Finance Investment Banking
Home Not Too Sweet for Linens ‘n Things
April 18, 2008
By: Paul Rosta, Senior Associate Editor

The disclosure that the Linens ‘n Things home products chain is looking for strategic alternatives is the latest sign of trouble in the home-related retail sector.

Yesterday the 589-store chain said in a statement that it has asked the investment banking firm Financo Inc. to evaluate strategies. The move indicates that the chain has staved off an imminent bankruptcy filing that was widely rumored last week. But the news strongly suggests that Linens ‘n Things’ management is considering putting the struggling chain up for sale.

As such, the firm joins a growing roster of retailers hit hard by slowing consumer spending and other economic woes. The Wickes furniture chain, the Bombay Co., and Levitz have all gone out of business in recent months. And many market leaders, such as Home Depot, are pulling back on their expansion plans.

The outlook for home-related retail, in particular, is dismal for the rest of the year. According to projections by the International Council of Shopping Centers, spending on furniture and other home furnishings will slip 1.5 percent this year after growing 8.3 percent only two years ago.

Despite the continuing parade of discouraging news about retail, some retail real-estate executives warn against tarring the entire sector with the same brush. “There is still growth,” Webber Hudson, executive vice president for Related Urban Development, told CPN recently. “We’re not in a depression, and there’s not going to be a depression.”

 
Recent Investment Banking Headlines
covent garden Westfield Nabs Interest in U.K. Retail Owner
Aug. 29, 2008
Less than a week after Simon Property Group acquired a 3.14 percent stake in U.K. retail property firm Liberty International, Australia-based Westfield Group has stepped up to take a 2.96 percent interest in Liberty.
Q&A: Investment Banks Take Medicine Now, Aiming for Healthy Start to Next Fiscal Year
Aug. 25, 2008
Investment banks’ curtailing of real estate funding has negatively affected many economies, from the United States to Asia. Will there be any relief soon? CPN associate editor Amanda Marsh spoke to Steve Collins, managing director of Jones Lang LaSalle Inc.’s international capital group, to gain insight on which direction financing is taking and what to expect in the near future.
Retailer Steve & Barry's Snapped Up for $168M
Aug. 22, 2008
BH S&B Holdings L.L.C. will acquire retailer Steve & Barry’s after being named the high bidder in an auction for the company’s assets. BH S&B Holdings, a new affiliate of Bay Harbour Management, was the winning bidder in an auction that ended on Aug. 21 with a bid of $168 million.
Financing for Suburban Boston Portfolio Paves Way for Repositioning
Aug. 08, 2008
A financing deal valued at $27 .4 million has closed for a group of five office buildings totaling 226,000 square feet in Needham, Mass.
 

 

Westfield Nabs Interest in U.K. Retail Owner
August 29, 2008
By: Tonie Auer, Southwest Correspondent --Less than a week after Simon Property Group acquired a 3.14 percent stake in U.K. retail property firm Liberty International, Australia-based Westfield Group has stepped up to take a 2.96 percent interest in Liberty. Liberty...

L.A. Live Conference Center Topped Out
August 29, 2008
By: Judy Feldman, Contributing Correspondent --Schuff Steel Co. has topped out the new conference center that is part of the L.A. Live development in Los Angeles. The 27-acre development (pictured) began with the construction of the Staples Center where the...

Catskills Hotel Project Gets $525M in Redevelopment Funding
August 29, 2008
By: Scott Baltic, Contributing Editor --Redevelopment of the site that was once home to the Borscht Belt's legendary Concord Hotel, in Kiamesha Lake, N.Y., has taken two major steps forward. In one, Concord Associates L.P., joint venture partner of Empire...

First Publicly Accessible Space in World's Tallest Tower Opens
August 29, 2008
By: Amanda Marsh, Associate Editor --The Olympics may be over in China, but the exciting events haven't stopped there. The highest publicly accessible built space (pictured), part of the tallest building in the world - the 101-floor, 1,614-foot Shanghai World...

Equity Residential Gets $550M Loan
August 28, 2008
By Barbra Murray, Contributing Editor -- Chicago-based Equity Residential Inc. has closed on $550 million in financing, putting up 15 of its multi-family properties as collateral. Originated by Wells Fargo for repurchase by Fannie Mae, the secured interest only loan...

It's All In The Message
August 29, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Top CEOs understand the power, influence, and leverage created by great messaging. Do you ever find yourself sitting back and marveling at those chief executives who always seem to have the right thing...

Do You Have A Bad Attitude?
August 22, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Show me a CEO with a bad attitude and I'll show you a poor leader. While this sounds simple enough at face value, I have consistently found that one of the most often...

Is Family Business a Good Idea?
August 15, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Oh what a conundrum! Family business: Should I, or shouldn't I? In my opinion there really isn't a right or wrong answer to this question. It is simply a matter of personal preference....

What to Do When Marketing Goes Wild
August 08, 2008
By Mike Myatt, Chief Strategy Officer N2growth --Have your company's marketing initiatives wandered astray? Is the proverbial tail starting to wag the dog with respect to your current marketing campaigns? How do you know when marketing is out of control?...

Six Mistakes Real Leaders Avoid
August 01, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --I recently had a reader ask: "Is there a simple test that can be used to quickly determine an executive's leadership ability?" The short answer is yes. There are, in fact, a great...