Discount Store

The country’s unemployment rate fell to 4.5% in March, but a volatile retail landscape continues to negatively impact merchant’s payrolls.    The U.S. economy added 98,000 jobs last month, versus 180,000 expected by economists surveyed by Reuters.   However, the number of unemployed persons declined by 326,000 to 7.2 million.  

Rue21 could be the next chain headed toward bankruptcy.   The teen apparel retailer, which is backed by private equity firm Apax Partners, is preparing to file for bankruptcy as soon as this month, according to Bloomberg.    

Riverpoint Center, a 211,000-sq.-ft. grocery-anchored center in Chicago’s Lincoln Park neighborhood, has been acquired by Federal Realty Investment Trust for $107 million.   Mid-America Rea Estate brokered the sales of the center, which is anchored by Jewel-Osco, Marshalls, and Old Navy. The name of the seller was not disclosed.   Riverpoint Center is located at the northwest corner of West Fullerton and North Clybourn Avenues in Lincoln Park, an affluent neighborhood on the lakefront north of downtown.

Payless ShoeSource filed for Chapter 11 bankruptcy protection amid growing competition from off-price retailers and online.

The retailer, which has some  4,400 locations in more than 30 countries, plans to immediately close nearly 400 stores in the United States and Puerto Rico as it attempts to boost its balance sheet and restructure its debt load.

Walgreens is still confident in its ability to close the Rite Aid transaction, but will force the issue if it comes to that, Stefano Pessina, executive vice chairman and CEO Walgreens Boots Alliance, told analysts Wednesday morning.  

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.  

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 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.