REAL ESTATE

LoopNet acquires LandsofAmerica

BY CSA STAFF

San Francisco Online real estate marketplace and database LoopNet said it has acquired Austin, Texas-based LandsofAmerica, the operator of an online marketplace specializing in land for sale at LandsofAmerica.com.

The LandsofAmerica management team, including its founders Allen Shannon and Jake Massengale, will remain with LoopNet to manage and grow the business.

LandsofAmerica.com generated almost 600,000 unique visitors to its websites in August, according to Google Analytics, and will contribute a significant lift to LoopNet’s overall website traffic of approximately two million unique visitors, also measured by Google Analytics. 

In addition, LandsofAmerica.com expands LoopNet’s overall share of active land for sale listings. 

Terms of the transaction were not disclosed. 

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Sears Holdings brings back Christmas Club card

BY CSA STAFF

HOFFMAN ESTATES, Ill. Sears Holdings announced that it is bringing back its Christmas Club card for Sears and Kmart shoppers.

“Sixty-seven percent of Americans feel guilty that they aren’t saving enough money, so we want to make it as easy as possible for them to budget and save for the upcoming 2010 holiday season,” said Susan Ehrlich, president of financial services for Sears Holdings.

 

When activated between now and Oct. 31, Christmas Club card users will earn a 3% reward — up to a maximum $100 — based upon the value they have on their cards on Nov. 15. The reward will be added to customers’ Christmas Club cards by Nov. 24. To activate cards or add additional value, customers can visit any Sears or Kmart store location, or online at www.sears.com/christmasclub or www.kmart.com/christmasclub.

 

Customers can start their Christmas Club cards with as little as $5, and can add value as often as they want at any one of Sears Holdings’ approximately 3,900 full-line and specialty retail stores, or online, the company reported.

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Blockbuster loss widens, reaches new forebearance agreement

BY CSA STAFF

DALLAS Blockbuster reported that total revenues for the second quarter of 2010 were $788 million, compared with total revenues of $982 million for the same period one year ago. Net loss for the second quarter of 2010 was $69 million, or 32 cents per share, compared with a net loss of $37 million, or 21 cents per share, in the second quarter of 2009.

The company announced that it has also reached a new forbearance agreement with noteholders who have, collectively, represented that they hold approximately 70% of the company’s 11.75% senior secured notes due 2014. The executing noteholders have agreed to forbear from exercising certain rights and remedies they may have under the indenture and related collateral documents arising from not receiving payments due under the senior secured notes on July 1. The forbearance period, under the new forbearance agreement, will expire on Sept. 30, unless earlier terminated in accordance with its terms, the company reported. The forbearance period may be extended upon written agreement by the parties.

Jim Keyes, chairman and chief executive officer of Blockbuster, stated, “We appreciate the continued cooperation of our senior secured noteholders and the other parties involved in our ongoing recapitalization efforts. While making progress, this extension allows additional time to complete these complex, multiparty negotiations. To take advantage of its unique multi-channel model and revitalize its global brand, Blockbuster will require an improved capital structure. Our objective is to complete a recapitalization as soon as possible so we are better positioned to focus our attention and resources on the strategic opportunities to continue our business transformation.”

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