OPERATIONS

ComScore reports busiest week ever for online sales

BY Marianne Wilson

Reston, Va. — Shoppers spent 14% more for online holiday spending during the week ending Dec. 18, according to comScore. Online spending totaled $6.4 billion for the week, making it the busiest week ever in online holiday shopping.

Shoppers have spent almost $32 billion online for the holiday season to date, a 15% increase from a year ago, comScore reported. The period includes the first 48 days of the holiday season spanning the months of November and December, according to comScore.

The final big week of online holiday shopping remained strong throughout, with four days surpassing $1 billion in sales and the second heaviest online shopping weekend on record. In total, we will see another $5 or $6 billion in e-commerce spending over the remainder of December to finish off what has clearly been an outstanding season for online retailers.” said comScore chairman Gian Fulgoni.

Also on Tuesday, the International Council of Shopping Centers-Goldman Sachs Weekly Chain Store Sales Index reported that same-store sales increased 3.4% for the week ended Saturday compared with the previous week. The weekly index is a sales proxy for 24 major retailers.

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FINANCE

Borders win court approval of plan to dissolve

BY Marianne Wilson

New York City — Borders Group Inc. won court approval of the final details of its plans to dissolve, according to Bloomberg.

The bankruptcy judge finalized terms of creditor repayments Tuesday after five remaining objections were resolved, the report said. Unsecured creditors with $812 million to $850 million in claims will recover from 4% to 10%, probably “at the higher end of the range,” according to court papers.

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REAL ESTATE

General Growth approves spinoff of Rouse properties

BY Staff Writer

Chicago –General Growth Properties said its board approved the spinoff of its Rouse Properties Inc. subsidiary, to consist of 30 regional shopping centers in 19 states.

The separation will be completed through a pro rata taxable dividend on Jan. 12, to stockholders of record as of the close of U.S. exchanges on Dec. 30, Chicago-based General Growth said today in a statement.

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