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86 Repairs Names New Head of Revenue

by Katie Lee

Chicago — 86 Repairs, an innovative platform that automates equipment repair and maintenance for restaurants, has named Sean Ramsey as its new head of revenue. Previously, Ramsey served as vice president of revenue at document drafting lifecycle tech company Litera. During his tenure at Litera, Ramsey was involved in seeing the company grow from 50 employees to over 400. He helped lead the company through multiple major acquisitions and two separate successful private equity exits. The company increased its annual growth rate from 5% to 30%, as well as annual …

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BJ’s Wholesale Club Plans to Open 6 New Clubs

by Katie Lee

Westborough, Mass. — BJ’s Wholesale Club, a leading operator of membership warehouse clubs in the eastern U.S., is expanding its footprint by opening six new clubs this fiscal year. Its newest clubs will be located in Seabrook, N.H., Port Charlotte, Fla., Commack, N.Y., South Fayette, Pa., Ross Township, Pa., and Lansing, Mich. The locations in the greater Pittsburgh area and in Lansing, Mich., are both new markets for the retailer. “We’ve made great progress accelerating the pace of our new club openings in the last few years and we’re looking …

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Panera Bread Unveils New Restaurant Design Catered to Changing Post-Pandemic Consumer Needs

by Katie Lee

St. Louis — Panera Bread has unveiled a new restaurant design featuring increased drive-thru and pickup access, technological offerings including contactless meal pickup and an updated dine-in experience in response to COVID-19. The company is the latest chain to announce a refreshed design adapted to the changing needs of consumers during the pandemic. The first next-generation Panera Bread is set to open in the St. Louis suburb of Ballwin this November and will include: an open kitchen with ovens in full view of restaurant guests; dual drive-thru and dedicated rapid …

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Target Grows Q1 Comp Sales Nearly 23%

by Katie Lee

Minneapolis — Target Corporation has released its first quarter 2021 financial results, which reflect robust growth in both sales and profitability. Highlights include: Q1 comp sales grew 22.9%, on top of 10.8% growth last year. Store comp sales increased 18%, on top of 0.9% growth last year. Digital comp sales grew 50%, on top of 141% growth a year ago. Same-day services (Order Pickup, Drive Up and Shipt) grew more than 90%, led by growth in Drive Up of 123%. More than 95% of Target’s Q1 sales were fulfilled by …

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Emerging Gourmet Biscuit Concept, Biscuit Belly, Launches National Franchise Program

by Katie Lee

Louisville, Ky. — Biscuit Belly, a chef-driven fast-casual breakfast and brunch concept specializing in gourmet biscuit sandwiches, has signed its first and second multi-unit development agreements to franchise 10 locations throughout Lexington, Ky.; Knoxville, Tenn.; Huntsville, Ala.; and Birmingham, Ala. This marks the first development deals since the brand launched its franchising efforts at the end of 2020 and supports Biscuit Belly’s plans to grow to 20-25 locations by the end of 2021. Seasoned multi-unit franchisees Jay and Kelly Shoffner and their family will own and operate six new Biscuit …

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L Brands to Spin Off Victoria’s Secret into Publicly Traded Company

by Katie Lee

Columbus, Ohio — The board of directors for L Brands Inc. has unanimously approved a plan to separate the company into two independent, public companies consisting of Bath & Body Works and Victoria’s Secret. L Brands expects to create these companies through a tax-free spinoff of Victoria’s Secret to the shareholders of L Brands. “The spinoff will enable each company to maximize management focus and financial flexibility to thrive in an evolving retail environment and deliver profitable growth,” L Brands stated in a news release. As separate businesses, each will …

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FAT Brands Adds 3 Executives to Senior Management Team

by Katie Lee

Los Angeles — FAT (Fresh. Authentic. Tasty.) Brands Inc., parent company of Fatburger, Johnny Rockets and seven other restaurant concepts, has added additional depth to its senior management team with three new hires: Allen Sussman, general counsel; Ken Kuick, chief financial officer; and Rob Rosen, EVP capital markets. “FAT Brands has experienced remarkable growth in spite of the pandemic, opening new restaurants around the world, and we’re not done yet,” says Andy Wiederhorn, CEO of FAT Brands. “Bringing these three talented professionals on-board will bring additional intellectual capital and practical …

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Bed Bath & Beyond Creates New Role of SVP Finance, Chief Accounting Officer

by Katie Lee

Union, N.J. — Bed Bath & Beyond Inc. has named John Barresi as senior vice president of finance, chief accounting officer, effective June 7, 2021. He will report to Gustavo Arnal, executive vice president and CFO. In the newly created role, Barresi will lead a team responsible for the development and execution of all corporate accounting and financial reporting functions, including maintenance of fiscal records, management of transactional shared services, preparation of internal and external financial reports, SEC and other regulatory reporting, among other corporate accounting activities. The company has …

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Freddy’s Frozen Custard & Steakburgers Signs Agreements for 29 New Restaurants

by Katie Lee

Wichita, Kan. — Freddy’s Frozen Custard & Steakburgers has recently signed four multi-unit agreements that will result in a total of 29 new restaurants. The expansion follows a strong 2020 in which the concept celebrated its 400th restaurant opening. The 29 restaurants will be developed by four different franchise groups across Southern California, Central Florida, Texas and Ohio. FFC will be developing seven restaurants in Central Florida. DJ Steakburgers will be developing three additional restaurants in northern Ohio. HCI Hospitality has signed to develop seven locations in Texas. Salim Development Group will …

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Barnes & Noble Owner to Acquire Paper Source

by Katie Lee

Chicago, New York and London — Elliott Investment Management L.P., the owner of Barnes & Noble, plans to acquire the assets and business operations of Paper Source Inc., which will allow the stationery and gift retailer to emerge from Chapter 11 with the support of a well-capitalized owner. Paper Source has approximately 130 stores across the U.S. Elliott is also the owner of Barnes & Noble, the leading bookseller in the U.S. with bookstores in every state. The businesses are highly complementary, with shared product ranges and a common commitment …

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