In its latest move to capitalize on the value of its real estate and raise more cash, Sears Holdings Corp. has formed a joint venture with Simon Property Group whereby Simon will take ownership of 10 Sears stores in Simon malls and lease them back to Sears, who will continue operating Sears stores in the venture.
There’s been a change at the top at Saks Fifth Avenue. On Thursday, Saks parent company Hudson’s Bay Company announced that company veteran Marc Metrick, 41, is replacing Marigay McKee as president of Saks Fifth Avenue, effective April 2, 2015.
Sears Holdings Corp. continues to tap into its vast real estate portfolio to shore up its finances. In a move that was widely expected, the retailer on Wednesday said that it is forming a real estate investment trust.
Macy’s announced that Bloomingdale’s plans to open a 150,000-sq.-ft., three-level location in fall 2018 in an all-new shopping, dining and entertainment center being developed in Norwalk, Connecticut, by General Growth Properties.
A state appeals court in New York has revived two claims Macy’s Inc. made against J.C. Penney Co. Inc. in a long-running dispute between the two department store chains about who has the right to sell Martha Stewart Living home products.