DALLAS PROJECT RESTRUCTURES: The developer of Dallas’ Victory Park, H. Ross Perot Jr.’s Hillwood development, is said to be ready to cede its stake in the 75-acre retail, office, residential and entertainment complex to a German investment trust to avoid default. According to a report in the Deutschland Financial Times, US Treuhand XVI LP has invested more than $185 million in Victory since 2006, and Hillwood stands to lose $100 million in the restructuring. Hillwood declined to discuss details but said it was negotiating with US Treuhand about a “fresh infusion of capital.” Hillwood is expected to continue managing the project, which is anchored by the American Airlines Arena. The company developed 10 buildings at the site but has no interest in the arena.

TANDY BUYING CHAMBERS:
Tandy Brands Accessories Inc. said Thursday that it signed an agreement to purchase certain assets of Chambers Belt Co., including inventory, its Mexican manufacturing facilities and the Chambers name, from Phoenix Footwear Group Inc. Terms of the deal, expected to close by July 1, were not disclosed. Based in Phoenix, Chambers specializes in western looks and holds the license for belts under VF Corp.’s Wrangler brand. Rod McGeachy, chief executive officer of Tandy, said the acquisition is good for Tandy’s top line and is “highly accretive.” He added that the manufacturing assets “will increase Tandy’s agility, helping us to shorten lead times and improve customer service,” as well as provide more product sourcing and costing flexibility.

This story first appeared in the April 24, 2009 issue of WWD. Subscribe Today.

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