NEWS
By Gadi Dechter | October 14, 2008
Comptroller Peter Franchot announced yesterday Maryland's first successful attempt at closing a real estate-related "tax-avoidance scheme," which yielded $10.8 million in back taxes. The amount represents three years' worth of taxes from a "major corporation" that was not identified because of tax confidentiality laws. Tax collectors have several other related audits under way and have determined that another company owes $5.7 million for using the same practice, officials said. Under the scheme, a company with stores in Maryland establishes a real estate investment trust to which its stores pay rent.
NEWS
By Andrea K. Walker and Lorraine Mirabella | August 16, 2008
Department store chain Boscov's Inc. will begin liquidation sales today at 10 stores it is closing, including three in the Baltimore area. The Reading, Pa.-based department store chain, which has said its sales were hurt by a slowdown in consumer spending, received court approval yesterday to begin the clearance sales. U.S. Bankruptcy Judge Kevin Gross signed an order authorizing a joint venture of Gordon Brothers Retail Partners LLC and Hilco Merchant Resources LLC to conduct the sales for the retailer.
NEWS
By Lorraine Mirabella | August 6, 2008
Boscov's Inc. will turn over operations of its three Baltimore-area department stores by midmonth to a liquidator that will begin selling off inventory in a two-month store closing sale. Hurt by slumping sales, the department store chain filed Monday for Chapter 11 bankruptcy protection and said it would close 10 stores, including anchors in three of Baltimore's largest shopping centers: White Marsh Mall, Owings Mills Mall and Marley Station. Three other stores in Maryland - in Westminster, Frederick and Salisbury - will remain open.
NEWS
By [JENNIFER CHOI] | March 2, 2008
ACCENTS 55 E. Padonia Road, Timonium / / 10 a.m.-6 p.m. Mondays, Wednesdays, Fridays; 10 a.m.-7 p.m. Tuesdays, Thursdays; 10 a.m.-5 p.m. Saturdays; 11 a.m.-5 p.m. Sundays / / 410-666-4800 ........................ MIKE TYLER AND MEMBERS of the Paszkiewicz family wanted to bring a little bit of Delaware down to Maryland. Six months after opening Accents, a successful accessories store in Rehoboth Beach, the team started a new branch -- with the same merchandise and layout--last November in Timonium.
NEWS
By Stephanie Newton | August 8, 2007
Sleepy's Inc., a privately held mattress retailer, is moving into Maryland and taking over 14 stores it acquired through the bankruptcy of New Jersey-based Rockaway Bedding Inc. Bethpage, N.Y.-based Sleepy's opened stores in Westminster, Bel Air, Towson and Timonium last week. The remaining 10 stores will open throughout the state by Columbus Day, said Mike Bookbinder, executive vice president of Sleepy's. The mattress retailer, which has 471 stores in eight states, is in the midst of expanding along the East Coast.
NEWS
By June Arney | June 5, 2007
Rite Aid Inc. took over 25 Eckerd stores in Maryland yesterday, including nine in the Baltimore region, shoring up its position as the second-largest drugstore chain in the state. The Maryland stores are part of Rite Aid's $4 billion deal for the Brooks and Eckerd chains, which was announced in August and completed yesterday. In all, Rite Aid bought 1,854 Brooks and Eckerd stores, and six distribution centers in 18 states, making it the largest drugstore chain on the East Coast, the company said.
NEWS
By Hanah Cho | September 8, 2006
Crown, a name long synonymous with gasoline in Baltimore, is fading away in Maryland. Two years after Crown Central Petroleum Corp. sold more than 150 gas stations and convenience stores in Maryland and Virginia, the buyer has decided to convert most of them to Chevron, Texaco or Shell stations. The move comes as dealers see national brands as a way to attract consumers with oil company credit card points and other loyalty programs in a highly competitive market. The Crown name will remain on a few stations in the Baltimore region where there are brand conflicts, said David Noland, vice president of Petroleum Marketing Group of Millersville, which owns the outlets in Maryland and Virginia.
NEWS
By Rhasheema Sweeting | June 28, 2005
Steve Granger, Suzanne and Joseph Verdecchia bought a Sears dealer store four years ago in Chester on Maryland's Eastern Shore with the intention of growing the business. Now, they wonder about the future of their store because a Kmart less than two miles away sells the same Craftsman products they do, after Kmart Corp. and Sears, Roebuck and Co. merged this spring. "I don't feel like I have a business that's salable," said Joseph Verdecchia, 63, who had planned to sell the shop by the end of next year.
NEWS
By Lorraine Mirabella | January 15, 2003
Fighting for survival, discounter Kmart Corp. said yesterday that it would shrink again, closing an additional 326 stores and shedding 37,000 more workers in a bid to emerge from bankruptcy by April 30. Kmart, the 103-year-old company that pioneered discount retailing and enticed shoppers with its blue-light specials, filed for Chapter 11 bankruptcy protection a year ago because of weak sales, heavy debt and crushing competition. It has already closed 283 stores. The latest round of closings, which includes three stores in Maryland and a Texas distribution center, will leave the chain operating 1,500 stores, nearly a third fewer than the 2,114 it operated at its peak.
NEWS
By Meredith Cohn | August 15, 2002
Unable to turn business around in the past year, bankrupt Ames Department Stores Inc. announced yesterday that it plans to close all of its 327 stores - including 20 in Maryland - and put 21,500 people out of work. The move, subject to approval in U.S. Bankruptcy Court, would bring an end to the Rocky Hill, Conn.-based regional discount retailer, founded in 1958 but now unable to compete with industry giants such as Wal-Mart Stores Inc. and Target Corp. The chain intends to conduct "going out of business" sales for the next 10 weeks.