Paramus, N.J. — Arena STEM, a new retail “edu-tainment” concept, opened its first U.S. location at Westfield Garden State Plaza on December 18, 2020. The flagship store is located on level two near Nordstrom. Arena STEM is a new and innovative concept that provides an interactive environment for kids and young adults to play, learn and engage with science and technology. The 40,000-square-foot facility offers hands-on experiences with real-life models, racetracks, events, contests and classes that include 3-D drawing, robotics, model making and more. “More and more STEM curriculum has …
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Westlake Village, Calif. — Just over 3 weeks after filing for Chapter 11 bankruptcy, Guitar Center appears ready to already emerge from the process. In its original filings, the Westlake Village, Calif.-based musical instrument and supplies retailer reported its business of instrument purchases, rentals, repairs and music lessons suffered amid the upheaval stemming from government-mandated shutdowns in response to the COVID-19 pandemic. At a virtual hearing on December 17, 2020, U.S. Bankruptcy Judge Kevin Huennekens, based in Richmond serving the Eastern District of Virginia, approved Guitar Center’s bankruptcy plan, according …
Houston — New York-based Van Leeuwen Ice Cream is making its Texas debut at Rice Village in Houston. Van Leeuwen started as a New York City food truck in 2008 and has since grown to a crowd favorite, rapidly expanding to multiple brick-and-mortar stores along the East and West coasts. The cult favorite ice cream brand will open in 923 square feet of space in Rice Village in spring 2021. “Rice Village is thrilled to welcome Van Leeuwen to its growing list of diverse eateries and shops,” says Morgan Lera, …
Warrendale, Pa. — A new deal with Bank of America, N.A. and Tiger Finance has allowed specialty retailer rue21 (r21 Holdings, Inc.) to strengthen its financial position and enabled it to refinance its existing term loan, increase available liquidity and lower its cost of capital. rue21 amended its asset-based credit facility to increase availability to $155 million due 2025 led by Bank of America, N.A. The new capital structure will allow it to accelerate strategic growth initiatives, including omni-channel enhancements to create more engaging customer experiences. “Today is an exciting …
St. Louis — The new Drake’s restaurant and entertainment venue in Evansville, Ind., is complete, with Knoebel Construction serving as the general contractor. This is the second location that St. Louis-based Knoebel has built for the restaurant chain. Knoebel has been selected as the general contractor for all of Drake’s currently planned locations. Construction began on the Clarksville, Tenn., location earlier in December and Knoebel will break ground on Drake’s third restaurant in Louisville, Ky., in January. The 5,996-square-foot Drake’s in Evansville features one large central bar, approximately 30 televisions …
Latham, N.Y. — DWM Comprehensive Facility Solutions has promoted Samantha Sommerman to facility solutions manager to further support the company’s new organizational structure. This promotion further supports DWM’s long term strategy to improve the customer experience and accelerate growth. “Samantha’s ability to create and implement best practices coupled with her leadership and communication skills make her an asset to DWM and its clients,” says Katie Whitt, executive vice president, operations. “Samantha’s experience in multiple operations leadership positions at DWM make her a great fit for this role.” Sommerman joined DWM …
Los Angeles — California Pizza Kitchen (CPK) has appointed Judd Tirnauer as executive vice president and chief financial officer. With over 25 years of experience mainly in the restaurant and retail business, including over 10 years in the CFO role, Tirnauer will lead CPK’s financial restructuring strategy, focus on growth opportunities and oversee the accounting and finance teams. “CPK is proud to welcome Judd to the team,” says Jim Hyatt, CEO of CPK. “With his proven track record in finance with both public and private equity brands, we are confident …
Dallas/Fort Worth, Texas — Curry Up Now, the nation’s largest and fastest growing Indian fast-casual concept, signed a deal with a franchise group in the Dallas, Fort Worth and Houston areas to bring five new Curry Up Now restaurants, some with Mortar & Pestle craft cocktail bars, to Texas. This deal comes on the heels of a six-unit franchise deal signed for Dallas, Fort Worth and Austin just a few weeks earlier. Curry Up Now operates 11 restaurants and three craft cocktail bars across the country, with nearly 50 restaurants …
New York City — Newmark has signed a 6,000-square-foot lease for the New York City flagship for Amsterdam’s fashion and lifestyle brand, Daily Paper, at 18 Delancey St. This transaction marks Daily Paper’s inaugural stateside flagship on New York’s Lower East Side. Newmark represented the landlord, Solar Realty Management, while Selene represented the tenant in the transaction. “Despite all the recent turmoil with COVID-19 and the restructuring of many retailers, brands like Daily Paper are embracing the changing landscape and using the unique physical space to amplify their aesthetic, creating …
Union, N.J. — Bed Bath & Beyond Inc. has entered into a definitive agreement to sell its remaining non-core banner Cost Plus World Market to Kingswood Capital Management, a Los Angeles-based private equity firm. Additionally, the company approved a new $150 million accelerated share repurchase program (ASR), subject to market conditions, which will be in addition to the $225 million ASR announced on October 28, 2020. Both ASR programs are expected to be completed by no later than the end of the company’s fiscal year on February 27, 2021. The …