Real Estate

Ann Arbor, Mich. -- Borders Group is expected to announce that another 75 stores will be closed.

Mike Edwards, president, in a conference call said that the additional store closings would come from a group of 140 "bubble stores" that had already been identified for possible closings.

The bookseller previously said it would close 200 stores when it announced it had filed for Chapter 11 bankruptcy on Feb. 16. At the time, the retailer said another 75 could be closed. The new round of stores has not yet been identified.

Walker, Mich. -- Meijer announced Monday it will invest $75 million to remodel 10 stores in Michigan and Ohio.

Eight of the stores slated for renovation are in Michigan and two are in Ohio.

“We are pleased to reinforce our commitment to these communities,” said CEO Hank Meijer. “Our customers expect high standards from us, and our investment in these stores will ensure they continue to receive our best.”

GRAND RAPIDS, Mich. -- The economic downturn has been especially tough on the Midwestern region of the United States, but now Meijer is bringing some renewed hope to the area with news it will invest more than $75 million in a major remodel project for stores in Michigan and Ohio, with eight Michigan stores benefiting from this new initiative. The announcement was made by Hank Meijer, co-chairman and CEO of the company.

The retail industry is abuzz these days with talk of small format stores; whether it is Best Buy Mobile, CityTarget or now Walmart Express. Bill Simon, president and CEO of Walmart U.S., added more fuel to the fire this week with comments about several 15,000-sq.-ft. test stores that would open during the second quarter in rural and urban locations. Simon also introduced the prospect of rapid organic growth and potential acquisitions even though the first stores have yet to open.

Matthews, N.C. -- Family Dollar will cut more than 100 jobs as part of a companywide restructuring. The cuts will occur in all divisions of the company, the Charlotte Business Journal reported. 

In a memo to employees, the company said the cuts will allow Family Dollar to make decisions more quickly and move faster to achieve its goals, according to the report.

The retailer is slated to open 300 stores in fiscal 2011, which began in September. It will renovate as many as 800 stores.

CITY OF COMMERCE, Calif. — First it was Family Dollar, now 99 Cents Only Stores finds itself in buyout talks, as investors are seeing the value in discount store chains.

The company has received a proposal to take the company private from the company's founding family and investment firm Leonard Green & Partners LP for $19.09 per share, the Associated Press reported.

Tarrytown, N.Y.-based DLC Management Corp. has launched the redevelopment of Wing Park Shopping Center in Elgin, Ill.

DLC has pre-leased the redevelopment to a pair of anchor tenants: Walgreens has signed a 75-year lease for a 14,820-sq.-ft. prototypical store with drive-through that will be built to suit, and the existing Family Dollar will be relocating and expanding into an 8,400-sq.-ft. space. The overall redevelopment is 80% pre-leased.

New York — Ann Taylor Stores Corp. On Friday posted a bigger-than-expected quarterly profit on improved sales. The company, which said it will change its corporate name to Ann Inc. to better reflect its multichannel focus, also forecast strong first-quarter sales.