Mass Merchant

Leading single price point retailer 99 Cents Only has secured a major amendment and extension of its credit facility until 2021.

The operator of 391 stores, 283 of which are located in California, announced it successfully completed an amendment and extension of its asset-based revolving credit facility providing commitment of up to $160 million and extending the maturity date by five years to April 8, 2021.

Mid-America Real Estate Corp.’s investment sales team recently brokered the sale of Oak Brook Court. Tampa, Florida-based Third Lake Capital acquired the 103,836-sq.-ft. property for $19.95 million. Oak

Brook Court is located at the northeast corner of Kingery Highway (Illinois Route 83) and 16th Street in Oak Brook Illinois, part of the Chicago metropolitan statistical area. The center is anchored by Binny’s Beverage Depot, Office Max and The Great Escape.

Most U.S. consumers now carry a smart credit card, but they haven’t had all that much opportunity to stop swiping and start dipping their cards into upgraded terminals.

That’s according to a survey of 932 U.S. credit card-holders by CreditCards.com, which found that 70% of respondents carry at least one chip-based card. This is up from only 14% in a survey conducted by the same company in September 2015, before the October 1 deadline that shifted liability for some fraud shifted from card issuers to merchants that can't accept the new cards.

The outdoor apparel retailer plans to open a flagship on Fifth Avenue, in the space formerly occupied by Canadian fast-fashion merchant Joe Fresh, the Real Deal reported.

The retailer signed an eight-year sublease from Joe Fresh for approximately 20,000 sq.ft. at Vornado Realty Trust’s landmarked building at 510 Fifth Avenue, according to the report. The space includes three levels of retail.

The North Face is also looking for a larger space in Manhattan’s SoHo area, the report said.

Durham, North Carolina -- InvenTrust Properties announced that it has acquired Renaissance Center, a 96% leased, 363,176 sq. ft. retail power center, in Durham, North Carolina, for $129.2 million.

Brian Monahan, VP of marketing for Walmart.com, has left the chain (as of April 1) to go back to a startup he helped found in 2012.

Monahan, who joined Walmart in May 2013, is now serving as chief evangelist of San Francisco-based NewCo Festivals, a media and events platform he co-founded with John Battelle in 2012. NewCo hosts global events it calls “festivals” for start-ups and also publishes editorial content aimed at start-ups. In his new (or old) role, he will oversee brand strategy, sales and marketing, and product development.

Shoppers may be using EMV-compliant, chip-enabled payment cards, but that doesn’t necessarily mean they like them.

Business research firm Field Agent recently conducted an audit of 100 chip processing systems at leading retailers Costco, CVS Health, Home Depot, Kroger, Lowes, Target, Walgreens and Walmart. It also undertook a survey of 300 consumers who use chip cards. In the survey, only 37% of the respondents reported a preference for EMV cards over the swiping variety; 63% said they would rather swipe a card than insert a chip card.

Sears Holdings Corp. announced it obtained a 15-month $500 million secured loan facility. ESL Investments, the company controlled by Sears chairman and CEO Edward Lampert, helped provide part of the loan and is entitled to related fees.

Sears said $250 million of the 15-month loan was funded on Friday with the remainder being accessible in the future.