Real Estate

Foothill Ranch, Calif. -- The Wet Seal announced it would 338 stores, or about 66% of its total portfolio, “on or about” Jan. 7, resulting in the termination of some 3,695 full and part-time employees. The struggling teen apparel retailer said the decision to close the stores was based on its overall financial condition and an inability to negotiate meaningful concessions from its landlords.   

New York – Retail mall vacancies slightly rose in the fourth quarter of 2014, from 7.9% in the prior quarter to 8%. According to real estate research firm Reis Inc., the closure of 200-plus Sears stores during the year drove the increase, the first recorded since the third quarter of 2011.

Hackettstown, N.J. -- Marshalls has leased 21,675 sq. ft. at Mansfield Commons in Hackettstown, New Jersey, according to center owner National Realty & Development Corp., Purchase, New York.

The 271,980-sq.-ft. Mansfield Commons is anchored by Walmart and Kohl’s, and is located on Route 57.

Leonard Lieberman, former chairman and CEO of Supermarkets General, which owns Pathmark, died at his home in Hoboken, N.J., on Jan. 2, according to an obituary on NJ.com. He was 85.

According to the obituary, his wife, Arlene, said the cause of death was heart failure.

New York -- The specialty apparel and home goods chain C. Wonder is shuttering its remaining stores, according to Buzzfeed. The company, founded in 2011 by Christopher Burch, ex-husband of Tory Burch, quietly closed a number of its 32 stores in November. It is now closing its remaining locations, 11 in total, the report said.

Seattle -- Nordstrom plans to open a Nordstrom Rack at Ambassador Town Center in Lafayette, Louisiana.

The 25,000-sq.-ft. store is scheduled to open in spring 2016. The more than 425,000-sq.-ft. Ambassador Town Center is a joint development of Stirling Properties and CBL & Associates Properties.

It's official: Bottom Dollar Food will close its 66 store locations in the greater Philadelphia and greater Pittsburgh markets by Jan. 15 and retire the banner's operations.

In November, Delhaize Group — the parent company of Bottom Dollar Food — announced the sale of Bottom Dollar's stores and associated lease liabilities to ALDI Inc., which has expressed an interest in growing its U.S. footprint.

Salisbury, N.C. - Bottom Dollar Food will close its 66 store locations in the greater Philadelphia and greater Pittsburgh markets by Jan. 15 and retire the banner's operations. Upon the closing of stores, Bottom Dollar Food will offer every associate severance, and eligible associates will be offered career transition services.