Financial/Banking

New York - MG Properties, the real estate investment and development arm of McCourt Global, is entering an equity and development partnership with Hines, the international real estate firm, on the development of its mixed-use project at 360 Tenth Ave. in New York City. MG Properties and Hines have selected SHoP Architects to design the project.

In 2013, 360 Tenth Avenue was purchased from Sherwood Equities for approximately $167.5 million. The property is zoned for up to 733,406-sq.-ft. of Total Zoning Floor Area (ZFA).

New York -- Standard General LP is in talks to improve RadioShack’s cash position in advance of the holiday season, Reuters reported. The hedge fund said it was in talks with the struggling retailer to buy the company's loans and other commitments under its asset-backed credit facility.

Standard General has also raised its stake in RadioShack to 9.8% from 7.08%. It is now the retailer’s largest shareholder.

Strategist, adviser, communicator, futurist: Retail chief financial officers have seen their role broaden so much in recent years that, in some cases, they have become virtual partners with the CEO. Once responsible primarily for financial stewardship, the CFO is embracing a growing number of additional roles encompassing strategic planning, technology and perhaps even a bit of crystal ball gazing.

Philadelphia -- In a surprise announcement, The Pep Boys - Manny, Moe & Jack said that its president, CEO and director Mike Odell has resigned. Director John Sweetwood was named interim CEO, effective immediately, while the company searches for a permanent CEO.

The departure of Odell, who was appointed CEO of Pep Boys in fall 2008, comes weeks after the auto-parts and service company reported a loss for the second quarter, which it credited to declines in its tire and do-it-yourself segments.

Litigation in Delaware could disrupt how retailers manage programs

A week after Gordon Brothers Group — a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors — tapped a new CEO, the company promoted Frank Grimaldi to national sales manager of the firm’s valuation and advisory services division.
 

By Howard W. Herndon