REI to enter Manhattan
New York Recreational Equipment Inc. (REI) has signed a 15-year lease for its first Manhattan location. The 39,000-sq.-ft. store will be located downtown, in the landmark Puck Building, at 295 Lafayette St., on the corner of East Houston Street. Asking rent for the space was around $275 a square foot, Crain’s New York Business reported.
“Our new store in the Puck Building will provide a resource to serve New Yorkers, visitors and community groups eager to enjoy the great outdoors from bike paths and urban greenways to wild and scenic destinations around the world,” said Sally Jewel, chief executive of REI, in a statement. The company expects the store to open in fall of 2011.
Sears launches waste-prevention plan
HOFFMAN ESTATES, Ill. Sears Holdings announced a new agreement with WasteWise, the country’s first national voluntary solid waste reduction program sponsored by the U.S. Environmental Protection Agency (EPA).
As a WasteWise partner, Sears Holdings said it pledges to continue to establish new waste-prevention activities, expand or improve its current recycling efforts, and purchase and/or manufacturer additional products with recycled content. The programs Sears Holdings initiates as part of its participation in WasteWise will build on the successes of its established waste-prevention and recycling efforts to make these programs even stronger.
According to Michael Brown, director, environmental sustainability, “Our environmental sustainability, environmental affairs, store operations, and procurement teams have been proactively working to implement sustainable solutions throughout Sears Holdings Corporation and its U.S. affiliates. We hope our partnership with WasteWise will help us learn new techniques and best practices that will continue to reduce costs, preserve natural resources and protect the environment.”
GameStop to authorize $500M in additional repurchase funds
GRAPEVINE, Texas GameStop announced that its board of directors has authorized $500 million in additional repurchase funds. $300 million of the additional funds will be used in the company’s share repurchase plan and $200 million will be used to retire the company’s senior notes. This program is incremental to the initial $300 million stock repurchase plan announced in January 2010 and completed in the company’s second fiscal quarter of 2010.
J. Paul Raines, CEO, stated, “We are pleased that the board authorized this additional buyback in 2010 as the next phase in our long-term plan to increase total shareholder return. We have confidence in the business to continue delivering consistent cash flow, which gives us the ability to invest in our core business, digital initiatives and enhance shareholder value.”
Under the program, GameStop may purchase debt or shares through open market purchases, debt calls or privately negotiated transactions in compliance with SEC regulations and other legal requirements. The timing and actual amount of debt or shares repurchased will depend on several factors including price, capital availability and other market conditions. This repurchase program does not have any specific limitations and may be suspended or terminated at any time.