Seattle — Sur La Table, a leading retail destination since 1972 for those passionate about cooking and entertaining, has filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey to restructure and sell 70 stores to Fortress Investment Group. According to The Wall Street Journal, Sur La Table will close its remaining 51 stores. Sur La Table has entered into a stalking horse asset purchase term sheet with affiliates of Fortress Investment Group, which is working in partnership …
— By Peter Teska — With heightened expectations around hygiene, consider these best practices when you reopen. In many countries, restaurants were among the first to feel the impact of the novel coronavirus pandemic. Bookings disappeared almost overnight, followed by long imposed periods of closure and staff inactivity. The onset of coronavirus hasn’t diminished the hard work you have put into your business, but the subsequent rapid change of circumstances and focus mean that you are in effect at ground zero. Putting effective cleaning procedures in place is crucial …
Union, N.J. — Bed Bath & Beyond plans to close 200 stores over the next 2 years. The Union, N.J.-based company made the announcement during its earnings statement for its fiscal first quarter, which runs from March through May. The report shows sales plummeted in the quarter due to the novel coronavirus pandemic and subsequent shutdowns affecting non-essential retailers. For the 3-month period, net sales were approximately $1.3 billion, a 49% year-over-year decrease. Bed Bath & Beyond reports that 90% of its physical locations were closed for the majority of …
Houston — As evidence showing a real risk of airborne transmission of SARS-CoV-2 (Coronavirus responsible for COVID-19) continues to mount, Integrated Viral Protection (IVP) has published a peer-reviewed paper detailing a novel biodefense indoor air protection technology. The novel, heated HVAC filter has been proven to destroy 99.8% of SARS-CoV-2, the virus responsible for COVID-19. In addition, this technology offers protection against other biological pathogens on contact using a propriety biodefense technology. The breakthrough studies were conducted at the Texas Center for Superconductivity at University of Houston (TcSUH) & Galveston …
Canton, Mass. — As previously announced in its Q4 2019 earnings call in February, Dunkin’ remains on track to close 450 locations inside Speedway convenience stores by the end of 2020. According to Michelle King, senior director, global public relations for Dunkin’ Brands, the closures are specific to Speedway-owned and operated limited menu Dunkin’ locations only. “As we stated during our 2019 fourth quarter and fiscal year earnings call in February, Dunkin’ reached an agreement with Speedway earlier this year to exit the approximately 450 Speedway owned and operated limited …
Riverside, Calif. — Farmer Boys® has hired restaurant industry and finance veteran Joseph Ortiz to serve as its new vice president of finance and accounting. In this position, Ortiz is responsible for leading the finance and accounting teams through proactive coaching and mentorship, creative strategies and improved workflow. Ortiz brings with him over 14 years of finance, strategy and organizational leadership experience, much of which has been within the quick-service restaurant industry. He most recently held the position of director of finance at Bakemark and has also led successful teams …
Georgetown, Texas — According to its founder, Gordon Logan, the Sport Clips Haircuts board of directors has elected Edward Logan to succeed him as the new CEO of Sport Clips, Inc., the franchisor of the Sport Clips Haircuts system. “Edward has grown up in the business and played a key role in the company’s growth since he joined full-time in 2010, setting new standards for excellence as president and chief operating officer. It’s been rewarding working closely with him these past 10 years, and his leadership during the COVID-19 crisis …
San Francisco — Gap Inc. has launched a B2B product program focused on offering large organizations high-quality reusable, non-medical grade cloth face masks to supply to their employees as they welcome them back to work. With the tremendous impact COVID-19 has on the world, Gap Inc. has leaned in and worked quickly to serve customers in compelling and differentiated ways. As employers look to provide their teams and customers with a safe and healthy work environment, Gap Inc. has leveraged its deep supply chain relationships and agile operations to provide …
San Francisco — Uber Technologies, Inc. and Postmates Inc. have reached a definitive agreement under which Uber will acquire Postmates for approximately $2.65 billion in an all-stock transaction. This transaction brings together Uber’s global Rides and Eats platform with Postmates’ distinctive delivery business in the U.S. Postmates is highly complementary to Uber Eats, with differentiated geographic focus areas and customer demographics, and Postmates’ strong relationships with small- and medium-sized restaurants, particularly local favorites that draw customers to the Postmates brand. Additionally, Postmates has been an early pioneer of “delivery-as-a-service,” which …
Aventura, Fla. — Smokey Bones reopened all of its 61 restaurants in 16 states on June 30. During the pandemic, Smokey Bones created and opened its 61st restaurant, a ghost kitchen in Chicago and opened a new brand, The Wing Experience, in June as a virtual restaurant located inside its ghost kitchen. “We are proud to not only have reopened all of our restaurants, but we have demonstrated, with the launch of our ghost and virtual kitchens, that Smokey Bones is a growth brand, now and in the future,” says …