Jacksonville, Fla.-based Regency Centers has formed a green-building initiative task force to study the company’s emphasis on sustainability, immediate and long-term business goals and objectives, and communications strategies and methods. Regency has joined the United States Green Building Council (USGBC) for support in its task-force efforts.… Simon Property Group, Indianapolis, and White Plains, N.Y.-based Con-Edison Solutions have partnered to expand Simon’s mall-based energy-efficiency program, which will include improvements in lighting and HVAC.
A life-style/mixed-use marketplace called The High Streets, located near Seattle, will seek LEED (Leadership in Energy and Environmental Design) silver certification. Developed by Minneapolis-based The Opus Group ,the Main Street project is slated for a spring 2009 completion.… Pat Lobb Toyota of McKinney, Texas, is the first LEED-certified car dealership in the country and, according to the company, it will incorporate sustainable practices into all U.S. Toyota dealerships. The McKinney dealership was designed by San Francisco-based Gensler and includes such innovations as rain-water and air-conditioning condensate harvesting and a recycled car-wash system.… KTGY Group of Irvine, Calif., has been selected by Regency Centers to drive the LEED certification of Jefferson Square grocery and drug store-anchored center in La Quinta, Calif.
Alton Square Mall in Alton, Ill., hosted a green fuel-efficient car show in September. The Addison, Texas-based Coyote Management mall also featured information booths to discuss fuel efficiency.… Los Angeles-based BH Properties served as the official green sponsor of the CB Richard Ellis world conference, Sept. 5-7, in Toronto. The event featured former U.S. VP Al Gore as the keynote speaker.
Winn-Dixie team honored for turnaround
JACKSONVILLE, Fla. The team that lead Winn-Dixie Stores’ successful turnaround initiative is being honored by the Turnaround Management Association for the best ‘Mega Company Turnaround’ for 2007. Comprised of financial experts from The Blackstone Group, Skadden, Arps, Slate, Meagher & Flom and Smith Hulsey & Busey, the team helped Winn-Dixie regain the market share and profits it started to lose in the mid 1990s and early 2000s to competitors Publix and Wal-Mart.
Winn-Dixie filed for Chapter 11 bankruptcy in early 2005 after reporting year-to-date losses of $552.8 million or $3.93 per share of common stock and a decline of 4.9% in identical-store sales in its second fiscal quarter over the same period in 2004.
Despite the difficulty of achieving a succesful turnaround, Winn-Dixie began its reorganization effort, while still continuing to operate its core business and preserving jobs. According to the Turnaround Management Association, it created new common stock for five classes of unsecured creditors, with recoveries ranging from about 96% to 53%. The company emerged from bankruptcy on Nov. 21, 2006.
For its fiscal year ended June 27, Winn-Dixie reported adjusted EBITDA of $85.9 million compared to a loss of $27.8 million last year and an identical-store sales increase of 1.6%
Sears ends deal with maternity retailer
PHILADELPHIA Sears and Mothers Work, the world’s leading maternity apparel retailer, will not be renewing their agreement, Mothers Work announced today. Under their current agreement, Mothers Works operates the maternity apparel department in 502 Sears stores through the sale of its Two Hearts Maternity branded merchandise.
Mothers Work said it expects its partnership with Sears to end on June 20, 2008, when it current deal with the company is expected to expire.
Rebecca Matthias, president and ceo of Mothers Work, noted, “While we are disappointed about the end of our relationship with Sears, we feel the decision not to proceed with a renewal is in the best interest of our stockholders since we were unable to reach terms on a renewal which would be favorable for Mothers Work and our stockholders. “