Phoenix – Vestar announced the addition of Bradley Parks, director of due diligence to its team. Parks will be responsible for overseeing all due diligence activities for Vestar’s shopping center acquisition opportunities.
Over the past three years Vestar has completed over $1 billion in acquisitions throughout the western U.S. and was recently recognized as the 4th largest acquirer of shopping centers in the United States.
The National Retail Federation confirmed what many retailers already knew and made a downward revision to a holiday forecast that initially called for 3.7% growth.
Citing what it called “unforeseen events,” the National Retail Federation (NRF) said sales during November and December increased 3% to $626 billion, down from an earlier forecast which envisioned growth of 3.7%.
The troubled retailer is closing what it described as a “very small percentage” of its overall number of Kmart and Sears stores across the country.
"Every year we evaluate our store portfolio and make changes based on leases or stores with poor performance," company spokesman Howard Riefs said in a Reuters report.
The exact number of stores to be shuttered has not been disclosed. But Reifs also said Kmart would account for the majority of the closures.
Brooklyn, N.Y. -- Forest City Realty Trust announced that it has closed the sale of 625 Fulton Street, a development site in Brooklyn, New York. The Rabsky Group purchased the property for $158 million, of which $100 million was paid at closing with the balance due in 90 days.
On Tuesday, President Obama delivered his seventh and final State of the Union address to the Congress. Unlike the previous six, this was not a long list of policy agenda items he would like to see the Congress address in the coming year. It was, instead, a broader conversation regarding the state of American democracy.
The Vitamin Shoppe is changing the structure of its board of directors as it looks to enhance its corporate governance practices.
The company announced its board will rotate the role of lead director for the second time since the company's Oct. 28, 2009, initial public offering. David Edwab, who served as lead director since April 2011, has stepped down from that role and John Bowlin, who became a member of the Vitamin Shoppe board in October 2014, will now serve as lead director.
