Glen Khan: ‘What we did was sell the Fogarty’s building and lease it back… this is what they call financial engineering—how you release capital to one of your major assets so that you can put it back into the business’
The management of Fogarty’s Department Store yesterday assured that while its Water Street building has been sold it was part of a financial strategy and the company would not be affected.
“What we did was sell the Fogarty’s building and lease it back… this is what they call financial engineering—how you release capital to one of your major assets so that you can put it back into the business… It’s [Fogarty’s] staying in the same building, it’s expanding in the same building but it doesn’t own the building,”