Metro's consumer-electronics sales are about $20 billion behind Best Buy, but CEO Eckhard Cordes is boldly forecasting that the German chain will become the largest CE retailer in the world. Cordes is banking on the retailer's aggressive plans to expand its CE unit Media Saturn throughout China.
Developers in West Virginia, particularly in Jefferson and Berkeley counties, are moving forward with projects despite the recession. Population in the region boomed up to 34% between 2000 and 2008, creating further demand for retail, say local authorities.
Filene's Basement has filed for bankruptcy protection, the company said. The discount retailer also has reached an agreement for a Crown Acquisitions affiliate to buy 17 of its 25 stores, including its Boston and New York flagships.
The Federal Reserve approved a plan to extend the Term-Asset Backed Securities Loan Facility to commercial real estate securities, effective in June. The decision is expected to help prevent defaults on some commercial real estate mortgages.