Harrods has named James McArthur as CEO and group chief, effective immediately. McArthur previously was a Gucci Group executive. His newly created position will report directly to Mohamed Al Fayed, Harrods chairman.
Swiss investor AFIAA has acquired Elston Logan Plaza in Chicago from a partnership between Joseph Freed & Associates and Wynn & Associates for an undisclosed price. The 160,000-square-foot center was renovated in 2007.
Forest City Enterprises has unveiled its Orchard Town Center in Westminster, Colo. The developer plans to add up to 500 residential units to the 983,000-square-foot lifestyle center, which includes Macy's and SuperTarget as anchors.
Real estate investment trusts have held up well so far this year, but could decline if the economy continues to slow, John Waggoner writes in a USA TODAY financial column. Waggoner looked at several sound investments in a climate of rising inflation fears. REITs, he said, offer solid yields and are usually a good hedge against inflation.
The downturn in the housing market and a growing debt load may push Linens 'n Things Inc. to file for Chapter 11 bankruptcy protection as early as next week, industry sources say. The company is expected to meet with lenders and its biggest vendors Monday, although an agreement is said to be unlikely. The company had no comment.