REAL ESTATE

Saks to leave Dallas Galleria, Belk moving in

BY Katherine Boccaccio

New York City –Saks Inc. announced Tuesday it will shutter its Saks Fifth Avenue store in the Dallas Galleria on June 15. The retailer has operated a store in Dallas since 1982, and the summer closing will leave some 120 associates with the choice of transfer or severance.

Simultaneous with the Saks departure announcement was news from department store chain Belk that it will fill the vacated Galleria space with a $20-million, 170,000-sq.-ft. flagship store that starts construction in July and is slated to open spring 2014.

Saks had already closed its Austin store, and now operates only Saks Off Fifth outlet stores (three) in the Dallas-Fort Worth trade area. The retailer still has full-line department stores in Houston and San Antonio.

“The planned closing of our Dallas store is consistent with our strategy of employing our resources in our most productive locations,” said Steve Sadove, CEO, Saks. “We regularly assess the productivity, profitability, and potential of each of our store locations and may determine that a closing is appropriate from time to time.”

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D.Trangr82 says:
Apr-23-2013 11:12 am

chatrandom
Saks had already closed its Austin store, and now operates only Saks Off Fifth outlet stores (three) in the Dallas-Fort Worth trade area. The retailer still has full-line department stores in Houston and San Antonio.chatrandom

D.Trangr82 says:
Apr-23-2013 11:12 am

Saks had already closed its Austin store, and now operates only Saks Off Fifth outlet stores (three) in the Dallas-Fort Worth trade area. The retailer still has full-line department stores in Houston and San Antonio.chatrandom

williamson says:
Apr-15-2013 06:36 am

“The planned closing of our
“The planned closing of our Dallas store is consistent with our strategy of employing our resources in our most productive locations,” said Steve Sadove, CEO, Saks. “We regularly assess the productivity, profitability, and potential of each of our store locations and may determine that a closing is appropriate from time to time.”hermes outlet

williamson says:
Apr-15-2013 06:36 am

“The planned closing of our Dallas store is consistent with our strategy of employing our resources in our most productive locations,” said Steve Sadove, CEO, Saks. “We regularly assess the productivity, profitability, and potential of each of our store locations and may determine that a closing is appropriate from time to time.”hermes outlet

J.Walker says:
Apr-14-2013 12:07 pm

Saks had already closed its
Saks had already closed its Austin store, and now operates only Saks Off Fifth outlet stores (three) in the Dallas-Fort Worth trade area. The retailer still has full-line department stores in Houston and San Antonio.superiorpaper.net

J.Walker says:
Apr-14-2013 12:07 pm

Saks had already closed its Austin store, and now operates only Saks Off Fifth outlet stores (three) in the Dallas-Fort Worth trade area. The retailer still has full-line department stores in Houston and San Antonio.superiorpaper.net

P.Lopez says:
Mar-29-2013 02:31 pm

Chatrandom.com
We regularly assess the productivity, profitability, and potential of each of our store locations and may determine that a closing is appropriate from time to time. Chatrandom.com

P.Lopez says:
Mar-29-2013 02:31 pm

We regularly assess the productivity, profitability, and potential of each of our store locations and may determine that a closing is appropriate from time to time. Chatrandom.com

M.Mirevski says:
Mar-18-2013 10:25 am

If I am shooting base coat, I
If I am shooting base coat, I will adjust and close the knob about 3 or 4 turn to allow less fluid to be sprayed. Fine Tuning I have the gun set, but it needs to be fine tuned to my techniques. This allows you to see even if you are in dark or very dim areas. visit us You have to verify the gun for its pound of air/square inch requirements. This will help you to avoid leaving them after you have sprayed the more conspicuous areas.

M.Mirevski says:
Mar-18-2013 10:25 am

If I am shooting base coat, I will adjust and close the knob about 3 or 4 turn to allow less fluid to be sprayed. Fine Tuning I have the gun set, but it needs to be fine tuned to my techniques. This allows you to see even if you are in dark or very dim areas. visit us You have to verify the gun for its pound of air/square inch requirements. This will help you to avoid leaving them after you have sprayed the more conspicuous areas.

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FINANCE

Report: Supervalu sets rate on $2.4B loan for Cerberus sale

BY Katherine Boccaccio

Eden Prairie, Minn.Bloomberg reported Tuesday that Supervalu Inc. has set the rate it will pay on $2.4 billion of loans to fund the sale of five supermarket chains to a Cerberus Capital Management LP-led investor group.

A six-year, $1.5 billion term will pay interest at 5.75 percentage points more than the London interbank offered rate with a 1.25 percent minimum, reported Bloomberg, citing an unnamed source.

Supervalu may sell the debt at 98.5 cents on the dollar, according to the report, and lenders to the term portion are offered one year of 101 soft-call protection – which means that Supervalu will have to pay one-cent more than face value to reprice the debt in its first year.

The financing also includes a $900 million asset-based revolving line of credit that will begin paying interest at 2 percentage points more than Libor, reported Bloomberg, citing a Monday regulatory filing.

Proceeds from the debt will be used to replace a $1.65 billion asset-backed credit line, an $846 million term portion and to refinance $490 million of 7.5% notes that come due in November 2014.

Supervalu is selling its Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market stores and related pharmacies to AB Acquisition LLC, an affiliate of a Cerberus-led investor group, in a transaction valued at $3.3 billion.

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News

NRF chief applauds Congress on immigration efforts

BY CSA STAFF

Washington, D.C. — The National Retail Federation president and CEO Matthew Shay has issued the following statement in support of immigration reform:

“Our current immigration system is broken and unworkable, and it is in desperate need of reform. We applaud the President’s commitment and Congress’ resolve to address immigration reform this year.

“NRF has been and continues to be a strong advocate for bipartisan, comprehensive immigration reform.

“In order to compete in the global marketplace, where trade and talent are borderless, the United States needs an immigration and visa system that is both agile and responsive, and addresses employers’ needs and demands and those of today’s more agile and transient workforce.

“NRF will continue to support practical, comprehensive immigration reform that protects employers, retailers and the broader work force.”

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