Financial/Banking

New York -- Consumer confidence unexpectedly declined in July to the lowest level this year as Americans over concerns about the economy, Bloomberg reported.

The Thomson Reuters/University of Michigan index of consumer sentiment dropped to 72 this month from June’s 73.2 reading. The metric was projected to rise to 73.5, according to a economists surveyed by Bloomberg News.
 

New York -- Standard & Poor's Ratings Services is further lowering its credit rating on J.C. Penney Co., attributing the move to a continuing weak performance.

J.C. Penney’s corporate credit rating has been lowered to "B+" from "BB-." The junk rating is four notches below investment grade. The move marks the second downgrade from S&P since mid-May.
 

Cary, N.C. -- The Pantry said Thursday that it is pursuing debt refinancing consisting of up to $480 million of senior secured credit facilities and $250 million aggregate principal amount of senior notes.

Washington, D.C. -- Columbia, S.C.-based Edens said Wednesday that its new mixed-use development Mosaic will open this September in Washington, D.C.

Minneapolis -- Christopher & Banks Corp. said Thursday it has entered into a new $50 million senior secured revolving credit facility with Wells Fargo Capital Finance.

The new facility provides committed revolving funding through July 2017, and replaces the company’s $50 million credit facility that was scheduled to mature on June 30, 2014.
 

With recent reports indicating Best Buy Founder and former Chairman Richard Schulze is not expected to present a buyout option to the board in the immediate future, some of the buzz about the iconic electronics retailer has died down. But the handwringing and public speculation about Best Buy’s future has me thinking about what will—or perhaps, should—come next for the brand.

New York -- Abercrombie & Fitch plans a big share buyback to appease investors, the New York Post reported, and is also likely to cut back on its aggressive expansion plans in Europe.

The report, which quoted unnamed “insiders,” said the chain is likely to announce its plans on or before its next quarterly earnings report in mid-August.

Melville, N.Y. – Former founding partners of DJM Realty Andrew Graiser and Emilio Amendola announced Monday they have launched A&G Realty Partners, a commercial real estate consulting, advisory and investment group.

A&G will offer a comprehensive set of services that address both common and complex industry issues.