REAL ESTATE

Carrefour to exit Greece

BY Staff Writer

New York — Carrefour SA said Friday it will sell its Greek supermarket business to its local partner and exit the country, the Wall Street Journal reported.

The French retailer said it would sell its 50% stake in the chain to its local partner, the Marinopoulos family, for an undisclosed amount and will take a mostly noncash charge of €220 million ($277.9 million), the report said.

Carrefour’s announcement comes two days before elections that could prove key as to whether Greece decides to stays in the euro zone.

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Ascena Retail completes purchase of Charming Shoppes; to shutter Fashion Bug

BY Marianne Wilson

Suffern, N.Y. — Ascena Retail Group on Friday said that it has completed its acquisition of Charming Shoppes. The company also announced that it plans to cease operating and close down Charming Shoppes’ Fashion Bug business by early 2013, and is exploring a potential sale of Charming Shoppes’ Figi’s business, which markets food and specialty gift products.

In 2011, Charming Shoppes closed 124 Fashion Bug stores. The chain had previously announced its intention to continue to close certain Fashion Bug stores.

Charming Shoppes, whose banners include Lane Bryant, Fashion Bug, and Catherines Plus Sizes, will operate as a separate subsidiary of Ascena. The combined company now operates approximately 3,800 locations and, on a trailing 12 month basis, generated over $4.4 billion of combined net sales.

“We believe that we have a significant opportunity to fully realize the significant potential of this business,” said David Jaffe, president and CEO of Ascena. “The Lane Bryant and Catherine’s businesses are extremely complementary to our other concepts and we expect them to integrate seamlessly. Though this process will take time, we believe there is an excellent opportunity to streamline the business, capture efficiencies and to share resources.”

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Dick’s Sporting Goods to anchor Southpark Mall in former Dillard’s space

BY Katherine Boccaccio

Richmond, Va. — Chattanooga, Tenn.-based CBL & Associates Properties said Thursday that Dick’s Sporting Goods will open a new store at Southpark Mall in Richmond, Va.

The existing Dillard’s location will be redeveloped into the new 56,000-sq.-ft. Dick’s store as well as a selection of specialty stores and restaurants. Construction is scheduled to begin in October with a grand opening slated for summer 2013.

“The addition of Dick’s Sporting Goods to Southpark Mall will complete the first phase of our plans to redevelop the Dillard’s location,” said Stephen Lebovitz, president and CEO, CBL. “We are also working to add a new assortment of specialty stores and restaurants to the center.”

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