REAL ESTATE

Developers Diversified expands enterprise risk management commitment

BY CSA STAFF

Beachwood, Ohio — Developers Diversified Realty Corp. announced Friday it has furthered its commitment to risk management with the formalization of its Enterprise Risk Management Program.

The new program, according to Developers Diversified, is an integration of strategy, process, people and technology that promotes the identification, prioritization, ownership and management of the company’s critical risks.

The ERM Program is managed by a risk committee comprised of senior executives representing all major departments and is designed to assess and manage the strategic, operational, compliance and financial risks of the organization.

Daniel B. Hurwitz, president & CEO of Developers Diversified and chair of the risk committee, said, "Embracing sound and comprehensive enterprise risk management practices is aligned with our consistent commitment to manage this company with less risk, both operationally and financially. This is becoming more apparent in every aspect of our business, from reducing our debt and extending its duration to pursuing leases with the most creditworthy tenants."

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FINANCE

Report: Borders plans to pay $8.3 million in bonuses

BY CSA STAFF

New York City — Borders Group, which filed Chapter 11 bankruptcy in February and has announced plans to close about a third of its stores, said it plans to pay key employees as much as $8.3 million in incentives and retention bonuses, Bloomberg reported.

The retailer asked a judge to approve its plan in a filing Thursday in U.S. Bankruptcy Courty in New York. Borders said it has historically compensated employees through incentives.

The size of the awards would be calculated after the company files a reorganization plan or gets approval for a sale of the company, according to the report.

Under the incentive program, Borders CEO Michael Edwards, would get as much as $1.7 million in bonuses, according to the filing.

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STORE SPACES

Sears and Kmart stores to go dark for Earth Hour

BY CSA STAFF

Hoffman Estates, Ill. — Sears and Kmart stores nationwide will participate in the global Earth Hour initiative by turning off or dimming all non-essential lighting March 26 from 8:30 p.m. to 9:30 p.m., including every other television and most computer monitors. The company anticipates saving 80,000 kilowatt hours as a result.

Earth Hour is a world-wide call to action started by the World Wildlife Fund four years ago to help fight climate change. To get involved, a company or individual must commit to turning down or off (where possible) any non-essential lighting.

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