New York City — Steak n Shake Inc. is bringing to market 15 restaurants the company closed during the last 12 months. Keen-Summit Capital Partners LLC and NAI Global have been retained to run a sale process of the portfolio with a bid deadline of August 31 and auction date of September 4. It is anticipated additional properties will be sold by Keen-Summit Capital Partners through an auction during September. “Real estate investors and restaurants looking to expand their portfolio are in a position to take advantage of this opportunity, …
Findlay, Ohio — Marathon Petroleum Corp. has entered into a definitive agreement with 7-Eleven Inc., whereby 7-Eleven will acquire the convenience store chain Speedway for $21 billion in cash. The transaction is expected to close in the first quarter of 2021. Ohio-based Marathon expects the sale to result in after-tax cash proceeds of approximately $16.5 billion and to use the proceeds to both repay debt and return capital to shareholders. The arrangement includes a 15-year fuel supply agreement for approximately 7.7 billion gallons per year associated with the Speedway business. …
Aventura, Fla. — Not many restaurants can triple in size during a global pandemic, but Smokey Bones is doing just that by expanding its virtual restaurants, The Wing Experience and The Burger Experience, to all of its brick-and-mortar restaurants. The virtual restaurants are delivery-only and operate out of existing Smokey Bones’ brick-and-mortar kitchens, and out of the Smokey Bones’ ghost kitchen in Chicago. The menus feature Smokey Bones’ burgers and wings, including unique recipes created specifically for each virtual restaurant brand. “By opening these new virtual restaurants, we can shine …
Atlanta — The Home Depot® will open three new distribution centers in Georgia over the next 18 months to support the growing demand for flexible delivery and pickup options for professional and do-it-yourself (DIY) customers. The expansion is projected to bring approximately 1,000 additional jobs to the Atlanta area. “Retail has changed more in the past 4 years than in our company’s 40-year history. Customers expect to shop whenever, wherever and however they want — whether they’re buying a hammer or a pallet of pavers,” says Stephanie Smith, senior vice …
Dallas — Dickey’s Barbecue Pit is rapidly expanding its non-traditional store count with the development of seven new food trucks units. The 79-year-old barbecue franchise reports an uptick in interest from both new and existing franchisees in its food truck model as the COVID-19 pandemic continues to make an impact on restaurant dining rooms. “The pandemic is sure to have a lasting impact on consumer behavior and as a legacy brand it’s important to us that we continue to meet the evolving needs of our guests, while staying true to …
Phoenix — Steve Goyette, vice president of business development for Telgian Fire Safety, was recently named supplier co-chair of the Connex Resource Committee. Maile Keliikuli, retail facilities manager at REI, will hold the position of retail co-chair. As a global multi-site facilities management association, Connex is an essential source of information and connections for both facilities managers and suppliers. Committees, such as the Connex Resource Committee, educate and empower facilities management professionals and their suppliers, providing them with best practices, benchmarking, discussion forums and more. “It is an honor to …
— By John Manning — Owners and developers have great intentions when beginning construction projects, but sometimes life happens and those projects get delayed or even get stuck, coming to a screeching halt for unforeseeable reasons. In 2020 other outside challenges have made troubled projects more commonplace such as the economic impact of Coronavirus. If you find your construction project stalled, stuck or otherwise troubled, don’t let time go by idly. Begin what we call the triage process. A properly implemented triage process is key to a successful project …
New York City and Freemont, Calif. — The list of apparel retailers to file for Chapter 11 bankruptcy grew longer over the weekend as the parent companies of Lord & Taylor and Men’s Wearhouse both filed petitions for Chapter 11 bankruptcy protection in an effort to restructure their debt loads. Le Tote Inc., a New York City-based e-commerce firm specializing in the clothing sector that owns Lord & Taylor, filed its petition in the U.S. Bankruptcy Court for the Eastern District of Virginia. Tailored Brands, the Fremont-based parent company of …
Playa Vista, Calif. — California Pizza Kitchen (CPK) is the latest fast-casual restaurant chain to file for bankruptcy protection due to strain brought on by the coronavirus (COVID-19) pandemic. The company filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas on July 30, 2020 in order to “close unprofitable locations, reduce its long term debt load and quickly emerge from bankruptcy as a much stronger company,” according to the filing. The Playa Vista, Calif.-based company did not release a list detailing which …
— By Katie Lee — How Slim Chickens is not only surviving — but thriving — during COVID-19. During the onset of the coronavirus pandemic, Slim Chickens was able to turn on a dime: transforming its parking lots into dining rooms, boosting digital channels, investing in marketing and operations, as well as new safety protocols, and continuing to sell franchise locations — tallying almost 50 new units so far this year. While the Fayetteville, Arkansas-based fast-casual brand had to scale back its original 2020 development plans to open 30 …