And the layoffs continue. Struggling book seller Borders became the latest in a string of big chain retailers to announce staff cuts. This should be of concern to retail real estate owners: a recent report by RBC Capital Markets posits that retail employment levels can be viewed as a leading indicator of retailer health and future store growth.
- The Associated Press reports that struggling book seller Borders has laid off 164 corporate employees in an effort to cut costs.
- A potential buyer has emerged for troubled luxury chain Barneys, according to The New York Post.
- Our sister publication Supermarket News reports that Price Chopper is suing bankrupt supermarket operator Penn Traffic Co. for cancelling a previous sale agreement. Penn Traffic is about to be sold to Tops Friendly Markets for $85 million.
- Another sister publication, NREI, ran a story about institutional investors' continuing interest in commercial real estate acquisitions.