Lehi, Utah — On May 7, 2020, R&R BBQ appointed industry veteran Neil Harfert as president to lead the fast-growing restaurant chain in its next chapter of growth. Founders Rod and Roger Livingston, who are brothers, will be retiring to pursue other interests. “Neil is a proven and respected leader who has delivered strong operating results through a long career in the food and beverage industry, with powerhouse brands like Qdoba, Modern Market Eatery and MOD Pizza,” says Greg Warnock, a member of the R&R BBQ board of directors and …
Dallas — Neiman Marcus Group LTD LLC has entered into a Restructuring Support Agreement (RSA) with a significant majority of its creditors to undergo a financial restructuring, substantially reducing its debt load and interest payments and supporting continued operations during the COVID-19 pandemic and beyond. To implement the RSA, the company has commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. As part of the process, Neiman Marcus Group has secured debtor-in-possession (DIP) financing of $675 million from creditors to enable …
Seattle —Nordstrom plans to permanently close 16 of its 116 full-line stores, with the company incurring the non-cash impairment charges associated with the closures. The clothing retailer hopes the closures will better position it for the long-term retail landscape at the end of the COVID-19 pandemic. The list of stores was not released. “We’ve been investing in our digital and physical capabilities to keep pace with rapidly changing customer expectations,” says Erik Nordstrom, CEO of Nordstrom Inc. “The impact of COVID-19 is only accelerating the importance of these capabilities in …
East Rutherford, N.J. — German Doner Kebab (GDK), a fast-casual restaurant chain, plans to open 350 restaurants in the United States over the next 7 years. The first location will be within American Dream in East Rutherford, N.J. The Glasgow, Scotland-based company specializes in doner kebab, which is a slow-cooked meat often served on a flatbread. GDK operates more than 70 locations in the United Kingdom, Sweden, Dubai, Abu-Dhabi, Oman and Bahrain. GDK also plans to open locations in Ireland and Saudi Arabia. New York City-based JAACRES is representing GDK …
Los Angeles — Hightimes Holding Corp., the owner of High Times®, the most well-known brand in cannabis, has appointed Peter Horvath, former chief commercialization officer of American Eagle Outfitters and former chief operating officer at Victoria’s Secret, as the company’s new chief executive officer and board member. Horvath is coming onboard to spearhead the company’s retail expansion. Stormy Simon will step down as CEO. “We are pleased to welcome Peter to the High Times family, and to be able to tap into his wealth of experience capitalizing on major consumer …
New York — ShopOne Centers REIT Inc., a leading owner, operator and manager of high-quality grocery-anchored shopping centers, has promoted Bob Dake to chief operating officer and Tom Shine to senior vice president, property management. Dake previously served as ShopOne’s executive vice president of leasing, while Shine was the company’s vice president, property management. “The promotions of Bob and Tom are well deserved, as they have played critical roles in advancing the growth of our business and strengthening our relationships with flagship national and local retailers,” says John Roche, chief …
Westlake, Ohio — TravelCenters of America Inc. has commenced a company-wide reorganization, which is a key step in the company’s strategic, long term plan to improve its operational efficiency and profitability. The reorganization plan includes significant leadership changes with the addition of new senior vice presidents for a newly created hospitality department — under which the areas of restaurants, gaming and convenience stores will be consolidated — as well as in information technology. TA has also appointed a new senior vice president of corporate development, a new department initially tasked …
New York City — J.Crew Group, Inc. has filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of Virginia. The company has secured commitments for a debtor-in-possession financing facility of $400 million and committed exit financing provided by existing lenders Anchorage Capital Group, L.L.C., GSO Capital Partners and Davidson Kempner Capital Management LP, among others. Subject to court approval, the DIP financing, combined with the company’s projected cash flows, is expected to support its operations during the …
Indianapolis — Simon Property Group has released plans for reopening several of its malls in the first half of May. The openings are based on current state and/or local stay-at-home orders put in place as a result of the COVID-19 pandemic. Previously scheduled to open May 1, some properties in Georgia and Indiana have been delayed to a May 4 opening. View the reopening schedule here. Indianapolis-based Simon says its protocols have been reviewed and approved by experts in epidemiology and environmental health and safety. The protocols are in effort …
— By Matt Dailey — Creating efficiency in property management through technology. It’s no secret that technology is changing the way we live, work and shop now more than it ever has. Tech has disrupted nearly every industry, and although a little slower to the game, it has finally made its way to commercial real estate. On one end, we know that tech is enabling retailers to customize shopping experiences with an added-level of convenience, resulting in increased foot traffic and ultimately higher profits. But tech implementation can …