Corporate Governance

New York -- Rising rents and increased online competition have claimed one of downtown Manhattan’s most iconic retail stores, Pearl River Mart in SoHo. The Chinese department store, which opened its doors in 1971, will close at the end of its current lease in December.

Seattle -- Starbucks Corp. is extending its college tuition assistance plan for workers to cover the entire cost of getting an online bachelor's degree. The coffee giant launched the program with Arizona State University in June 2014. At the time, it was limited to juniors and seniors looking to complete their degrees. But in a major expansion of the benefit, Starbucks said it will now cover the full cost of the four-year online degree.

Hoffman Estates, Ill. - The U.S. Environmental Protection Agency (EPA) has recognized Sears Holdings Corp. with a 2015 Energy Star Partner of the Year – Sustained Excellence Award. Sears Holdings, an Energy Star partner since 1998, will be honored for its long-term commitment to energy efficiency.

Rockaway, N.J. – Party City is joining the initial public offering (IPO) party. The retailer has filed paperwork for an IPO that could raise as much as $428 million and value the company up to $2 billion.

One of the main reasons Party City wants to take its celebration public is to support planned growth of 350 new North American stores. The retailer currently operates 900 Party City stores, as well as the Halloween City, Factory Card & Party Outlet and Party Packagers chains.

Chicago -- Mid-America Real Estate Corporation’s Investment Sales team recently brokered the sale of Summit Crossing located in Crown Point, Indiana. The 11,859-sq.-ft. center was purchased by a California-based private investor for $3.2 million.
 
Summit Crossing is located at the southeast corner of Route 55 and East Summit Street in Crown Point, in the Chicago MSA. The 100% leased center features a tenant mix that includes ATI Physical Therapy, Advance Auto Parts, Supercuts and Starbucks.

Century 21, the coveted off-price store beloved by fashionistas in the Northeast, has announced that it will be heading south for its next location.

Century 21 will be opening an approximately 85,000-square-foot store – the first anywhere in the nation outside of the Northeast – at Sawgrass Mills in South Florida in the fall of 2016.

New York -- Legendary Manhattan off-price retailer Century 21 will open its first store outside its Northeast home base, at Sawgrass Mills, Sunrise, Florida. The 85,000-sq.-ft. store is set to open in the fall of 2016.

Washington, D.C. -- The U.S. Environmental Protection Agency has awarded its 2015 Energy Star Partner of the Year — Sustained Excellence Award to Kohl’s Department Stores and Staples in recognition of the companies’ continued leadership in protecting the environment through superior energy efficiency initiatives.