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Vornado ups stake in J.C. Penney
Plano, Texas -- J.C. Penney Co. said Monday in a regulatory filing that it has allowed shopping center owner Vornado Realty Trust to increase its stake in the department store retailer, from 9.9% to 15.4%.
The move eases a poison-pill restriction that had prevented Vornado from previously buying additional J.C. Penney shares. It mirrors a deal struck with Penney’s largest shareholder William Ackman, who received the go-ahead to up his stake, held through his Pershing Square Capital Management hedge fund, from 16.5% to as much as 26.1%.
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Aaron’s selects Lucernex for store life cycle management solution
Dallas -- Lucernex Technologies said Tuesday that Aaron’s has selected Lucernex’s Lx Retail to manage its over 1,800 stores in 48 states and Canada.
“After evaluating our operational requirements, we realized that we needed more than just a replacement for our legacy lease administration system. We needed an integrated approach to managing our real estate. Lucernex offers a solution that will allow us to manage the entire store life cycle in one database and on one platform,” said senior VP real estate, Paul Doize.