Financial/Banking

The retail industry's two major organizations are applauding reports that the House will drop efforts to repeal debit card swipe reform.   

PREIT’s mall-pruning program picked up during the retail real estate industry’s big RECon show.   As the show floor opened in Las Vegas, the Philadelphia-based company announced it had put up for sale Logan Valley Mall in Altoona, Pennsylvania, and Valley View Mall in LaCrosse, Wisconsin. PREIT reported it had received unsolicited interest in these properties and was willing to dispose of them to increase its cash position.  

Sears Holdings Corp. has bought itself a little more time with regard to the maturity of some debt. It also has offloaded some of pension liability.      The retailer announced on Tuesday it has reached an agreement to repay $100 million of its secured $500 million loan facility at its original maturity in July, and extend the remaining amount until January 2018. The agreement includes an option to extend the maturity for an additional six months, to July 2018.  

CBRE has widened its footprint in South Florida by buying the business assets of the Brenner Real Estate Group, which has offices in Fort Lauderdale, Boca Raton, and Melbourne.   Founded by Scott Brenner in 1987, the company provides leasing brokerage, investment sales, and property management services through more than 20 associates.  

Destination XL Group Inc. posted disappointed earnings and sales in its first quarter, but sounded a confident note that it was back on track.   In its quarterly earnings release, the big-and-tall apparel retailer also refuted a recent report, which it said had been repeated by various media outlets, that called into question the company’s ability to repay its debt.  

The Buckle is losing its finance chief.   The apparel retailer on Thursday said that Karen B. Rhoads, senior VP of finance and CFO, will retire later this summer. She will continue to serve as a member of the board. Rhodes joined the Buckle in 1980, and has served as CFO since 1991.     The retailer has hired an executive search firm to assist with the search for Rhoads’ replacement. Rhoads will remain in her role to support the search and to assist with the transition.  

The National Retail Federation continues to lead the charge against the consumption tax and the proposed border adjustment tax.   The NRF on Thursday today urged Congress to focus on updating the existing federal income tax system rather than moving toward a consumption tax. Under either approach, Congress should reject a proposed $1 trillion border adjustment tax that would drive up prices for consumers and cost the economy jobs, NRF said.  

A month after it announced it would close 400 stores, the other shoe has dropped at Rue 21.   The Warrendale, Pennsylvania-based retailer announced it has filed for Chapter 11 bankruptcy protection and entered into agreements with some of its lenders to reduce the company's debt and provide additional capital in support of its restructuring. The company, which expects to continue normal business operations throughout the process, listed its assets and liabilities in the range of $1 billion and $10 billion, according to its court filing.