis, Tenn.-based Perkins has 342 restaurants in North America and Huddle House, based in Atlanta, has no plans to change the names of any Perkins eateries.
The Commercial Appeal (Memphis, Tenn.) (free content) (9/12),  The Business Journals (tiered subscription model)/Memphis, Tenn. (9/12) 
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Kroger to speed order fulfillment with Ocado robotics
A planned Kroger fulfillment center in Dallas will boast robotic technology from Ocado that will be able to fulfill a 50-item online grocery order in around seven minutes. "This partnership with Ocado gives us a capability to bring fresh food to the entire [Dallas-Fort Worth] market," Kroger Senior Vice President Robert Clark said.
The Dallas Morning News (tiered subscription model) (9/12) 
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Old Navy outlines growth plans as a standalone company
Old Navy outlines growth plans as a standalone company
(Jim Watson/AFP/Getty Images)
Old Navy will open about 75 new stores annually with plans to grow from about 1,200 to 2,000 locations in North America. The growth plans, which come as Old Navy prepares to spin off from parent Gap, will focus largely on small, underserved markets, Old Navy CEO Sonia Syngal said.
CNN (9/12),  The Wall Street Journal (tiered subscription model) (9/12) 
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In the land of the blind, the one-eyed man will poke out his eye to fit in.
Caitlin R. Kiernan,
writer, paleontologist
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