General Growth Gets Extension for $900M Loan
Chicago General Growth Properties Inc. said Wednesday it received another extension on $900 million in loans for two Las Vegas properties.
Lenders agreed to place the loans in forbearance until Feb. 12 as the company looks to sell some of its assets or raise fresh capital to help pay upcoming debt maturities.
The mortgages cover two Las Vegas malls, Fashion Show and Palazzo. The company is also trying to sell its Las Vegas locations. It had received a two-week extension on the loans for the Las Vegas properties earlier this month.
The company is saddled with a huge debt it acquired during the real estate market’s boom years when it aggressively bought up assets.
General Growth has a stake in more than 200 shopping malls in 44 states.
Staples revamps in-store marketing
Staples has signed a multi-year deal with News America Marketing to improve in-store marketing, according to the reports.
News America will create coupon machines, floor ads and other in-store marketing products in more than 1,500 Staples stores nationwide. The changes will go in effect next month.
RadioShack becomes sole owner of Mexico unit
FORT WORTH, Texas RadioShack announced that it has become the sole owner of Radio Shack de Mexico, S.A. de C.V. after purchasing the interest in the joint venture held by Grupo Gigante, S.A.B. de C.V. for approximately $43 million in cash. Radio Shack de Mexico has approximately 200 RadioShack branded stores throughout Mexico.
Commenting on the acquisition, chairman and ceo Julian Day said, “Radio Shack de Mexico represents an attractive growth platform for our company. This is a business we know well through our experience with the joint venture and the RadioShack brand has strong equity among consumers in Mexico.”
RadioShack will operate the stores and related general office, service center and distribution center in Mexico as a wholly-owned subsidiary. All of the stores and support facilities are leased locations. The stores average approximately 1,300 square feet and are primarily located in shopping centers. Radio Shack de Mexico employs approximately 1,200 people.