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CVS Agrees to Acquire Oak Street Health in $10.6 Billion Deal

by Katie Lee

Woonsocket, R.I., and Chicago — CVS Health has agreed to acquire Oak Street Health in an all-cash transaction at $39 per share, representing a total purchase price of roughly $10.6 billion. The price represents a premium of approximately 11.9% over Oak Street’s opening price per share this morning. Chicago-based Oak Street Health is a network of primary care centers for adults on Medicare. The company employs approximately 600 primary care providers and maintains 169 medical centers across 21 states. By 2026, Oak Street Health plans to grow to more than …

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construction and designNewsrestaurants

SONIC Drive-In to Open First Hawai’i Location

by Katie Lee

Oklahoma City — On February 20, SONIC® Drive-In will introduce the brand for the first time in the state of Hawai’i with the opening of a new location in Kahului, Maui. Located within the Ho’okele Shopping Center, the drive-in is owned and operated by North Shore Provisions, LLC, d/b/a SONIC Drive-In Hawai’i. SONIC Drive-In now has at least one location in 47 states. The new drive-in location in Kahului will offer drive-thru service, patio seating, as well as ordering through the classic SONIC drive-in stalls. “We’ve had our mind set …

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Newspeoplerestaurantssoftware/technologyvendors

HungerRush Expands Executive Leadership with 4 New Appointments

by Katie Lee

Houston — HungerRush, a leading cloud software provider for the restaurant industry, has expanded its leadership team with the addition of a new chief financial officer (CFO), chief operating officer (COO), vice president of finance and vice president of independent operators (I/O) sales. The growing finance team welcomes two new team members. David Tabachnick joins the team as CFO and Patrick Hughes will assume the role of vice president of finance. Tabachnick joins HungerRush from Acoustic where he most recently served as CAO. He brings more than 20 years of …

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Newsretailers

Tuesday Morning Files for Chapter 11; Plans to Close Underperforming Stores

by Katie Lee

Dallas — Tuesday Morning Corp., an off-price retailer of home goods and décor, is pursuing a financial and operational reorganization by filing voluntary petitions for protection under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division. Invictus Global Management, LLC (together with its affiliates, “Invictus”) will provide $51.5 million of debtor-in-possession (DIP) financing to support ongoing operations during the proceedings. “After considering how best to address Tuesday Morning’s exceedingly burdensome debt, we have determined that the best path …

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franchise developmentNewsrestaurants

Twin Peaks Expects to Surpass 100 Locations this Spring

by Katie Lee

Dallas — FAT (Fresh. Authentic. Tasty.) Brands Inc., parent company of Twin Peaks Restaurant and 16 other restaurant concepts, enjoyed another strong year in 2022. The sports lodge concept opened nine new lodges, while also signing four new area development agreements (ADAs) to add 26 future lodges in the U.S. and one ADA in Mexico for an additional 32 lodges. These agreements are expected to allow the brand to surpass the 100-restaurant milestone by spring. “We’re proud of the work our teams put in to ensure that Twin Peaks stays …

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Newspeopleretailers

Tractor Supply Extends Contract for President/CEO and Makes Board Succession Plans

by Katie Lee

Brentwood, Tenn. — Tractor Supply Company, the largest rural lifestyle retailer in the United States, has extended the employment contract of its president and chief executive officer, Hal Lawton, as well as made key transitions on its board of directors. The board has elected long-standing member Edna Morris as chairman. She will succeed Cynthia Jamison, who is retiring, effective May 11, 2023. Additionally, Tom Kingsbury has resigned, effective February 6, 2023, as a member of the board in order to focus on his new role as CEO at Kohl’s Corporation. …

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franchise developmentNewsrestaurants

The Dolly Llama to Open 4 New Locations in March

by Katie Lee

Los Angeles — The Dolly Llama, the waffle and artisanal ice cream destination based out of Los Angeles, is planning substantial growth in first quarter 2023 across the country with its first New York City outpost and three locations in Texas, all within the next 2 months. The brand, which first began franchising in 2020 to expand the unique concept to major U.S. media markets, has since opened four new locations — Dallas; Jacksonville, Fla.; Las Vegas; Orlando, Fla. — and is fueling major growth in 2023. First, the Dolly …

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Newspeopleretailers

Kohl’s Names Chief Merchandising and Digital Officer

by Katie Lee

Menomonee Falls, Wis. — Kohl’s has hired 25-year retail veteran Nick Jones as its new chief merchandising and digital officer, reporting directly to CEO Tom Kingsbury, effective in March. “We are very excited to have Nick join our team and lead our merchandising organization,” says Kingsbury. “During his career, Nick’s been the chief merchant for one of the UK’s biggest retailers, led multiple categories for department store Marks & Spencer, and was a key leader in the category and international expansion of the multibillion-dollar George brand.” Jones has more than …

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Restaurant Technology Company Chowly Acquires Koala

by Katie Lee

Chicago — Chowly, a restaurant technology company that integrates third-party delivery marketplaces with point-of-sale (POS) systems, has acquired Koala, a guest experience platform that empowers established and emerging restaurant brands to elevate their digital ordering experience across web, app and kiosk to drive immediate results. The combined business will represent over 16,000 restaurant locations on the platform. “We’re thrilled to welcome Koala to the Chowly team,” says Sterling Douglass, co-founder and CEO, Chowly. “Merging these two businesses together represents a major leap forward in the mission of both organizations as …

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Kwik Stop Taps Watchfire for Digital Signs at 27 Convenience Stores

by Katie Lee

Danville, Ill. — Watchfire, a leading provider of exterior, interior and gas price LED displays for the convenience store industry, was selected by Kwik Stop to provide digital signs at 27 c-store locations in Nebraska and Colorado. To date, 23 locations have installed double-faced 4’x6’ 10mm outdoor digital signs and the remaining will be completed by summer. In addition, some locations have installed Watchfire’s Price WatcherTM gas price signs, which offer a bright fuel price display that can be changed efficiently and safely, day or night. The Watchfire displays replaced …

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