REAL ESTATE

Modell’s unveils renovated Times Square flagship

BY CSA STAFF

New York City Modell’s Sporting Goods has taken the wraps off its newly renovated Times Square flagship. The two-level, 20,000-sq.-ft. store displays top brands in distinct category shops.

Among the store’s attraction are a Manhattan-styled playground-style court, complete with a street-style backboard and rim and park bleachers, which is built into the design of a 4,000-sq.-ft. Nike concept shop on the store’s main level. Other attractions include a New York Yankees ticket booth offering same-day game tickets for prices that are up to 50% off face value, and a cap-embroidery station where customers can have their caps customized.

The flagship is set off with a 300-sq.-ft. high-definition LED video screen on the back wall of the top level. Aside from showing the daily customer activities occurring in-store, the video wall and 36-plus high-definition LCD TV displays throughout the store also broadcast the day’s biggest sporting events, exclusive offers, product endorsements and special event alerts.

“Our new Times Square store truly embodies our vision of embracing and celebrating passion for sport and we’ve created a unique in-store environment that will feature new multimedia interactive elements to connect with the sports enthusiast both locally and globally,” said Seth Horowitz, president, Modell’s Sporting Goods, which operates 144 stores in New York; New Jersey; Pennsylvania; Connecticut; Rhode Island; Massachusetts; New Hampshire; Delaware; Maryland; Virginia; and Washington, D.C.

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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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News

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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