Payless to open at Marlton Crossing
Marlton, N.J. —Centro Properties Group US announced that Payless ShoeSouce will open a 3,057-sq.-ft. store at Marlton Crossing, located in Marlton, N.J.
Centro, based in New York City, owns the shopping center.
New leases bring Dunning Farms to full occupancy
Middletown, N.Y. —Charter Realty & Development Corp. said that three new leases and one relocation, totaling 90,372 sq. ft. has brought the Dunning Farms Shopping Center, located in Middletown, NY., to 100% occupancy.
Since being brought on to lease Dunning Farms, Charter has executed new leases with Ollies Bargain Basement for 30,775 sq. ft., with Groo Shoes for 3,880 sq. ft., and with Nilsen Insurance for 1,175 sq. ft. What-a-Store has relocated to a 28,000-sq.-ft. store.
Dunning Farms is a 358,323-sq.-ft. center anchored by Toys R Us, T.J. Maxx and HomeGoods.
Borders moves closer to liquidation as bankruptcy court judge okays Borders auction
New York — Borders Group moved closer to liquidation after a judge on Thursday approved its motion to auction itself off with an offer from liquidators as its opening bid. The retailer said it will accept bids until 5 p.m. Sunday and will give notice by Monday if no other bidder emerges.
The move came after an offer made earlier this month from a private-equity investor, Phoenix-based Najafi, fell apart seemingly overnight. Najafi had offered $215 million for the company, plus the assumption of $220 million in debt. But landlords and creditors objected, saying that the deal would not prevent Najafi from taking possession of the company and liquidating it immediately for profit.
Creditors say a bid from liquidators Hilco Merchant Resources and Gordon Brothers is stronger, and would pay out between $252 million and $284 million in cash.
On Thursday, Borders said it wouldn’t seek approval for Najafi’s bid at a scheduled hearing in the U.S. Bankruptcy Court Southern District of New York and designated the liquidators as the primary, or "stalking horse" bid.