DJM to Dispose of Circuit City Real Estate
Melville, N.Y. DJM Realty, a Gordon Brothers Group company, announced Tuesday it has been retained to exclusively manage the disposition of all remaining Circuit City Stores Inc. real estate in the United States.
In addition to marketing the remaining Circuit City store leases, DJM Realty will be marketing the distribution centers, office spaces and fee-owned properties for sale.
As of Dec. 31, 2008, the domestic segment of Circuit City operated 567 stores in 153 U.S. media markets. Circuit City filed for Chapter 11 bankruptcy protection on Nov. 10, 2008, and started liquidation sales on Jan. 17.
The engagement of DJM Realty, which is subject to bankruptcy court approval, anticipates a bid due on or about March 12.
“Circuit City’s real estate has begun to create interest among national and regional retailers and supermarkets,” said Andy Graiser, co-president, DJM Realty.
“There are great opportunities for schools and other non-retail uses. Several buildings are free-standing which offer opportunities for multiple uses,” added Emilio Amendola, co-president, DJM Realty.
The 578 leases that are available for assignment in this bankruptcy sale range from 16,844 sq. ft. to 82,555 sq. ft. and are in 46 states.
In addition to the retail leases, DJM Realty is marketing 13 fee-owned properties.
Target applauded for inclusiveness efforts
The Human Rights Campaign is out with its 2009 list of top businesses that support equality for lesbian, gay, bisexual and transgender employees, and Target is among a group of 260 companies that received a top rating.
Other retailers recognized by the group included Abercrombie & Fitch, Barnes & Noble, Best Buy, Borders, Carmax, GameStop, Gap, JCPenney, Macy’s, Nordstrom, REI and Sears Holdings.
The Human Rights Campaign was founded in 1980 to promote fairness for lesbian, gay, bisexual and transgender Americans. The organization claims to have 750,000 members and annually publishes a Corporate Equality Index that rates corporate America’s treatment of lesbian, gay, bisexual and transgender employees.
Stock gains are short lived
Last week’s cost-cutting move to eliminate jobs at Target headquarters and close a distribution center gave the company’s share price a quick boost, but the upward movement didn’t last long.
Target announced the elimination of more than 1,000 jobs after the market closed on Jan. 27, and its share price stood at $33.34. The next morning, Target shares opened sharply higher at $34.42 and closed that day at $34.92. However, by the end of the week, the market took back the gain, and shares closed Friday at $31.20. The downward trend continued on Monday, as shares opened at $30.25, their lowest level of the year, before ending the day at $30.20.