Vornado, Reliance Form Retail Venture in India
Paramus, N.J. Vornado Realty Trust said Wednesday it has formed a joint venture with India’s Reliance Industries Ltd. to invest in shopping centers in India.
Vornado, a Paramus, N.J.-based real estate investment trust, and Reliance will each commit up to $250 million to the 50/50 venture to acquire, develop and operate shopping centers in key Indian cities.
The centers will contain 500,000 to 1 million or more sq. ft., and “typically be anchored by a hypermarket to be owned and operated by Reliance,” Vornado said.
Reliance, which operates more than 700 retail stores in India, is India’s largest publicly traded company, with market capitalization of more than $75 billion and annual revenue of more than $34 billion.
The firm has interests in the petrochemical business, in addition to exploration, refining and retail sales of oil.
Saralegui to represent Nestle Pure Life
GREENWICH, Conn. Nestle Waters North America has signed a two-year partnership agreement with Cristina Saralegui, an internationally-acclaimed Hispanic television personality. Under this agreement, the company reported, Saralegui will serve as spokesperson for Nestle Pure Life, appearing in print and broadcast advertising and online on behalf of the company’s new Vive Sanamente (Live Healthy) marketing campaign.
“I am thrilled to be collaborating with Nestle Waters on Vive Sanamente,” said Saralegui. “I want to educate Latino moms about the importance of teaching their children healthy habits that will last them a lifetime. There is no doubt that drinking water and exercising regularly are essential to maintaining a healthy lifestyle.”
Saralegui, host and executive producer of El Show de Cristina, one of the highest-rated programs on Spanish-language television, is also being featured in point-of-purchase consumer brochures and public relations programs.
Linens ‘N Things reports 21% 2Q sales decline
CLIFTON, N.J. Linens Holding Co. reported total sales of $504 million for its second quarter ended June 28. Net retail sales of $468.1 million for the quarter represented a 21.1% decrease over the same period in 2007. Total net retail sales for the quarter does not include $35.9 million in liquidation sales in accordance with the previously announced closing of 120 stores in the second quarter.
The decrease in second quarter net retail sales resulted from a comparable-store sales decline of 18.3% for the period and the net reduction of 105 stores from the prior year.
During the second quarter of 2008, the company opened two stores and closed 120 stores, as compared with opening seven stores and closing zero stores during the second quarter of 2007.
As of June 28, Linens ’n Things operated 475 stores in 46 states and seven provinces across the United States and Canada.
Due to its recent Chapter 11 bankruptcy filing, the company requires additional time to complete the preparation of its consolidated financial statements for the second quarter of 2008. The company is performing an impairment analysis related to certain of its tangible and intangible assets, which is not yet complete.