DEB Shops selects Cassidy Turley for project management
New York — St. Louis Real estate services provider Cassidy Turley announced that its retail corporate services team has been awarded project management services for DEB Shops new and remodeled stores throughout the United States.
Cassidy Turley will work with DEB to manage all components of the program, from store planning and design through construction, fixturing, closeout, and opening.
DEB chose Cassidy Turley because of their ability to deliver comprehensive services and because of their proven track record with similar initiatives, according to John DeAngelis, VP real estate, DEB Shops, Philadelphia, which operates more than 300 stores.
“They proposed a solution that was tailored to our specific needs,” DeAngelis said. “Their ability to efficiently manage our phased remodel projects will allow for minimal business interruption, which is integral to the program’s success.”
Agree Realty named Florida development partner for Wawa
Armington Hills, Mich. — Agree Realty Corp. announced it has been named a Florida development partner for Wawa, which operates more than 590 convenience stores in Pennsylvania, New Jersey, Delaware, Maryland and Virginia.
“We are extremely pleased and tremendously excited to partner with Wawa on their expansion into Florida. Their pioneering approach to the convenience store and fuel station experience will offer Floridians additional choices and varieties that they have never had,” said Joey Agree, president and COO.
Barneys gets new owner in debt-for-equity swap
New York — Barneys New York said that it has reached an agreement with its largest lender, Perry Capital, and other lenders to significantly reduce the retailer’s debt and improve its capital structure. Under the arrangement, Perry Capital has become the majority owner of Barneys. Under a debt-for-equity swap with Perry Capital, as well as other lenders, Ron Burkle’s Yucaipa Cos and current owner Istithmar World, the chain’s long-term debt will fall to $50 million from $590 million. The deal makes Perry Capital the majority owner of Barneys.
“We are extremely pleased to have reached an agreement with our partners that will significantly reduce our debt and provide the company with the funding to accelerate the execution of our successful business strategy,” stated Barneys CEO Mark Lee. “This agreement provides us with increased free cash flow that will be used to revitalize our stores, invest in Barneys.com and further enhance our customer experience at a time when our operational financial performance is very strong.”
Barneys reported double-digit comparable sales growth and a 40% increase in annual EBITDA for the full year 2011 compared with 2010.
“Barneys New York is an extraordinary brand that will become even stronger through this transaction,” said Richard Perry, CEO of Perry Capital. “We are confident that the new capital structure will provide the Barneys management team with the financial flexibility it needs to continue its already impressive performance.”