REAL ESTATE

MetroPCS leases Harlem space

BY CSA STAFF

New York City Wireless service provider MetroPCS Communications has leased space in the Hillview Towers on West 145th St. in the New York City’s Sugar Hill section of Harlem.

The leasing team of Prudential Douglas Elliman secured the deal.

It is the second MetroPCS the team has brought to Harlem, with the first one at 555 Lenox Avenue earlier this summer. This new location places MetroPCS at the center of the retail portion of the luxury, full-service apartment building along a bustling major east-west transverse. Known as the “gem of Sugar Hill,” Hillview Towers has 236 cooperative residences, as well as 11 stores on the 145th Street side. The area’s vibrant retail corridor is already home to several national and local chains, including Pathmark, Starbucks, Duane Reade and New York Sports Club and such prominent banks as Bank of America, Capital One, Chase and Carver.

Adding to its central positioning, the store is adjacent to a transportation hub for the A, B, C and D subway lines.

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TWE takes sales dive

BY CSA STAFF

ALBANY, N.Y. Trans World Entertainment announced total sales for the second quarter decreased 23% to $165.7 million, compared with $215.2 million in the second quarter of 2008. Comparable-store sales in the second quarter of 2009 decreased 15%.

For the second quarter of 2009, the company’s net loss was $17.8 million, or 57 cents per share compared to a net loss of $19.2 million, or 62  cents per share for the same period last year.

 

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Pacific Sunwear 2Q comps down 24%

BY CSA STAFF

ANAHEIM, Calif. Pacific Sunwear of California announced that net sales for the second quarter of fiscal 2009 were $243 million versus net sales from continuing operations of $313 million for the second quarter of fiscal 2008. Total company same-store sales decreased 24% during the period.

The company recorded a net loss of $14.2 million, or 22 cents per diluted share, for the second quarter of fiscal 2009 compared to income from continuing operations of $3.7 million, or 6 cents per diluted share, for the second quarter of fiscal 2008.

“Clearly, we have a lot of work to do to stem our decline in sales and ultimately return to profitability,” stated Gary Schoenfeld, president and CEO. “I remain confident in our ability to take on this challenge. Our branded assortments differentiate us from our vertical competitors, and I believe that in time we will once again make PacSun the favorite place to shop for 15 to 20 year olds.”

Assuming a same-store sales percentage decline in the high-teens to low twenties, and assuming non-cash, pre-tax store asset impairment charges of approximately $10 million, the company would expect to report a loss of approximately 16 cents to 23 cents per share for the third quarter of fiscal 2009.

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