Roswell, Ga. — Hardware retail chain Ace Hardware has opened its 5,000th domestic store. Dubbed Fixit Ace Hardware, the store is located in Roswell, roughly 20 miles north of Atlanta. Additionally, the retailer opened its 100th new store of the year in Henderson, Nevada, last month. Ace, which operates more than 5,800 outposts globally, plans to open an additional 200 stores by the end of this year, which marks 100 years of business for the brand.
Austin, Texas and Orlando, Fla. — Darden Restaurants (NYSE: DRI) has agreed to acquire Chuy’s Holdings (NASDAQ: CHUY) for $605 million in an all-cash transaction. The Tex-Mex restaurant chain — which owns and operates 101 full-service restaurants across 15 states — will join Darden’s existing restaurant portfolio, which includes Olive Garden, LongHorn Steakhouse and Ruth’s Chris Steak House, among others. Under terms of the merger agreement, Orlando-based Darden will acquire all outstanding shares of Chuy’s at $37.50 per share. The purchase price represents a 40 percent premium to the Austin-based company’s …
London — Joshua Schulman has been appointed to replace Jonathan Akeroyd as the chief executive officer of London-based luxury retail brand Burberry. Schulman will assume his new role on July 17, leading the executive committee and reporting to Chair Gerry Murphy and the Board of Directors. Akeroyd’s departure comes following the publication of the company’s earnings release earlier this week. In the press release issued by Burberry, the brand’s first quarter performance is described as “disappointing” by Murphy, with sales declining 20 percent on a year-over-year basis. CNN reports that Burberry has …
Roswell, Ga. — Fast-casual food-and-beverage concept Layne’s Chicken Fingers has signed a franchise deal to open 18 restaurants in Georgia. The first of the new units is scheduled to open this October in Roswell, roughly 20 miles outside Atlanta, marking the brand’s first entrance into the state. Franchisees Alvin Shah, Shahid Panjwani and Seth Bickle will own and operate the restaurants.
Quincy, Mass. — Stop & Shop, a grocery store chain based in the Boston suburb of Quincy, has announced plans to close 32 locations by the end of this year. Situated throughout the Northeast, the stores — described in a press release as “underperforming” — are located in Connecticut, Massachusetts, New Jersey, New York and Rhode Island. According to the grocer, the affected stores will shutter on or before Nov. 2. Associates at the locations will be offered other employment within the company. “As we announced in May, Stop & …
Dallas — Rusty Taco, a street-style taco restaurant, plans to open a total of 14 new units by year end. Recent openings in both streetside settings and non-traditional venues have marked significant milestones for Rusty Taco, integral to the brand’s strategic growth plans. With more than 30 locations currently open, the addition of 14 new units signifies a 40% increase in growth and a monumental achievement for the brand. “There’s no better way to spend time with your loved ones than to relax and eat tacos,” says Denise Fenton, co-founder …
Columbus, Ohio — Discount retailer Big Lots plans to close 35 to 40 stores this year, according to an SEC filing submitted by the company. Big Lots saw a 10.2% year-over-year decrease in net sales in the first quarter of 2024. “While we made substantial progress on improving our business operations in Q1, we missed our sales goals due largely to a continued pullback in consumer spending by our core customers, particularly in high-ticket discretionary items,” says Bruce Thorn, president and CEO of Big Lots. “We remain focused on managing …
Deerfield, Ill. — PremiStar, a leader in commercial and industrial HVAC, plumbing and building automation services, has hired John Eberhardt III as chief operating officer. In this role, he will lead the company’s strategy for platform-wide value creation and delivery across the organization, including all operational activities to support PremiStar’s national growth strategies. “I am excited to welcome John to the PremiStar senior leadership team,” says Joe Kirmser, CEO of PremiStar. “Over the past three decades, he has proven himself as a transformational leader who excels in aligning and motivating …
Pasadena, Calif. — Founded in 2017 in East Hollywood, Dave’s Hot Chicken is on track to reach a milestone of 300 units open by the end of 2024 after rounding the 200-unit milestone in the first quarter. The brand now has over 206 locations in the United States, Canada and the Middle East — with more than 990 units signed to date (including its recently signed agreement with Azzurri Group to open 60 locations in the UK and Ireland, with the first location planned to open in London by first …
New York City and Dallas — HBC, the New York City-based parent company of Saks Fifth Avenue, has agreed to acquire Dallas-based Neiman Marcus Group. The merger between the two luxury fashion retailers is valued at $2.6 billion. An estimated closing date was not released. Following the acquisition, HBC will establish Saks Global, an entity that will combine the intellectual property and real estate assets of the two companies. Brands that are already owned by HBC or Neiman Marcus, including Saks OFF 5th, Bergdorf Goodman and Last Call Outlet, will …
