Department Store

In a move to avoid filing Chapter 11, the fashion retailer is planning to shutter approximately 12% of its stores.   The closures will incur an impairment charge of approximately $2.0 million and will make a termination payment to the landlord of approximately $7.4 million, according to a filing the chain made on April 4, with the Securities and Exchange Commission.   

The  retail community has had a curious relationship with the Ivanka Trump brand over the last year or two. Some prominent brands proudly display her clothing, shoe and accessories lines. Others carry it, but really don’t highlight it too much, and some have decided  to drop it all together.   

Hudson’s Bay Co. mirrored the challenges confronting the department store industry as it swung to a loss in its fourth quarter  and said it would cut costs and capital spending.   

A mall-to-outlet center conversion underway in Rochester, New York, took a big step forward this week with the acquisition of a Macy’s building on the property.  

Is Staples looking to go private?   Less than a year after its deal to acquire Office Depot Inc. fell through due to antitrust concerns, Staples is in early discussions with private-equity bidders, according to The Wall Street Journal.   Staples had no comment on the report, which said that based on typical takeover premiums, the office supply chain could be valued at roughly $7 billion or more. But the news sent its stock soaring to a four-year high on Tuesday morning   

When Michael Murphy started his career as a mall marketing director with Ernest W. Hahn in California, the Beatles had just recently broken up and enclosed malls were the new wave in retail. Now, after four years as director of retail services at Cushman & Wakefield, Murphy has returned  to R. J. Brunelli  & Co.to take up his former position as senior sales associate.  

A former executive at Sears Holdings Corp. has has been named president and CEO of Pier I Imports.     Alasdair James, 46, will take the reins of the home décor chain on May 1, 2017. He replaces Alex Smith, who was ousted from the company at the end of last year amid slumping sales.   

Michael J. Powers, a leasing veteran and principal in a progressive hair salon concept, has been promoted to senior VP and head of leasing at Starwood Retail Partners.   Prior to joining Starwood as VP of leasing in 2013, Powers helped found Salonspace, a concept that seeks to provide hair stylists with a workplace environment they can approach on their own terms. He is a leasing veteran of Simon Property Group, Steiner + Associates, and Glimcher Realty Trust.