New York City, Indianapolis and Chicago — Authentic Brands Group (ABG), a global brand development, marketing and entertainment company, has acquired America’s original fast fashion retailer, Forever 21. ABG and Simon Property Group will each own 37.5%, and Brookfield Property Partners will own 25% of the intellectual property and operating businesses. With this move, ABG, Simon and Brookfield become the new ownership group for Forever 21. Building on the success of Aéropostale, this similar ownership structure positions Forever 21 for long term performance and growth. This acquisition further diversifies ABG’s …
Panama City, Fla. — Slim Chickens, a leading fast-casual franchise which features dine-in and drive-through in the “better chicken” segment, plans to open its first location in Florida in the spring. The forthcoming restaurant, which will be in Panama City, comes out of the brand’s recent 10-unit franchise agreement covering the Florida Panhandle. There will also be a location coming to the Callaway area. Chris and Amy McMillan, along with business partners Richard Maddox, Adam Cantrell and Becky Retherford, are bringing Slim Chickens to the region and are all local …
Fort Worth, Texas — Pier 1 Imports, Inc. is pursuing a sale of the company. To facilitate an orderly sale process and implement the PSA, the company and its subsidiaries have commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Eastern District of Virginia. The company also intends to use this process to complete the previously announced closure of up to 450 store locations, which includes the closure of all its stores in Canada. To date, the company has closed or initiated going-out-business sales at over 400 …
Indianapolis — Simon Property Group has agreed to acquire an 80% interest in Taubman Centers Inc., a Michigan-based retail owner-operator, for approximately $3.6 billion. Under the terms of the agreement, Simon is buying all of Taubman’s common stock at a price of $52.20 per share in an all-cash deal. The transaction is expected to close in mid-2020. Taubman’s existing debt, which Simon will assume, was factored into the price, which represents a capitalization rate of 6.2%. Taubman will continue to operate as a separate entity. Taubman’s portfolio spans 26 super-regional …
Montclair, N.J. — Jersey Mike’s Subs recently opened on the campus of Montclair State University in Montclair, N.J. The sub shop is run by the school’s foodservice partner, Montclair State Dining through Chartwells Higher Education Dining Services. This is Jersey Mike’s first partnership with Chartwells. “We couldn’t be prouder to work with this team [Chartwells] that shares our commitment to quality products and a high-energy customer experience,” says Phil Capozzi, vice president, non-traditional, Jersey Mike’s Franchise Systems, Inc. Jersey Mike’s at the Plaza at Blanton Hall joins other dining options …
Cincinnati — Jeff Davis has joined LSI Industries as president, LSI Lighting. He is responsible for the company’s sales functions, and he will lead LSI’s commercial planning efforts. He reports to Jim Clark, president and CEO of LSI Industries. “The hiring of Jeff is an important milestone in our efforts to position LSI for long term, sustainable growth and profitability,” says Clark. “His experience and professional acumen will be assets to LSI, and we look forward to the many contributions he will make to the company’s success.” Prior to joining …
Orlando, Fla. — DWM has promoted ZarettMarie Perez to team lead, Facilities Maintenance Division. In her new role, Perez will be responsible for overseeing a 24/7 client solutions team dedicated to timely, cost-effective solutions for specialty retail clients. Perez joined DWM in 2017 as a facility solutions coordinator, bringing over 12 years of industry knowledge and experience with her. As a facility solutions coordinator for one of DWM’s largest clients, Perez was a natural leader with extensive knowledge, making her a great asset to the client and her team. “ZarrettMarie’s …
Baltimore — Sylvan Learning, a supplemental and enrichment education brand, is gearing up for explosive growth. With its proven model and 40-year rich brand awareness, Sylvan today has more than 750 points of presence. This year, it plans to open 40 new locations. “2019 was a banner year for Sylvan Learning’s franchise development,” says Georgia Chasen, vice president of franchise development. “Last year, Sylvan Learning brought on 52 new franchisees and opened 24 centers, in both domestic and international markets. Over the last 4 years, we’ve attracted more than 200 …
The Colony, Texas — Parry’s Pizzeria & Taphouse will open its 10th location in early March 2020 outside Dallas in The Colony, within the new Grandscape development. Parry’s, a Denver-based restaurant group, is known for its New York-style pizza and craft beer selection of 80 carefully curated taps. Parry’s large patio and prime location within Grandscape will make it a must-visit spot for locals and visitors to the area. Parry’s first opened in suburban Denver in 2007 as a small, New York-style pizza joint with handmade pies, Buffalo wings and …
Scottsdale, Ariz. — This month PXG, a company dedicated to developing high-performance golf equipment and apparel, opened its fifth brick-and-mortar location in the United States. Known for its disruptive approach to product engineering and distribution, PXG continues to buck the trend of transactional sales in favor of delivering custom equipment and personalized experiences. “We are not in the golf club business,” says PXG Founder and CEO Bob Parsons. “We are in the business of creating exceptional experiences. Our stores, as well as our mobile fitting program, are designed to help …