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General Growth Shifts Management, Puts Las Vegas Properties up for Sale
October 30, 2008
Chicago-based General Growth Properties Inc. announced that two independent directors of the company will assume senior management positions, effective immediately. Adam Metz will serve as interim CEO, and Thomas H. Nolan Jr. will serve as interim president, positions previously held by John Bucksbaum and Robert A. Michaels, respectively. Bucksbaum will continue to serve as chairman and Michaels will continue to serve as COO and a senior officer of the company. In order to maintain a majority of independent directors, Michaels has also given up his board seat. Along with other assets currently being marketed, the company's board of directors and management team have elected to market for sale its portfolio of retail properties in Las Vegas--Fashion Show Mall, Grand Canal Shoppes and The Palazzo. Goldman, Sachs & Co. and Eastdil Secured will be jointly responsible for the marketing effort, which is expected to begin immediately.
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DDI visited the new JCPenney department store at Manhattan Mall in New York and spoke with store manager Joe Cardamone. Below is video of that conversation paired with a walk-through tour of the new store. For more on the JCPenney store, look out for DDI's November/December issue mailing out at the end of November.
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