by David Bodamer January 16th, 2009
Simon Property Group has cut the hours of operation for its New England malls, as has the CambridgeSide Galleria. The reductions follow one of the worst holiday sales seasons on record and a decline in consumer spending and mall foot traffic.
Simon is closing its retail centers at 9 p.m. Monday through Saturday, a half-hour to one hour earlier depending on the location. Its local malls, including the Burlington Mall, Northshore Mall in Peabody, Square One Mall in Saugus and South Shore Plaza in Braintree, also are opening at noon on Sundays, an hour later.
“Our ongoing review processes have determined that mall hours in New England could and should be modified to maximize efficiencies for the shopping centers and our retailers, who – like Simon – are focused on energy conservation,” Laurel Sibert, vice president of mall marketing for Simon in New England, said in a statement.
Link.
Related Topics: Management & Leasing, News, REITs, Retail Real Estate |
by David Bodamer January 16th, 2009
It’s official. Circuit City will liquidate its 567 stores.
To date in 2009, here’s a summation of the major announcements from retailers. In the bankruptcies and liquidations section I’m listing the number of stores the chain owns and not necessarily how many the company is planning to close if they have not disclosed that yet:
Bankruptcies and Liquidations:
- Jan. 7, Goody’s liquidates, closing 287 stores
- Jan. 8, Against All Odds files for bankruptcy protection, operates 64 stores overall, plans to close West Coast stores
- Jan. 13, Shane Co. files for bankruptcy, operates 23 stores
- Jan. 14, Gottschalks files for bankruptcy, operates 58 stores
- Jan. 16, Circuit City to Liquidate, closing 567 stores
Potential Bankruptcies & Liquidation Impact: 999 stores
Announced Closings
Total Closings: 137 stores
Potential Impact of All Announcements to Date: 1,136 stores
Related Topics: News |
by David Bodamer January 16th, 2009
While a stormy shopping climate rocks retailers, Lord & Taylor is getting a lifeline.
The upscale department store has received a $60 million cash injection from owner NRDC Equity Partners, an investment firm run by New York real-estate mogul Richard Baker, The Post has learned.
The funds come as a disappointing holiday season and tightening credit had spurred worries among some industry insiders that Lord & Taylor’s business might be disrupted this spring, sources said.
Lord & Taylor may have an advantage over competitors, given the deep pockets of its owner. NRDC, which also recently acquired the Canada-based Hudson’s Bay department-store chain, has recently paid down $280 million in debt for Lord & Taylor, according to a source familiar with the matter.
Link.
Related Topics: News, Retail |
by David Bodamer January 16th, 2009
Looks like three bidders have emerged for Circuity City. The bad news is that it’s not at all clear that these firms want to keep the company operating. Hilco and Gordon Brothers are liquidators. So the only interest those firms have would be to break up the retailer.
Private-equity firm Golden Gate Capital has emerged as one of three bidders in the auction for retailer Circuit City Stores Inc, which filed for bankruptcy protection in November, the Wall Street Journal reported.
The San Francisco-based firm has made a bid for the entire company but has requested 30 days to analyze the business, the Journal said, citing people familiar with the situation.
Mexican billionaire Ricardo Salinas Pliego, who acquired 28.5 percent of Circuit City’s stock after it filed for Chapter 11, also is exploring a purchase, the paper said.
The third bidder is a combination of liquidation firms Hilco Merchant Resources and Gordon Brothers Retail Partners, which want to buy the chain’s inventory and sell it in a going-out-of-business sale, according to the paper.
Link.
Related Topics: News, Retail |
