News

J.C. Penney continues to lower its debt load.    The retailed has sold its sprawling headquarters campus in Plano, Texas, to Dreien Opportunity Partners, general partner of Silos Opportunity Partners, for a gross sale price of $353 million before closing and transaction costs.  

Saks Fifth Avenue Off 5th will open its first location in Montreal, at CF Galeries d’Anjou. The approximately 30,000-sq.-ft. store will open this summer.   “We have now announced four locations across Quebec and we look forward to bringing the Off 5th experience to these areas, said Jonathan Greller, president, Saks Off 5th and Gilt.    CF Galeries d’Anjou is managed by Cadillac Fairview, and jointly owned by Cadillac Fairview and Ivanhoé Cambridge.  

Aaron Trahan has been appointed chief merchandising officer at Hhgregg.   Trahan has over 14 years of retail merchandising experience, including 10 years in a merchandising leadership role. The specialty retailer plans to leverage Trahan’s leadership in appliances, electronics and furniture merchandising, especially as the company expands its furniture business in 2017, Hhgregg said  

The Tile Shop is expanding, in new markets and existing ones.   The specialty retailer opened its first location in Washington, D.C., a 10,400-sq.-ft. store in the historic neighborhood of Tenleytown.    The Tile Shop also opened its twelfth location in the Chicago metro area, in Schererville, Indiana.   

Walgreens Boots Alliance is piloting a retail vision care center within the Walgreens flagship in the Wrigley Building in Chicago, the company recently revealed, taking what has been a successful page out of its U.K.-based Boots Pharmacy division and applying that strategy to the U.S. market.  

Iconix Brand Group has sold the rights to the Sharper Image brand and related intellectual property assets to the company that recently bought FAO Schwarz from Toys “R” Us.      Iconix sold Sharper Image to ThreeSixty Group, which manufactures and distributes toys and other consumer products to stores nationwide, for $100 million in cash. ThreeSixty is also Sharper Image’s largest licensee.   

Rue 21 has added the positions of COO and chief marketing officer to its executive roster.   The chain has promoted Dirk Armstrong to COO. Armstrong has been with rue21 for nearly five years and was formerly senior VP and director of stores. Previously, he served as senior VP, director of stores at Ann Taylor and regional director at Gap Inc.   

A new partnership plans to open dozens of Dunkin’ Donuts locations in Louisiana.    The company announced that New Orleans Saints Quarterback Drew Brees, in partnership with existing franchisee Vik Patel, has signed an agreement to develop up to 69 new Dunkin' Donuts restaurants in New Orleans, Baton Rouge, Shreveport, Monroe and Alexandria, Louisiana over the coming years. Brees is a New Orleans Saints Super Bowl champion and MVP and former New York Giants offensive lineman.   

Office Depot Inc. continues to streamline its operations.    The office supply giant announced it has completed the sale of its European business to The Aurelius Group. The purchase price was not disclosed.    The transaction is part of the company's recently announced international divestiture strategy to focus on opportunities in its North American business.  

While results were conservative, holiday digital sales surpassed 2015 figures.