Incoming Best Buy CEO Brian Dunn says he expects more electronics retailers to go the way of Circuit City. "The notion of just hanging on is very difficult," he said. "Strong brands come through this. Brands that aren't strong, with good financial and cultural strength and a meaningful position with consumers, will have a difficult time coming through this."
Liz Claiborne has decided to close a distribution center in Mount Pocono, Pa., and reduce its work force by 8%.
"As we strive to enhance our liquidity and prudently manage our business through this uncertain time, business leaders across our organization are continually reviewing all costs and determining where they can make an impact," CEO William McComb said.
Attiq Investments has acquired Sweetwater Village Shopping Center in Spring Valley, Calif., from Gladstone LLC and West Palm Blackpoint Associates LP for $6.2 million. Attiq, a food distributor, will occupy the majority of the 43,400-square-foot shopping center.