Monday, January 30, 2017

Decelerating News

CBL & Associates Properties Inc. closed on the sale of three enclosed malls for $32.25 million to Hull Property Group. The 1.67 million s/f portfolio includes Randolph Mall in Asheboro, NC; Regency Mall in Racine, WI; and Walnut Square in Dalton, GA. The three malls contain about 498,000 s/f of inline space. CBL owns, holds interests in or manages 136 properties, including 84 regional malls/open-air centers, in 31 states... Yoga-themed retail start-up Yogasmoga filed for Chapter 11 bankruptcy following a dispute with a major investor. The filing followed an involuntary Chapter 7 bankruptcy petition filed against the company in November by three creditors claimed to be owed $3.2 million. Launched in 2013 as an e-commerce site, Yogasmoga opened 2 locations in 2015, and 10 in 2016. The company is headquartered in NYC, with production and retail operations in CA and MA…The Limited has closed all its brick-and-mortar stores. The company says it will continue to operate online only. Limited had around 250 stores going into the holidays, but with recent closings the number of stores is down to 235... Sears Holdings Corp. is selling its Craftsman tools brand. The retailer has reached an agreement to sell Craftsman to Stanley Black & Decker for a net present value of about $900 million, including future royalty payments. Sears also said it planned to close 104 stores, including 78 Kmart stores and 26 Sears stores, during the next few months. The new store closings came about a week after the retailer announced separate plans to close 30 Kmart stores and 16 Sears stores. The latest round of closings will leave the company with fewer than 1,500 stores by early 2017…Macy’s will close 68 stores (out of a current total of 730 Macy’s stores), with 3 closed mid-year, 63 to be closed in early spring 2017 and 2 be closed in mid-2017. 3 other locations were sold, or are to be sold, and are being leased back. The store closures are part of the approximately 100 closings Macy’s announced in August 2016. The retailer said it intends to opportunistically close approximately 30 additional stores over the next few years as leases or operating covenants expire or sale transactions are completed...American Apparel will close all 110 of its retail stores and its Los Angeles headquarters. Gildan Activewear has acquired the brand for $88 million...BCBG Max Azria Group Inc. will close stores and restructure as the company copes with a debt burden and a shift of consumers to online. The chain operates more than 570 boutiques worldwide, including more than 175 in the US... Save-A-Lot will close all 13 of its existing stores in California and Nevada and the distribution center servicing them, saying the discounter will be better served by investing in areas where its brand is already established. Save-A-Lot has 1,400 stores from Colorado to the East.

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