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Sale-leasebacks allow retailers to raise capital without shedding stores by selling the underlying real estate and turning them from landlords into tenants. They also point out that companies often spend the money on share buybacks and dividends rather than investing in their business. Spokespeople for Kohl's, Macellum and Ancora declined to comment. It is not clear how many of Kohl's 1,100 stores would have been involved in any deal. Reuters GraphicsRENT EXPENSESIn a letter to shareholders in March defending its strategy against criticism from hedge fund Macellum Capital Management LLC, Kohl's said that a "large" sale-leaseback would "negatively impact margins by adding unnecessary rent expenses in perpetuity and risk Kohl's investment-grade rating".

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☆ Casino operator Wynn delivers decent Q3 despite ongoing China pressures
▼ + stars: | 2022-11-09 | by ( Jeff Marks | ) www.cnbc.com time to read: +11 min

Casino operator Wynn Resorts (WYNN) reported solid third-quarter results Wednesday, boosted by its U.S. properties, even as its China operations continued to be squeezed by Beijing's strict Covid-19 measures. Despite lower revenues, the Adjusted Property EBITDA loss was $21.8 million, compared to forecasts of a $43 million loss. But the Adjusted Property EBITDA loss was smaller than anticipated, at $43.8 million, compared to the $59 million loss predicted by analysts. Despite lower revenues, the Adjusted Property EBITDA loss was $21.8 million, compared to forecasts of a $43 million loss. But the Adjusted Property EBITDA loss was smaller than anticipated, at $43.8 million, compared to the $59 million loss predicted by analysts.

☆ ADNOC invites banks to pitch for IPO of logistics unit- sources
▼ + stars: | 2022-10-20 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +3 min

LONDON, Oct 20 (Reuters) - State oil firm Abu Dhabi National Oil Company (ADNOC) has invited banks to pitch for roles in an initial public offering of its marine services and logistics unit, two sources with knowledge of the matter said on Thursday. Reuters reported last year that ADNOC was weighing a potential float of ADNOC Logistics & Services (ADNOC L&S) in 2022. Banks are pitching for roles this week on the latest IPO of an ADNOC subsidiary, planned for next year, the sources said. ADNOC L&S delivers crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi to its international customers. ADNOC began floating units in late 2017, raising $851 million in an IPO of its fuel distribution unit.

☆ UK's Sainsbury's in talks to sell stores worth 500 mln stg
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Trolleys stacked together inside a Sainsbury’s supermarket in Richmond, west London, Britain, June 27, 2022. LXi REIT said it would seek to fund the deal through a mix of new equity and debt. If the LXi REIT transaction goes ahead, the cash from that would part-fund the Highbury and Dragon deal, Sainsbury's said. Shares in Sainsbury's were up 1.8% at 0922 GMT, while shares in LXi REIT were up 2.6%. ($1 = 0.8807 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by James Davey; editing by William James and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

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