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Rona closes 11 stores as part of restructuring
Boucherville, Quebec - Canadian home improvement retailer Rona Inc. is closing 11 non-profitable stores as part of a broader restructuring plan. Rona will also reduce administrative, marketing, merchandising and distribution expenses and eliminate 125 administrative jobs. In February 2013, Rona cut 200 jobs.
Rona rejected an unsolicited $1.72 billion USD buyout offer from Lowe’s in August 2012. -
Madewell inks center city Philadelphia lease
Philadelphia -- Madewell, a J. Crew concept, has signed its first lease in Center City Philadelphia, according to broker Fameco Real Estate. The 4,000 sq.-ft. store will be located near Rittenhouse Square. Neighboring retailers include Intermixx, Burberry, Athleta and Blue Mercury. Fameco and Open Realty Advisors both represented Madewell in the transaction.
Both brokers are also representing searching for a 2,500-sq.-ft. location for J. Crew Men on Walnut Street in Philadelphia.