REAL ESTATE

No Rest for Bridget to open its first East Coast store

BY Marianne Wilson

Boston — No Rest for Bridget, based in Irvine, Calif., will make its East Coast debut in mid-March, opening a 1,300-sq.-ft. location on Boston’s Newbury Street.

The fast-fashion retailer specializes in affordable women’s clothing and accessories to 20- to 39-year-olds.

The store’s build-out is being handled by A&O Danner Companies, Plymouth, Mass., which is working with D2 Construction of Costa Mesa, Calif.

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OPERATIONS

Duane Reade seeks to expand customer engagement with location-based game from Niantic Labs

BY Staff Writer

New York — Duane Reade announced that its 250 plus stores are integrating into Niantic Labs’ new mobile game, Ingress. The drugstore chain is one of the first retail partners in the New York metropolitan area for "Ingress," which blends the physical and virtual world to create a one-of-a-kind gaming experience.

"Customer engagement strategy via location-based gaming has elevated to new levels and Duane Reade understands that", said Calvin Peters, PR/Online manager for Duane Reade. "Strategically engaging gamification experiences that utilize LBS platforms are becoming increasingly relevant as mobile concentration within the retail space continues to expand. It’s important for us to be where our consumers are; including the virtual world. We’re excited to have this opportunity to work with Niantic Labs at Google and participate in this exciting new endeavor while continuing to provide the best possible customer experience."

An Ingress logo is located on the front window of Duane Reade stores around the city signaling players of the company’s participation and the existence of a value-added game asset located inside the store. Each asset will display its own unique code, which gives players a range of resources for playing the game including energy (XM), offensive and defensive game objects (resonators, weapons, shields) and possibly media objects. Each code may be used only once, but can be shared with each player’s online community. As the game evolved, cooperation across neighborhoods, cities, and countries will be needed to achieve the ultimate victory for either faction.

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FINANCE

Report: J.C. Penney files lawsuit to block bondholders from declaring default

BY Marianne Wilson

New York — J.C. Penney Co. filed a lawsuit on Monday asking a Delaware judge to declare that it is not in a default of its bond agreements, protecting nearly $3 billion of debt from being due in the coming months, Reuters reported.

According to the report, J.C. Penney received a letter earlier on Monday from the Brown Rudnick law firm that said J.C. Penney had breached a covenant of a bond indenture agreement by granting a lien on its inventory. J.C. Penney filed the lawsuit after receiving the letter.

The indenture agreement related to $326 million of outstanding bonds that mature in 2037. However, the letter said that J.C. Penney could be in default on all of its $2.9 billion bond debt, according to the lawsuit.

"We believe this notice of default is invalid, completely without merit and is intended to create self-interested trading opportunities in the market, and we will therefore vigorously defend the interests of J.C. Penney and all of our constituencies," J.C. Penney CFO Ken Hannah said in a statement.

J.C. Penney said in the complaint that the demand from Brown Rudnick came as the company is investing significantly to update its stores.

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