Chattanooga, Tenn. — CBL Properties has struck a deal with its lenders on a restructuring plan that will eliminate $900 million in debt and reduce annual interest expense by $20 million. Although the official press release from CBL did not mention bankruptcy, a representative from the company told the Chattanooga Times Free Press that the company plans to use the Chapter 11 bankruptcy process to complete the restructuring. The announcement follows the company’s August 18 second-quarter earnings call, where CBL revealed that it had drawn down its entire revolving credit …
— By Danny Miller, Transformative Wave — The airborne transmission of COVID-19 has impacted many retail and restaurant facilities in their ability to safely operate indoors. As facility operators look to comply with COVID-19 safety guidance, there are three battlefronts that have arisen: disinfection, filtration and ventilation. Numerous products are being marketed and confusion can arise about what should be the priority. Disinfection Disinfection attempts to kill the virus include using products like UV-C lights or bipolar ionization. UV-C has been shown to be effective but largely on stationary …
Charlotte, N.C. — Clean Juice®, the first and most prolific USDA-certified organic juice bar franchise, has added nine new stores across the nation since July 1, 2020, continuing its rapid expansion despite the headwinds of the global COVID-19 pandemic. Clean Juice’s continued growth in a surging, health-conscious environment is attributed to the strength of its development system, its franchise support structure and the power of its brand, which is built on USDA-certified organic food and beverage offerings. Three of the newly awarded units were expansions by existing franchise partners in …
Atlanta — Edible®, a leading gift and treat destination, is reflecting on a record-breaking 6 months. A resilient and essential business, the brand has signed a total of 37 new franchise agreements since January. Now, with a larger franchise development team in place, Edible is aiming for its next ambitious growth goal: to sign 80 to 100 new franchise agreements in the U.S. and to find new franchisees for five international countries between now and the end of the year. “We have an entrepreneurial and experienced management team in place …
New York City — Rent the Runway, a New York City-based online service that provides rentals of designer clothes and accessories, will close its stores around the country in order to focus on building its digital platform, according to reports from CNBC and The Wall Street Journal. The New York City-based company will close its stores in Los Angeles, Chicago, San Francisco and Washington, D.C., while its flagship store in New York City will be converted into a permanent drop-off site for product distribution. CNBC reports that the company intends …
Auburn, Ala. — Chicken Salad Chick, a Southern-inspired, fast-casual chicken salad restaurant concept, has promoted five existing brand leaders amid the company’s ongoing growth and success. The brand has promoted three executives to its C-suite, including Jim Thompson as chief operating officer, Terry McKee as chief development officer and Tom Carr as chief marketing officer. Additionally, the company has appointed Mary Lou Atkins as vice president of human resources and Carrie Evans as vice president of franchise development. Chicken Salad Chick has grown exponentially in recent years, more than quadrupling …
Newport, Ky., and Atlanta — An affiliate of Roark Capital, an Atlanta-based private equity firm, has closed on an investment in Divisions Maintenance Group. Divisions Maintenance Group is a tech-based provider of integrated facilities maintenance services for prominent retail chains, pharmacies, grocery stores, warehouses, distribution centers and REITs across more than 46,000 locations in all 50 states. Newport, Ky.-based DMG’s proprietary systems and technology connect customers with maintenance solutions to transform their facility program by managing vendors, collecting data and maximizing cost-savings. “We are delighted to partner with Roark,” says …
— By Trent Limban — Snow season will sneak up on you! Now is the time to prepare. Although it’s summertime and blazing hot in most of the country, now is the time when multi-site facility managers should prepare for snow season. It’s best to secure snow season services well in advance because you want to make sure there are contractors and equipment (like large front-end loaders) available to handle the services, and that your sites will be cleared immediately after the snow falls. You want your business …
— By Thomas Holland — When you need disinfection and you need it fast, you have to be careful. As restaurants, retailers and other businesses reopen across the country, they are doing everything in their power to help keep employees and customers safe. Despite all their planning and preparation, however, when COVID-19 arrives on the scene, the initial reaction is often a frantic phone call to the first company that comes to mind, usually a local janitorial or restoration company. Unfortunately, some unscrupulous providers are gouging clients in …
Los Angeles — FAT (Fresh. Authentic. Tasty.) Brands Inc. has agreed to acquire the Johnny Rockets restaurant chain from an affiliate of private equity firm Sun Capital Partners, Inc. for approximately $25 million. The deal will be funded through cash on hand and proceeds generated from the company’s securitization facility. The purchase is expected to be completed in September 2020. With the acquisition of Johnny Rockets, FAT Brands will have more than 700 franchised and company-owned restaurants around the globe. Johnny Rockets was founded in 1986 with its first location …