Thursday, March 15, 2012

Industry News: Decelerating

Commercial real estate advisory firm Grubb & Ellis has filed for Chapter 11 bankruptcy protection and has agreed to sell almost all of its assets to BGC Partners Inc. The company manages more than 250 million square feet of property...Build-A-Bear Workshop will also close 15 - 20 North American stores. The company also plans to relocate 15 stores and open 4-6 new stores in North America. The company is set to debut a new store design, with five stores to be retrofitted to the new look…For the coming year, OfficeMax plans a net reduction in store count with up to 35 closures and 1-2 openings in the US...Sears Holdings Corp. will close six stores in its home state of Illinois, after receiving a $150 million - tax credit to keep its home base in the state. The retailer had announced in December that it would close 100 to 120 stores, but no Illinois stores were on the initial list…Dish Network will close 500 underperforming Blockbuster stores in the first quarter, about a third of its stores. The company plans to expand Dish Services, currently offered in 150 stores, in the remaining Blockbuster stores…Kohl’s is backing away from expansion plans and focusing on online efforts, and plans to open fewer stores. Kohl’s opened 40 new stores this past year, bringing its current store count to 1,127...The US Bankruptcy Court in White Plains, NY, approved the Great Atlantic & Pacific Tea Co. plan to exit bankruptcy. The company filed Chapter 11 in December 2010...Sears Holdings will shut down the last remaining 9 Great Indoors locations. No specific date was given.There were 20 stores at the peak of the operation.

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