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Soon-to-be former Saks CEO joins JCP board
Saks chairman and CEO Stephen Sadove has been named to the board of directors at J.C. Penney to fill a position being vacated by Geraldine Laybourne.
Sadove will be leaving his position at Saks soon as the upscale department store chain was recently sold to Hudson’s Bay Company. Sadove joined Saks in 2002 as vice chairman and assumed the additional post of chief operating officer in 2004. He became CEO in 2006 and the following year was named chairman.
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Palmetto Gardens pays off loan, avoids foreclosure, signs Wal-Mart
Miami Gardens, Fla. — The owners of Palmetto Gardens Plaza, a 7.1-acre center in Miami Gardens, have reached a settlement with PNC Bank, secured a new loan with Hudson Financial Services and signed a lease with Wal-Mart for a Neighborhood Market Store as its anchor tenant.
In January of 2010, PNC Bank filed a foreclosure action against Palmetto Design Center, the property owner. That action has been settled.