Trading Partners

The owner of one of the largest independent furniture chains in the country has sold his company to a private equity firm approximately 58 years after he founded it.  

Forest City announced it has closed on the sale of Shops at Bruckner Boulevard in the Bronx to Urban Edge Properties for $32 million. The seller expects to net $9.2 million in the transaction.  

Rite-Aid has named Ken Black senior VP and chief human resources officer, effective immediately.   Black, who served as the drug chain’s group VP of compensation, benefits and shared services, will succeed Dedra Castle, who is leaving the company for personal health reasons.   Black will report to CEO John Standley, and be responsible for all aspects of human resources, including training, recruitment, talent management, compensation and benefits, labor relations, leadership development and diversity.

The much anticipated approval for the Walgreens/Rite Aid merger, through which Walgreens has proposed to pay $9.4 billion for the acquisition of Rite Aid's 4,547 stores in an effort to bolster its national footprint, did not happen by Friday morning as many had speculated.    Now there is a new countdown clock — the deal is set to expire Jan. 27 if not approved before that time.  

Starbucks Corp. is upgrading its U.S. paid parental leave plan as it seeks to hire and retain workers in an increasingly competitive labor market.    Effective Oct. 1, eligible store associates who are birth mothers will be entitled to six weeks of paid leave at 100% up from 67% average pay previously, and 12 weeks of unpaid leave.   Store associates who are non-birth parents (including fathers, spouses and foster and adoptive parents) can take up to 12 weeks of unpaid leave.    

Alibaba is championing the fight against counterfeit merchandise.   In a new alliance with international brands including Louis Vuitton, Samsung and Mars, Alibaba has created an anti-counterfeiting group. Called the Alibaba Big Data Anti-Alliance, the 20-member consortium of industry and technical leaders is working to keep pirated goods off of Alibaba’s e-commerce platform, according to the company’s website.  

Though General Growth Properties has long been most commonly known as GGP in the retail industry, the big mall owner has now made it official.   Effective Jan. 27, the big mall owner with 126 properties in 40 states, officially changes its name to GGP. Founded in 1954 to develop grocery-anchored strip centers, GGP evolved into one of the largest providers of A-level mall space.  

Saks has given over the 14 storefront windows of its Fifth Avenue flagship to United Airlines to help promote United’s new Polaris business class cabin. (Saks is providing the bedding for United Polaris.)   The windows are designed to give passersby the feeling that they are actually walking through the luxurious Polaris cabin. And just in time for resort season, the mannequins that are in some of the windows are decked out in the latest spring fashions.    

FedEx Corp. and Walgreens on Wednesday announced a long-term alliance agreement that will offer convenient access to FedEx dropoff and pickup services at thousands of Walgreens locations across the United States beginning within the next several months.  

Apparel retailers might be in for tough going if proposed tax reforms pass.