Smith’s Food & Drug to anchor Utah mixed-use development
Salt Lake City – The Howard Hughes Corporation (HHC) and Smith’s Food & Drug are planning a 78,000-sq.-ft.food and drug store in Holladay, Utah. The 57-acre mixed-use Cottonwood development, located eight miles from downtown Salt Lake Cit, will feature upscale shopping, dining, entertainment and offices in a “Town Square” style setting as well as multi-family residences when complete.
Transforming the former Cottonwood Mall, the redevelopment by The Howard Hughes Corporation will include approximately 620,000-sq.-ft. of retail and entertainment, 260,000-sq.-ft. of office and approximately 600 residences.
Smith’s Food & Drug has signed a letter of intent to build a combination food and drug store that will offer a wide selection of prepared and specialty foods; organic food selections; bakery, pharmacy, dairy and floral as well as fresh meat and seafood. The new store will feature a multi-level parking structure for customers’ shopping convenience.
American Apparel receives default notice
New York — The American Apparel saga continues, with the beleaguered chain receiving a notice of default from its longtime lender, Lion Capital.
The default notice was based on the claim that founder Dov Charney ceased to be CEO of the company, according to a regulatory filing with the Securities and Exchange Commission today. (Lion had a stipulation in its loan agreement, which was signed last year, stating that if Charney left the company, it would be in default.)
The agreement with Lion, dated, May 22, 2013, allows for the acceleration of the maturity of the loans and other outstanding obligations under the credit agreement. Lion initially loaned American Apparel $10 million.
In its SEC filing, the retailer disputed Lion’s claim regarding Charney’s position and said it is contesting the validity of the acceleration. American Apparel also reserved it rights against Lion for a claim of damages for asserting an invalid acceleration.
In other developments, investment firm Standard General LP has reportedly taken control of the 43% ownership stake in American Apparel previously held by Charney., according to Reuters Although Charney previously said that he had signed a deal with Standard General whereby the firm would buy at least 10% of the company’s stock and then loan Charney the funds to acquire the stake, Standard General said this arrangement is not an endorsement of Charney.
While Charney retains the right to vote for a seat for himself on the American Apparel board of directors using his shares, Standard General said he has agreed not to do so. An SEC filing indicates Charney will give up his board seat until an investigation of the alleged improprieties that led to his dismissal is complete.
Target continues to bolster digital with three new hires
Target has added three new external senior-level hires, who will have responsibility for leading teams across information technology, e-commerce and digital products.
Jim Fisher joins the company as SVP infrastructure and operations, Target technology services, where he will oversee technical infrastructure and operations. His 35-year career has included roles at the Home Depot, Macy’s and IBM. Immediately before Target, Fisher was SVP global infrastructure operations at First Data Corp. He was responsible for security engineering and operations, database and data administration, asset management and IT facilities.
Alan Wizemann joins the compay as VP Target.com and mobile product, where he will oversee digital product teams. For the past two years, Wizemann had been consulting with Target and leading various product teams, including mobile coupon app Cartwheel. Prior to Target, Wizemann founded ShopIgniter, a social commerce and marketing platform, and also worked with several other startups.
David Weissman joins the company as president of DermStore, based in El Segundo, California, which Target acquired last year. Weissman was previously at BCBG Max Azria Group, where he was EVP e-commerce and omnichannel. He also held several senior-level positions during his 10-year tenure at GSI Commerce.
“At Target, we’ve said one of our top priorities is accelerating our digital transformation, and these new hires are a signal of our commitment to that effort,” said Jodee Kozlak, chief human resources officer. “Jim, David and Alan are proven leaders who we believe will help Target deliver great new experiences for our guests, whether in stores, online or on the go.”
The company has already brought on board a number of senior-level executives, including Brad Maiorino, SVP and chief information security officer; Peter Glusker, SVP new business integration and operations; and Kristi Argyilan, SVP media and guest engagement.