Report: New bidders emerge for Blockbuster
New York City — Several bidders, including Dish Network Corp. and billionaire investor Carl Icahn, are ready to battle for Blockbuster at a bankruptcy auction in New York on Monday, the Associated Press reported. The chain, which filed Chapter 11 in February, has received several bids other than the opening bid of $290 million from a group of debtholders made in February.
Dish and Icahn have each submitted a bid, The Wall Street Journal reported Friday.
Jay Indyke, attorney for the committee of unsecured creditors, confirmed several bids had come in but did not specify who they are from, the Associated Press said.
Icahn was part of the group of debtholders that provided Blockbuster financing to operate while in bankruptcy in September. Everyone in that group, except for Icahn, made an opening bid in February, known as a "stalking horse" bid, to buy Blockbuster for $290 million.
Prospective bidders are either after Blockbuster’s assets, such as its name, kiosks and movie-download service, or the money they can make from liquidating the brand, according to analysts.
Following the auction, a sale approval hearing is scheduled for Thursday.
Macy’s to renovate Chicago store
New York City — Macy’s is undertaking a multi-million dollar remodel of its store in Chicago’s Water Tower Place, the Chicago Tribune reported.
The eight-floor, 227,000-sq.-ft. department store was last renovated in 1996, when it operated as Marshall Field’s. It became Macy’s in 2006.
The new décor will include a white ceramic floor, brighter lights and silver accents, the report said. The store’s first three levels will receive the lion’s share of the updates.
Stockholder sues Urban Outfitters over stock price decline
New York City — Urban Outfitters has been sued by a shareholder who alleges company officials misled investors before the stock declined, Bloomberg reported.
The retailer wrongly led shareholders to believe business was going well until March 7, when it reported earnings of 13% less than analysts had suggested, Edward Koller III claims in a lawsuit filed yesterday in federal court in Philadelphia, the report said. Shares fell 17% the next day, Koller said.
Between November and March, the company “engaged in a scheme to deceive the market and a course of conduct that artificially inflated Urban Outfitters’s stock price,” Koller’s attorneys allege in court papers.