Corporate Governance

Office Depot sells European business
Office Depot Inc. continues to streamline its operations. The office supply giant announced it has completed the sale of its European business to The Aurelius Group. The purchase price was not disclosed. The transaction is part of the company's recently announced international divestiture strategy to focus on opportunities in its North American business.
Sign Up for Disruption: Winning in the Subscription Economy
Just a few years ago, consumers typically associated subscription services with utilities and print media. Yet the rapid rise of digital technologies has led to an explosion in the number of services available, which cater to almost every aspect of consumers’ lives – from Spotify and Netflix to Birchbox and Blue Apron.

Ping pong club rounds out leasing at Philadelphia center

Spin, an entertainment concept that had its genesis in “Naked Ping Pong” parties in New York’s Tribeca neighborhood, has taken the ground floor space to close out leasing at a new retail venue in Philadelphia. The glass-fronted, 55,000-sq.-ft. center in Rittenhouse Square, owned by an affiliate of Midwood Investment & Development, is co-anchored by The Cheesecake Factory and Verizon. Also inhabiting the three-story building is &Pizza and WeWork, a collaborative work space.
Concerns raised over Cabela’s, Bass Pro Shops deal

Federal regulators have raised questions over Bass Pro Shops' $4.5 billion deal to acquire Cabela's Inc. In a regulatory filing Friday, Cabela's said the Federal Trade Commission had requested additional information from both Cabela's and Bass Pro Shops, according to Foxnews.com.
Holiday spending better than expected

Initial reports about holiday spending bode well for retailers. Consumers spent 16% more on holiday purchases this year than in 2015, according to the International Council of Shopping Centers Post-Holiday Shopping Survey.
Bankrupt fashion retailer to initiate auction process

Nasty Gal is moving ahead with plans to be acquired by a British online fast-fashion retailer.
Report: Sears lines up more credit from its CEO

Sears Holdings Corp. has received another lifeline courtesy of CEO Eddie Lampert. The struggling retailer said it has received loan, called a secured letter of credit, for $200 million, with an option to expand the amount to as much as $500 million with the consent of lenders.
Report: Big Lots working on 'fun' new store design

Big Lots is looking to attract shoppers with more than deep discounts. The retailer is working with Big Red Rooster, Columbus, Ohio, and Alloy, Westerville, Ohio, to develop a store of the future, according to a report in The Columbus Dispatch.
Closing time for the Limited?

As the new year begins, it’s not looking very good for the ailing Limited Stores. Reports are coming in from around the country of Limited store closings, The Columbus Dispatch reported. In Florida, some stores closed after business hours on Christmas Eve.
Millennials will buoy retail in 2017

Noted retail real estate expert Faith Hope Consolo has high hopes for 2017, predicting that bigger-spending millennials and recession-proof retailers will keep sales humming on high streets and in malls, if not in department stores. “Millennials are going to start shopping differently this coming year,” Consolo told Chain Store Age. “It used to be they’d spend up to 75% of their disposable income on food, but that was a fad. This year, they will start spending more on fitness and fashion.”
Delaware center site is Native American burial ground, opponents say

A Delaware developer’s plan to create a green space and shopping center in Lewes, Delaware, an idyllic shore town that was the site of the first European settlement in the state, has encountered a new obstacle. After overcoming opposition by some residents to the commercial re-zoning of 11 acres in this town north of Rehobeth Beach, J.G. Townsend Jr. & Co. now must content with protestors who say that its proposed Gills Neck Village Center would desecrate a Native American burial ground.
Happy New Year from CSA

Chain Store Age offices will be closed December 30 through January 2. We will resume publishing on Tuesday, January 3. Have a happy, healthy new year!