FINANCE

Report: Best Buy selling green cars

BY CSA STAFF

New York City Best Buy is reportedly venturing into new territory — selling green vehicles. The consumer electronics retailer has started selling electric-powered vehicles, including bicycles, scooters and Segway transporters, at 21 of its stores on the West Coast, according to the Wall Street Journal.

Among the vehicles Best Buy is offering is the Enertia motorcycle, which retails for $11,995 and can be charged in about three hours from a regular wall outlet. The motorcycle reportedly also can reach about 50 miles per hour and gets the equivalent of 373 miles per gallon and costs less than one cent per mile to run.

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REAL ESTATE

Cold Stone Creamery inks lease for Park Place Mall space

BY CSA STAFF

Tucson, Ariz. Cold Stone Creamery said it has leased a 650-sq.-ft. space from General Growth Properties at Park Place Mall in Tucson, Ariz. The store is slated to open mid-August.

The lease was facilitated by Commercial Retail Advisors on behalf of the tenant.

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FINANCE

Talbots completes sale of J. Jill

BY CSA STAFF

Hingham, Mass. The Talbots on Thursday announced that it has completed its previously announced sale of its J. Jill business to Jill Acquisition LLC, an affiliate of Golden Gate Capital, a San Francisco-based private equity investment firm.

As part of the terms of the agreement, dated June 7, identified assets associated with the J. Jill brand were acquired by Jill Acquisition LLC, including 205 J. Jill brand stores, the Tilton, N.Hh distribution facility, intellectual property, accounts receivable and inventory related to the transferred stores, along with certain related liabilities.

The sale of the J. Jill business is part of Talbots’ strategy to focus its time, resources and attention exclusively on rejuvenating its core Talbots brand and return to profitable growth.

At closing, Jill Acquisition LLC paid the $75 million stated cash purchase price less an $8.1 million adjustment based on estimated closing date working capital as outlined in the purchase agreement

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