Strategy

By James H. Donell, CPM  CCIM, [email protected]

When a commercial real estate property goes into foreclosure, the effects can be damaging for all parties involved – not only for the owner of the property who has defaulted, but also the lender and any additional creditors who may have a lien on the property.

ANAHEIM, Calif. — Pacific Sunwear of California reported that net sales for the second quarter of fiscal 2012 ended July 28, were $210.3 million versus net sales of $200.9 million for the second quarter of fiscal 2011 ended July 30, 2011.

On a GAAP basis, the xompany reported a loss from continuing operations of $17.5 million, or 26 cents per share, for the second quarter of fiscal 2012, compared with a loss from continuing operations of $17.5 million, or 26 cents per share, for the second quarter of fiscal 2011.

Fort Worth, Texas -- Pier 1 Imports said Thursday it has launched a fully redesigned website, Pier1.com, with a lineup of new features, including “Pier 1 To-You” allowing users to buy products online and have them shipped to any location in the continental United States.

Additional options continue to include “Pier 1 To-Go,” which launched in June 2011 and allows customers to pay for selected product offerings online and pick them up in-store with no shipping charges.

Sidney, Neb. -- Cabela’s Inc. announced Thursday that its has named Sean Baker president of World’s Foremost Bank and the division’s next CEO, effective Jan. 1.

The move is part of a planned succession strategy that will put Baker in place as current CEO Joseph Friebe takes his previously announced retirement.

Baker began his career with Cabela’s as a financial analyst in 1997 and most recently served as senior VP business development, for World’s Foremost Bank.

Cherry Hill, N.J. -- Philadelphia-based Pennsylvania Real Estate Investment Trust said that Essensuals London will open a high-end salon – its first on the East Coast – at PREIT’s Cherry Hill (N.J.) Mall property.

The 1,530-sq.-ft. salon will be the third of its kind in the country, and will join recently opened Henri Bendel. Pottery Barn and The North Face are opening in the fall.


 

Walmart U.S. just reported its fourth consecutive quarter of positive same store sales growth. Now comes the hard part.

The current third quarter period marks the first time in three years that Walmart U.S. is up against a prior year increase in same store sales. As Walmart U.S. president and CEO Bill Simon reminded those listening to the company’s conference call last week, Walmart had a 1.3% comp increase in the third quarter of 2011 and this year he is expecting an increase in the range of 1% to 3%.

Memphis -- Fred’s reported Thursday that net income for the quarter ended July 28 rose 19% to $6.1 million, compared with $5.1 million in the year-ago period.

Sales rose 4% to $470.8 million from $452.7 million, and same-store sales dipped 1%.

Profit results missed Wall Street expectations, and the discounter has lowered its full-year earnings forecast.


 

Chicken Soup for the Soul, the well-known book publisher and leader in life improvement, inspiration and wellness, will launch a national line of nutritious, quality comfort foods that will be available in supermarkets and food retailers in early 2013.