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CompUSA Comes Back from the Dead; Brookfield Seeks Stake in General Growth (Tuesday's News & Notes)

In a rare instance of industry rebirth, electronics retailer CompUSA appears to have come back from the dead, with a new concept store that is more in tune with the needs of modern consumers. The chain has already opened two locations in Texas, under the fitting name Retail 2.0, and might plan to open more stores in the future. Meanwhile, details continue to emerge by the hour on the bidding war apparently brewing over General Growth Properties. Sources close to the situation have told Bloomberg Canadian firm Brookfield Asset Management is looking to acquire a 30 percent stake in the REIT, as General Growth's main rival Simon Property Group continues to push for the sale of the entire company.

  • Brookfield will reportedly seek a 30 percent stake in General Growth Properties, according to a story from Bloomberg.
  • Defunct electronics chain CompUSA has found a new life, according to Chron Business. The retailer, now under new ownership, has opened a new concept store in Houston that allows customers to research products from on-site computers.
  • Our sister publication Multichannel Merchant reports that the mobile Internet is catching on with consumers, according to comments made at last week's Internet Retailer Web Design and Usability Conference. We wrote about where we think the world of retail is heading in this month's cover story.
  • Book seller Barnes & Noble continues to resist takeover attempts by investor Ron Burkle, according to a story in Business Week. Last week, the retailer refused to revoke its poison pill plan that would prevent Burkle from amassing a 37 percent stake in the company.
  • Business Week also reports that Glimcher Realty Trust plans to use the CMBS market to retire the debt on its Mall at Johnson City in Tennessee.
  • Jones Apparel Group will close 166 stores this year, according to the Washington Business Journal.
  • The Washington Post claims D.C. might face a large wave of commercial property foreclosures.
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