MERVYNS STORE SALE: Developers Diversified Realty and Macquarie DDR Trust have formed a joint venture to purchase for $396.2 million the real estate underlying 36 open and operating Mervyns stores, the companies said on Monday. The deal is expected to close in mid-September, after which the joint venture will lease the assets back to Mervyns for 15 years at an annual rent of $30.5 million. Of the 36 sites sold, 25 are in California, followed by five in Arizona, five in Nevada and one site in Texas. Of the California stores, 12 are in Los Angeles, with San Francisco in second place with seven stores sold to the joint venture.
BLUEFLY’S WIDER LOSS: In the three months ended June 30, online off-price retailer Bluefly Inc. posted a net loss of $1.2 million, or 15 cents a share, which compares with a loss of $708,000, or 12 cents, in the second quarter last year, as total sales rose 26.7 percent to $12.03 million from $9.5 million. Even though gross profits rose 22.2 percent to $4.7 million from $3.8 million last year, the gross profit margin as a percent of sales declined to 38.7 percent from 40.1 percent. Separately, Bluefly said Ann Jackson, a partner a Ripplewood Holdings, a private equity fund, joined its board. Jackson was formerly group president of In Style, Real Simple, Parenting and Essence magazines, as well as founding publisher of In Style.
Ganni turned over a new leaf for spring 2019, reports @fionawsma from Copenhagen Fashion Week. Instead of sending its signature floral-print dresses down the runway, the brand collaborated with 66 North, a technical outerwear brand, and produced a chic-yet-utilitarian offering that included a tie-dye vest and short set, and leopard-print pieces sprinkled among the khaki parkas and bucket hats. #wwdfashion #ganni #copenhagenfashionweek
“I love ‘Kudos’ by Rachel Cusk that just came out,” said @katieholmes212 of what’s on her summer reading list. Head to WWD.com to read which books @lilireinhart, @dakotafanning and more are picking up this summer. #wwdeye (📷: @kukukuba)
“I’ve been an actress since I was like 10 or 12, and then I went to drama school. I have a technique, and I have a process that I bring to every role. And I can talk about it, but that kind of makes it less magic, and also when I talk about it, it makes me feel like I’m full of myself,” ‘Crazy Rich Asians Star’ Constance Wu tells @leighen .(📸: @emmanmontalvan: styled by @micaelaerlanger ) #wwdeye #crazyrichasians #constancewu