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Blackstone Agrees to Acquire Majority Ownership Position in Jersey Mike’s Subs

by Katie Lee

Manasquan, N.J. — Private equity funds managed by Blackstone have agreed to acquire a majority ownership position in Jersey Mike’s Subs. The deal would value the Manasquan, N.J.-based sandwich restaurant chain at around $8 billion, including debt, according to The Wall Street Journal. Jersey Mike’s founder and CEO Peter Cancro will maintain a significant equity stake and continue to lead the business. Blackstone says the partnership is intended to help Jersey Mike’s accelerate its expansion across and beyond the U.S. market, as well as its continued investment in technology and …

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Walmart Reports Strong Q3 Revenue Growth & Operating Income

by Katie Lee

Bentonville, Ark. — Walmart Inc. announces third-quarter results with strong growth in revenue and operating income. Globally, e-commerce grew 27% with penetration up across all segments. Walmart U.S. comp sales are up 5.3% with positive growth in general merchandise. Looking ahead, the company raises its guidance for fiscal year 25 with net sales expected to grow 4.8% to 5.1% and adjusted operating income to grow 8.5% to 9.25% in constant currency (cc). “We had a strong quarter, continuing our momentum,” says Doug McMillon, president and CEO, Walmart. “Our associates are …

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Jack in the Box Inc. Names Chief Financial Officer

by Katie Lee

San Diego — Former CFO Lance Tucker is returning to Jack in the Box Inc., again as chief financial officer, effective Jan. 13, 2025. Tucker is currently chief financial officer of Davidson Hospitality Group, while having also served as CFO at CKE Restaurants Inc. and Papa John’s International, Inc. Tucker succeeds Brian Scott, who resigned from the company on Nov. 20. Tucker served as CFO of Jack in the Box Inc. from March 2018 to July 2020, during which he played an instrumental role in implementing the company’s securitization, while …

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Citi Trends Appoints CEO

by Katie Lee

Savannah, Ga. — The board of directors of Citi Trends Inc. has appointed Kenneth (Ken) Seipel as chief executive officer, effective Nov. 18, 2024. Seipel has been serving as the interim CEO of Citi Trends since June 1, 2024, and on the board of directors since 2019. Concurrently, the board appointed Peter Sachse, the current executive chairman of the board, as chairman of the board. In addition, the company is announcing preliminary Q3 2024 results with sales of $179.1 million and comparable store sales growth of 5.7% vs. Q3 2023. …

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franchise developmentNewsrestaurants

Surcheros Reports 29% Growth, Targets 100 Units in 5 Years

by Katie Lee

Alpharetta, Ga. — Surcheros® is on a steady growth path as it builds on a successful 2024 with ambitious plans for the upcoming year. With a 29% revenue increase from 2023 to 2024, Surcheros is gaining momentum and attracting franchise interest due to its strong AUVs, cost-effective buildout models and flexible real estate options. The brand currently operates 34 locations across Georgia, Florida and Tennessee. In 2024, the brand opened nearly 10 new stores and entered new markets in Tennessee and is set to enter South Carolina, while also strengthening …

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EVgo and Meijer Expand Partnership to Install up to 480 Fast-Charging Stalls

by Katie Lee

Los Angeles — EVgo Inc., one of the nation’s largest public fast-charging networks for electric vehicles (EVs), has expanded its longstanding partnership with Meijer, a Midwestern grocery retailer, to bring more public fast-charging infrastructure to Meijer store locations throughout its six-state footprint. As part of this expanded relationship, EVgo plans to deploy up to 480 new public fast-charging stalls at Meijer properties across Michigan, Illinois, Wisconsin, Indiana, Ohio and Kentucky. To date, EVgo has opened 24 public fast-charging stalls at six Meijer stores in Michigan and Ohio, and as part …

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Smoothie King Marks Growth Milestone With 1,200th Store Opening

by Katie Lee

Dallas — Smoothie King, the world’s largest smoothie brand and the first health and fitness fast-casual brand of its kind, has opened its 1,200th domestic store, located in Roanoke, Texas. The new store, located near Smoothie King’s corporate headquarters in the Dallas-Fort Worth metroplex, celebrated its ribbon-cutting ceremony on Nov. 14. In addition to the Roanoke opening, Smoothie King is accelerating its expansion in the Chicago area — one of its fastest-growing markets — with 10 new locations in various stages of development. This includes recent openings in Dekalb on …

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Wawa to Open First 3 Stores in Georgia to Kick Off Expansion Plan

by Katie Lee

Wawa, Pa. — Wawa, a privately held, associate and family-owned chain of more than 1,080 convenience retail stores currently operating in eight states and Washington, D.C., opened its first Georgia store on Nov. 14, in Bainbridge. Before the end of 2024, Wawa will open two more stores in the Peach State (in Brunswick and Jesup). “It’s official — Wawa is opening our doors to serve our newest friends and neighbors in Georgia!” says Brian Schaller, president of Wawa. “We are thrilled to open three stores this year to bring our …

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ResQ Celebrates Tradesgiving, Honors FM Vendors

by Katie Lee

Miami — ResQ, a leading modern facility management platform, is shining a spotlight on the unsung heroes behind the success of restaurants and hospitality businesses this November with ‘Tradesgiving.’ To celebrate its vendors and their tradespeople, ResQ is offering a limited-time promotion for new vendor selections on the ResQ directory. Customers can enjoy 15% off (up to $100) their next work order when they choose a new vendor from November 1 through November 30, 2024. “Rising labor, inventory and repair costs make it increasingly difficult for hospitality operators to find …

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Nothing Bundt Cakes Appoints Chief Development Officer

by Katie Lee

Dallas — Nothing Bundt Cakes®, the nation’s largest specialty cake company, has appointed franchise development veteran Joel Larkin as chief development officer to lead the 635-unit brand’s continued expansion. Larkin brings over two decades of franchise development and operations expertise to Nothing Bundt Cakes. He most recently served as chief franchise and development officer at European Wax Center, where he oversaw its expansion to more than 1,000 locations. “Joel’s background is uniquely suited to the fast-paced growth we are undertaking here at Nothing Bundt Cakes,” says Dolf Berle, CEO of …

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