Litespeed Management buys 8% share in RadioShack
New York – Hedge fund Litespeed Management has purchased about 8.1 million shares, or an 8.1% stake, in RadioShack. Litespeed, founded by Jamie Zimmerman in 2000, specializes in investing in troubled companies that have viable businesses.
Litespeed disclosed the purchase in an SEC filing. The filing does not specify purchase price, but analysts have estimated the company probably did not spend more than roughly $17 million on the investment.
Tanger Outlets to develop Savannah, Ga., center
Greensboro, N.C. – Tanger Factory Outlet Centers Inc. plans to develop Tanger Outlets Savannah, in partnership with Georgia development firm Ben Carter Enterprises. Phase One will deliver approximately 400,000 sq. ft. of gross leasable space to the market and the center is expected to house more than 90 upscale brand name and designer outlet stores, with additional outparcel development opportunities.
The site is located on I-95, just north of I-16 and adjacent to the city of Savannah in Pooler, Ga. Also located at this exit is the Savannah International Airport.
"We are very pleased to add Tanger Outlets Savannah to our existing portfolio of successful resort and destination properties," said Steven B. Tanger, president and CEO of Tanger Factory Outlets. "Our joint venture with Ben Carter Enterprises in the Savannah market is a strategic move to help us deliver a world class outlet experience to this thriving Southern market."
Tile Shop expands in Dallas-Fort Worth area
Minneapolis – The Tile Shop is expanding its presence in the Dallas-Fort Worth metro area with a new store in Southlake, Texas. The new 18,615-sq.-ft. Southlake location is The Tile Shop’s third store in the Dallas-Fort Worth Metroplex (including stores in Plano and Dallas), and the company’s fifth store in Texas (Dallas, Plano, Southlake, Austin, San Antonio).
The new store opened during the first week of January 2014 and is located in the Gateway Plaza on the north side of the Dallas-Fort Worth Metroplex in Tarrant County. It features fully decorated, room-size displays, kitchens, baths, and other spaces within a home, completed with actual appliances as well as premium lighting and plumbing fixtures. Christopher Delaney will manage The Tile Shop’s new Southlake location.