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J.C. Penney’s problems mount
New York -- Vornado Realty Trust is selling 10 million shares of J.C. Penney Co. in an unregistered secondary transaction, according to reports by CNBC and other media outlets.
Deutsche Bank is shopping around the sale of the Vornado shares, according to the report.
Vornado is Penney’s third-largest shareholder controlling some 8.5% of the company. Vornado chairman Steven Roth sits on the company's board. -
City Sports to open largest store to date, in NYC’s Financial District
Boston -- City Sports today announced plans for two new stores, including its largest store to date, in New York City’s financial district. Slated to open at the end of March, the bi-level, 10,500-sq.-ft. space will feature an open floor plan and many other details that nod to the building's origins as a bank. The store will be City Sports' third location in NYC.
In addition, the chain announced a new location for its Chestnut Hill, Mass., store, set for a March 16 opening to coincide with the brand's 30th anniversary.