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Barneys' bankrupotcy means closing of outlet store.

Barneys' bankrupotcy means closing of outlet store

ROSEMONT - Iconic upscale retailer Barneys New York is filing for Chapter 11 bankruptcy protection and will close its stores in the Fashion Outlets of Chicago in Rosemont and in downtown Chicago.

The retailer, the latest to buckle as shoppers move online and real estate costs soar, also will close stores in Las Vegas and Seattle.

The clothier founded almost a century ago will keep the doors open at its 10-story New York City store, but it has secured $75 million in financing to pay employees and vendors as it seeks a buyer. Barneys' landlord in Manhattan doubled the rent of its flagship store to nearly $30 million earlier this year.

Life Spine accused of paying doctors kickbacks

HUNTLEY -- Life Spine, a manufacturer of medical devices and equipment used in spinal and joint surgeries faces federal fraud charges in New York accusing it of providing kickbacks to doctors who used their products.

The lawsuit, filed in the U.S. Court for the Southern District of New York, charges Life Spine, as well as its Founder, President and CEO Michael Butler, and Vice President of Business Development Richard Greiber, with violating the False Claims Act, saying they paid kickbacks in the form of millions of dollars in consulting fees, royalties and intellectual property acquisition fees to surgeons to induce them to use the company's spinal implants, devices, and equipment.

The complaint states that approximately half of Life Spine's total domestic sales of spinal products from 2012 through 2018 were a result of the kickbacks.

The lawsuit also alleges surgeons who used Life Spine Products during procedures performed on Medicare and Medicaid patients submitted false claims to Medicare and Medicaid.

Life Spine officials said in a statement that they "are engaged in discussions and look forward to resolving the matter." The statement did not directly address the allegations.

The case is being handled by the office's Civil Frauds Unit.

Paylocity CEO receives Glassdoor honor

SCHAUMBURG -- Paylocity Chief Executive Officer Steve Beauchamp has received a Glassdoor Employees' Choice Award recognizing the highest-rated CEOs for 2019.

With a 92 percent approval rating, this is the third consecutive year Beauchamp has received this honor.

Glassdoor, an online job and recruiting site, released its annual report recognizing the Top CEOs, which highlights top leaders employees love working for in countries throughout North America and parts of Europe.

In addition to Beauchamp being listed as a highest-rated CEO, Glassdoor also honored Paylocity as a 2019 Best Place to Work.

Life Fitness names new CEO

ROSEMONT -- Fitness equipment manufacturer Life Fitness announced it has appointed Chris Clawson as its new Chief Executive Officer.

Clawson, who had been president of Rosemont-based Life Fitness from 2010 to 2016 and most recently was chairman of the Sports and Fitness Industry Association, succeeds Jason Worthy as CEO.

Clawson first joined Life Fitness in 1994 in a product development role. After 10 years with the company, he went on to several fitness industry leadership roles, including president of Matrix Fitness Systems, before returning in 2010.

He holds an MBA from Northwestern University's Kellogg School of Management and a bachelor's degree from San Diego State University.

The company also said Steve Klyn has been appointed Chief Financial Officer.

Comcast plans Xfinity store in Algonquin

ALGONQUIN -- Comcast announced plans to open an Xfinity Store at 2104 S. Randall Road in the Algonquin Commons Shopping Center.

The nearly 4,200-square-foot store, which is set to open in early 2020, is designed to provide customers with the opportunity to explore, learn about and interact directly with the latest Xfinity services or get help. The store will feature comfortable seating areas and contemporary displays to give visitors hands-on experience with Xfinity's range of products and services. Customers will also be able to pay bills, pick up and return equipment and get assistance from technology and service consultants.

In addition, there will be a dedicated space within the new store where visitors can learn about Comcast Business' commercial services and discuss their business technology needs with an expert.

The new store, which will have around 15 full- and part-time employees, will be open Mondays through Saturdays from 9 a.m.-8 p.m. and Sundays from 11 a.m.-5 p.m. For more information, call 1- (800)-XFINITY or visit www.xfinity.com.

Conor breaks ground on new development

PROSPECT HEIGHTS -- Conor Commercial Real Estate recently broke ground on its newest development in Prospect Heights.

Executive Commerce Center will be a 150,000-square-foot speculative facility on 10.07 acres near the O'Hare submarket.

The building is divisible to 40,000 feet and will feature a 32-foot clear height, 52x56 foot column spacing and 7-inch unreinforced concrete floors. The site also offers tenants a Class 6B tax incentive.

The center supports easy loading and unloading and optimal truck maneuverability with 25 truck docks, two drive-in doors, a 60-foot speed bay and a 60-foot truck apron.

McDonald's property sells for $2.15 million

HOFFMAN ESTATES -- SVN Chicago commercial recently sold a retail property at 2270 W Higgins in Hoffman Estates for $2.15 million.

The property was sold to a California buyer as part of a 1031 exchange. The property contains a McDonald's restaurant.

"Single Tenant NNN deals that are well located with quality tenants like McDonald's continue to see vibrant investor interest," said Wayne Caplan, senior vice president at SVN Chicago Commercial.

Caplan and Al Lindeman of SVN Chicago Commercial represented the seller in the transaction.

Comfort Suites facility in Schiller Park sold

SCHILLER PARK -- Marcus & Millichap recently sold Comfort Suites, a 160-room hospitality property in Schiller Park, for an undisclosed amount, according to Steven D. Weinstock, regional manager of the firm's Chicago Oak Brook office.

The 160-room, interior corridor, upper midscale Comfort Suites is located at 4200 River Road, approximately three miles from Chicago's O'Hare International Airport. Built in 2001, the hotel features 11.500 square feet of meeting and event space.

Ebrahim Valliani, a senior associate, Allan Miller, senior vice president investments, Chris Gomes, senior managing director investments, Jake M. Erickson, an associate, and Jared Plamann, an associate, in Marcus & Millichap's Chicago Oak Brook, Dallas, Austin and Minneapolis offices, marketed the property on behalf of the seller and also represented the buyer.
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Title Annotation:Biz Ledger
Publication:Daily Herald (Arlington Heights, IL)
Geographic Code:1U3IL
Date:Aug 19, 2019
Words:1041
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