DJM Realty retained to dispose of all remaining Borders real estate
Melville, N.Y. — DJM Realty, a Gordon Brothers Group company, said Monday it has been retained to exclusively manage the disposition of all remaining Borders Group and Waldenbooks real estate in the United States. The news came after Borders announced it had abandoned hope that the company could be saved from liquidation.
"This group of Borders’ stores has generated very strong interest from retailers,” said Andy Graiser, co-president of DJM Realty, based in Melville, N.Y. “With a lack of new real estate development and restrictive barriers of entry in several key markets, surplus real estate like Borders becomes a very good opportunity for a number of growing retailers looking to open for business during the next four to 12 months.”
According to DJM, the 259 remaining leases available for assignment in the bankruptcy disposition range from 10,000 sq. ft. to 40,218 sq. ft. in 44 states and Puerto Rico. A full list of the individual properties is available at djmrealty.com.
South Africa to let antitrust regulators decide Massmart acquisition conditions
Cape Town, South Africa — A Tuesday report by Bloomberg said that South Africa’s parliament will let anti-trust regulators decide what conditions to impose on Wal-Mart Stores in its acquisition of Massmart Holdings Ltd.
The Competition Tribunal ruled on May 31 that Wal-Mart could proceed with its $2.4 billion purchase of a controlling stake in Johannesburg-based wholesaler Massmart on condition no jobs are cut for two years.
The tribunal’s decision is being appealed by the South African Commercial, Catering and Allied Workers Union in the Competition Appeal Court.
Big Lots completes Liquidation World purchase, makes exec appointments
Columbus, Ohio — Big Lots announced Tuesday that it has completed its acquisition of Brantford, Ontario-based Liquidation World, representing Big Lots’ first foothold outside of the United States.
Closeout retailer Liquidation World currently operates 89 stores in Canada.
"Today we have taken a significant step forward in positioning Big Lots for sustainable long-term growth as we expand beyond our borders and enter the Canadian marketplace,” said Steve Fishman, chairman, CEO and president of Big Lots. “We now have an immediate footprint in Canada with 89 stores, an existing infrastructure, and a dedicated team of over 1,000 associates at Liquidation World and we welcome them to the Big Lots family.”
Big Lots announced two executive-level appointments in conjunction with the acquisition. Joe R. Cooper has been named president of Big Lots Canada while retaining his responsibilities as executive VP and CFO of Big Lots.
Timothy A. Johnson has been promoted to senior VP finance and appointed to the company’s executive committee.