Macy’s sells St. Louis DC
New York City Macy’s has completed the sale of its St. Louis-based distribution facility for $2 million to 3728 Market Street LLC. The retailer in 2008 had shifted its distribution facility to Bridgeton, Mo.
Initially, Macy’s had asked for $12.7 million for the property. However, the building, which was put up for sale in late 2007, fell prey to the battered real estate market.
Investor discloses 25% stake in A&P
A California investment company revealed Wednesday it has acquired a 25% ownership stake in The Great Atlantic & Pacific Tea Co., gobbling up shares on the open market, according to a report by Supermarket News.
Aletheia Research & Management, Santa Monica, Calif., in a disclosure statement with the Securities & Exchange Commission, reported it had acquired 147 million shares of A&P in a series of purchases between Oct. 15 and Dec. 15, representing an investment of more than $136.5 million.
Aletheia in the filing said it had no current plans for changes in A&P’s business practices or its board of directors but said it reserves the right to make changes in the future. It was unclear who was selling the stock, although it had been reported this fall that Tengelmann Group, A&P’s longtime controlling shareholder, had been considering selling its investment.
Another California investor, Ron Burkle’s Yucaipa Cos. earlier this year invested $115 million in A&P, giving it a 27% ownership stake, which at the time reduced Tengelmann’s stake from more than 50% to 38.6%.
Aletheia also this week revealed it had bought a 10.8% stake in bookseller Barnes & Noble, another company in which Yucaipa has invested this year.
Barnes & Noble able to deliver Nooks by Christmas
San Francisco Contrary to earlier reports by the retailer that it would not deliver a much-anticipated product in time for Christmas, Barnes & Noble issued a statement on Wednesday that it will deliver orders of its Nook electronic reader to customers by Christmas.
Last week, the bookseller told customers it would send them a $100 gift certificate if it failed to deliver Nook orders by Christmas. “We’re pleased to tell our customers today that we’re shipping out all our orders in time,” Mary Ellen Keating, a spokeswoman for Barnes & Noble, told the Wall Street Journal.