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Today in the news

Lowe’s reportedly bidding $205M for Orchard Supply Hardware
posted on Jun 17 13

Home improvement retailer Lowe’s will reportedly bid to acquire 60 of California-based Orchard Supply Hardware‘s 91 stores, with an option to acquire the others, in a $205 million deal expected to be in a proposed recent Chapter 11 bankruptcy filing. Lowe’s would be the so-called stalking horse bidder in the deal, which means other bidders would have a chance to offer more for the chain, which has about $230 million in debt on the books. Read The Wall Street Journal story here.

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PKF: Hotels achieve highest occupancy level since 1997
posted on Jun 17 13

The national occupancy rate in U.S. hotels is expected to rise 2.2 percentage points next year, reaching 63.8 percent, the highest yearly occupancy rate since 1997, PKF Hospitality Research reports. The group forecasts a 15.4 percent growth in net operating income and a 7.7 percent increase in revenue per available room among U.S. hotels in 2014. Read the Hotel Management online story here.

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Microsoft will open ministore at 600 Best Buy locations
posted on Jun 17 13

Microsoft is opening a Windows Store within 600 Best Buy locations to sell computers, phones and Xbox products. The move, which comes after Apple and Samsung Electronics set up similar spaces, is part of Best Buy’s effort to distinguish itself from online rivals and other big-box retailers. Read The Wall Street Journal story here.

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McAlister’s Deli signs franchisees for 21 units in 7 states
posted on Jun 17 13

McAlister’s Deli has signed agreements with four franchise groups to develop 21 new restaurants in seven states. Read the FastCasual.com story here.

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Ulta’s ambitious growth plans include 1,200 stores
posted on Jun 14 13

Ulta Salon, Cosmetics & Fragrance added 22 percent more store space last year and plans to add 125 new locations in 2013. The retailer, which typically opens shop in less-pricey off-mall spaces and attracts fans with a mix of high-end and discount beauty products, was operating 576 stores in 46 states at the end of the first quarter and aims to ultimately grow to 1,200 locations. Read The Wall Street Journal story here.

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