Legislative, Regulatory & Legal

New York City -- After filing for Chapter 11 reorganization bankruptcy in September, then winning an extension until Feb. 4 to file its restructuring plan to emerge from bankruptcy, Blockbuster now has until March 21 to file the plan and until May 20 to round up enough votes among its creditors for approval.  

Judge Burton R. Lifland of U.S. Bankruptcy Court in Manhattan granted the extension Wednesday.

A new poll regarding Walmart's possible entry in New York yielded quite different responses than the one the world's largest retailer featured on its promotional website. According to the New York Daily News, a survey of 300 small retail shop owners throughout the city overwhelmingly said they would not welcome a Walmart in their neighborhood.

Little Rock, Ark. -- In a regulatory filing on Wednesday Dillard's said it plans to form a real estate investment trust, with the objective of improving liquidity.

According to the department store retailer, various company entities will transfer interests in properties to the REIT, which will then lease the properties back to them.

"Dillard's believes the formation of a REIT may enhance its ability to access debt or preferred stock and thereby enhance its liquidity," the filing said.

WASHINGTON -- The National Retail Federation announced that it has urged the House to support a vote to repeal last year’s health care reform law, saying the measure has already begun to discourage job creation and should be replaced with legislation that reduces healthcare costs while protecting jobs.

Dallas -- Blockbuster has received an extension to Feb. 4 to file its restructuring plan in order to emerge from bankruptcy protection, according to a regulatory filing with the Securities and Exchange Commission.

The retailer filed for Chapter 11 protection in September.

New York City -- J. Crew Group received no rival bid during a solicitation period and will stick with its nearly $3 billion buyout offer made by two private equity firms in November, according to Reuters. J. Crew agreed in November to be taken private by the two firms. It was able to solicit higher bids until Saturday.

New York City -- The shareholders of South African Massmart chain have overwhelmingly accepted Wal-Mart's offer to buy 51% of their company, the chief executive said Monday, paving the way for Wal-Mart to enter Africa.

Massmart said the proposal was approved by 97% of shareholders who voted Monday -- 75% approval had been needed. Wal-Mart offered 148 rand (about $20) per share in a 17 billion rand (about $2 billion) deal.

The deal will have to be approved by South Africa's anti-monopoly regulators.

Dow Jones this morning reported that South African retailer and Walmart takeover target Massmart Holdings has given assurances it will continue to honor all agreements with labor unions and local labor laws if the buyout goes through. That’s what Walmart and Massmart have been saying since the deal was announced last year but they have to keep saying it because union activists are everywhere in the world.

TUCSON, Ariz. — Safeway announced that it has formed a fund to aid the victims of the recent shooting that occurred in one of its Tucson stores.

The company launched the fund with an initial contribution of $100,000 from the Safeway Foundation, and encourages in-store contributions from Safeway customers and community members in the company’s Arizona stores.

New York City -- Chicago's City Council on Thursday approved a $1 million property tax break for Costco Wholesale Corp. to build its second store in the city, Chicago Business reported.

The tax break was introduced by Mayor Richard M. Daley at a December City Council meeting. He asked that the retailer receive a $1 million tax break over 12 years for a store to be built at 14th Street and Ashland Avenue.