Saks Fifth Avenue

Chattanooga, Tenn. -- CBL & Associates Properties announced that it closed on a new 10/90 joint venture for Triangle Town Center and Commons in Raleigh, North Carolina, with DRA Advisors. The new joint venture acquired the property from the existing 50/50 joint venture between CBL and The Richard E. Jacobs Group for a total consideration of $174.0 million, including assumption of a $171.1 million loan secured by the property. CBL now holds a 10% ownership position in the asset and is responsible for leasing and managing, earning customary fees.

The American Dream mall will encompass three million square feet when it opens in northern New Jersey in 2017 and occupying 100,000 sq. ft. of that space will be fashion retailer Primark.

Leading department store operator Hudson’s Bay Company confirmed months of speculation and agreed to pay what appears to be a modest sum to acquire online luxury retailer Gilt Groupe.

Hudson’s Bay, which operates 470 department stores including Saks Fifth Avenue and the Off 5th discount format, said it agreed to pay $250 million for Gilt in a deal that will add $500 million to 2016, $40 million in adjusted operating profit by 2017 and countless synergies to leverage the combined companies’ infrastructure and customer databases.

Leading department store operator Hudson’s Bay Company confirmed months of speculation and agreed to pay what appears to be a modest sum to acquire online luxury retailer Gilt Groupe.

Hudson’s Bay, which operates 470 department stores including Saks Fifth Avenue and the Off 5th discount format, said it agreed to pay $250 million for Gilt in a deal that will add $500 million to 2016, $40 million in adjusted operating profit by 2017 and countless synergies to leverage the combined companies’ infrastructure and customer databases.

Saks Fifth Avenue has another store to its lineup at Brookfield Place in downtown Manhattan.

The retailer, a division of Hudson’s Bay Company, said it will open a 16,750-sq.-ft. dedicated men’s store at the center, in spring 2017. As previously announced, Saks will open an 85,000-sq.-ft. full line store at Brookfield Place.

Abercrombie & Fitch elevated the head of its Hollister brand to the newly created role of president and chief merchandising officer after announcing the departure of another top executive.

There’s been a top-level shakeup at Abercrombie & Fitch Co., with the company announcing a big promotion for one executive and the departure of another.

The retailer elevated the head of its Hollister brand, Fran Horowitz, to the newly created role of president and chief merchandising officer with responsibility for all brands. It also announced the departure of Christos Angelides, who has served as president of the Abercrombie brand since October 2014. And it said that it has suspended its active hunt for a CEO.