REAL ESTATE

Lomography to open in Flatiron District

BY CSA STAFF

New York City Manhattan-based Winick Realty Group said Tuesday that specialty camera retailer Lomography has leased 2,400 sq. ft. on the ground and lower levels at 106 East 23rd St., between Lexington Avenue and Park Avenue South.

The retailer plans to open the store, its second New York location, within the next two months, according to Winick.

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FINANCE

German court approves Karstadt takeover plan

BY CSA STAFF

Berlin A German court has given the go-ahead for an investor to take over the country’s bankrupt Karstadt department store chain with its 25,000 employees, according to a Friday report by the Associated Press.

Karstadt has been under an insolvency administrator since parent Arcandor AG filed for protection in June 2009.

The German news agency DAPD reported that an administrative court in Essen on Friday approved a plan for financial investor Nicolas Berggruen to take over the chain. Berggruen was chosen to take over Karstadt in June but the plan then got delayed while negotiating over rent levels for its approximately 120 stores.

An agreement by the buildings’ owners to lower rents paved the way for a final deal this week, according to AP.

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FINANCE

Duckwall-Alco same-store sales dip in August

BY CSA STAFF

Abilene, Kan. Duckwall-Alco Stores said late Thursday that same-store sales dipped 0.8% in August.

Total revenue rose 1.1% to $33.4 million due to improved inventory control, higher productivity and stronger marketing, said the company.

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