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Ebby Halliday acquires Fort Worth’s Williams Trew

Williams Trew Real Estate of Fort Worth has been acquired by Dallas-based residential real estate brokerage Ebby Halliday Real Estate Inc.

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T&P Warehouse: Historic building remains in limbo as area redevelops

For years, the historic T&P Warehouse on West Lancaster Avenue downtown, built in 1931 to house freight for the Texas Pacific Railway, has sat vacant and deteriorating.

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Meridian Bank Texas parent acquired by UMB Financial for $182.5M

Kansas City, Mo.-based UMB Financial Corp., the parent company of UMB Bank, said Dec. 15 it has signed a definitive agreement to acquire Marquette Financial Companies in an all-stock transaction.

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Susan Halsey, Fort Worth attorney, business leader, dies

Susan Halsey, a Fort Worth attorney who was also a community and business leader, died on Friday, Dec. 19. Halsey, 55, was chairman for the Fort Worth Chamber of Commerce in 2013-2014, leading the chamber during a year

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Cousins Properties to sell 777 Main tower in downtown Fort Worth

Cousins Properties Inc. has confirmed plans to sell the 777 Main office tower in downtown Fort Worth, according to a news release from the Atlanta-based real estate investment firm.

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J.C. Penney posts encouraging sales numbers

 

NEW YORK (AP) – J.C. Penney said a key sales figure rose in its first quarter, offering an encouraging sign for the beleaguered department store operator.

The company, which is based in Plano, Texas, said sales at stores open at least a year rose 6.2 percent in the period, marking the second straight quarterly gain. The figure, a key indicator of health for retailers, had tumbled 16.6 percent in the year-ago period.

Penney's stock surged more than 20 percent to $10.08 in aftermarket trading.

The company has been trying to recover from a botched transformation plan by former CEO Ron Johnson that resulted in massive losses and plunging sales. Johnson, the mastermind behind Apple's retail concept, was ousted in April of last year after 17 months on the job, and the board brought back former CEO Mike Ullman.

Ullman is trying to win back shoppers by restoring sales events and basic merchandise the company ditched under Johnson's tenure in a bid to attract affluent, younger consumers. The efforts have included the discontinuation of some brands, including William Rast and Joe by Joseph Abboud, that were brought in by Johnson but didn't resonate with Penney's middle-income shoppers.

Ullman is also revamping the home area, a key driver of customer traffic, after Johnson's plan to overhaul the section with too many trendy and pricy items didn't sit well with customers.

"It is clear that our efforts to re-merchandise many areas of the store and revamp our messaging to the customer are taking hold," Ullman said in a statement Thursday.

In a conference call with analysts later, however, he noted that "there's still work to be done."

The company also said that going forward it would simplify the way it calculates its sales at stores open at least a year, with sales return estimates and other items no longer being included. Under that new methodology, J.C. Penney said, its sales at stores open at least a year rose 7.4 percent in the period.

Looking ahead, J.C. Penney Co. said it expects sales at established stores to rise in the mid-single digits and gross margin to improve significantly from last year. When asked about a CEO succession plan, Ullman said there's "no major changes on the horizon."

But the company's results still show that it needs to increase how much profit it makes on each item and do more to bring back customers.

For the period ended May 3, the company said, it lost $352 million, or $1.15 per share, which was better than the loss of $1.25 per share analysts expected. A year ago, the lost $1.58 per share.

Revenue rose to $2.8 billion, above the $2.71 billion analysts expected.

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