News

Simon Property Group Completes Acquisition of Taubman Centers, Inc.

by Katie Lee January 4, 2021

Indianapolis — Simon Property Group, Inc. has completed its acquisition of an 80% ownership interest in The Taubman Realty Group Limited Partnership (TRG) for approximately $3.4 billion. Under the terms of the transaction, Simon, through its operating partnership, Simon Property Group, L.P., acquired all of Taubman Centers, Inc. (TCO) common stock for $43.00 per share in cash, and the Taubman family sold approximately one-third of its ownership interest at the transaction price and remains a 20% partner in TRG. “We are very pleased to complete this transaction and to add …

January 4, 2021

construction and design News retailers

Planet Fitness Unveils New Prototypes Now Open for the New Year

by Katie Lee December 31, 2020

St. Louis — Planet Fitness has partnered with Poettker Construction on three health fitness clubs located throughout the greater St. Louis area in 2020. Poettker served as the construction manager for the Festus, Washington and Ballwin, Mo., locations, which opened to members in time for the new year. The Festus and Washington locations each feature a new two-story ground-up prototype with a gross floor area of 30,000 square feet, allowing ample space for hundreds of machines and free weights. Construction for the Ballwin location, which opened in late November 2020, …

December 31, 2020

News restaurants

Slim Chickens Inks Agreements for 150 Units in 2020

by Katie Lee December 30, 2020

Fayetteville, Ark. — Slim Chickens is closing out 2020 with a bang: the brand has inked multi-unit franchise agreements for 150 units this year. In what was a precarious 12 months for the restaurant sector, Slim Chickens signed multi-unit agreements that will bring the brand into new markets across the country. Some of the more notable deals include agreements for 12 units in Georgia, 23 units in Tampa, 10 units in New Mexico and 22 units in North Carolina. “This year has been a whirlwind. We kicked things off in …

December 30, 2020

News retailers

Former Pet Valu Stores in 7 States to Reopen as Pet Supplies Plus

by Katie Lee December 29, 2020

Livonia, Mich. — Closing its record-breaking growth year on a positive note, Pet Supplies Plus will acquire an estimated 40 previously operated Pet Valu locations throughout Indiana, Kentucky, Maryland, New Jersey, Ohio, Pennsylvania and Virginia with some locations to reopen as Pet Supplies Plus as early as January 2021. News of the conversions comes after Pet Valu announced in November 2020 it was shutting down all U.S. operations, including its 358 stores. By transforming and rebranding some of these store locations to Pet Supplies Plus, many jobs will be saved …

December 29, 2020

News retailers vendors

The Home Depot Completes Acquisition of HD Supply

by Katie Lee December 28, 2020

Atlanta — The Home Depot® has completed the acquisition of HD Supply Holdings, Inc., for approximately $8 billion. HD Supply is a leading national distributor of maintenance, repair and operations (MRO) products in the multifamily and hospitality end markets. The agreement to acquire HD Supply was announced on November, 16, 2020. “We’re thrilled to welcome HD Supply associates to The Home Depot,” says Craig Menear, chairman and CEO of The Home Depot. “The combination of the two businesses will enable us to better serve both existing and new MRO customers, …

December 28, 2020

construction and design franchise development News restaurants

Schlotzsky’s Testing 2 Off-Premise-Driven Prototypes

by Katie Lee December 22, 2020

Atlanta — Schlotzsky’s has unveiled two new prototypes that will put its drive-thru front and center and enhance speed of service for delivery, to-go and catering. While driving off-premise sales has been underway for Schlotzsky’s for some time, it’s now become an even bigger priority. During the pandemic, 35% of Schlotzsky’s sales were driven by off-premise and were a major part of the brand’s rapid recovery. Now, Schlotzsky’s has designed two new options referred to as “Design 1800” and “Design 1000” that will lean heavily on off-premise and reduce seating. …

December 22, 2020

News people restaurants

Jack in the Box Inc. Names New Chief Financial Officer

by Katie Lee December 21, 2020

San Diego — Jack in the Box Inc. has named Timothy Mullany as its new executive vice president and chief financial officer, effective January 18, 2021. Mullany is a well-rounded finance leader with more than 20 years of experience in the restaurant industry, as well as hyper-growth concepts, both public and private. Most recently, Mullany served as chief financial officer at VASA Fitness. “We are excited for the addition of Tim to the Jack in the Box team. He has demonstrated strong financial leadership while supporting growing businesses in the …

December 21, 2020

News retailers

Arena STEM Opens First U.S. Store

by Katie Lee December 21, 2020

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 …

December 21, 2020

News retailers

Court Approves Guitar Center’s Exit from Chapter 11 Bankruptcy

by Katie Lee December 18, 2020

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 …

December 18, 2020

Newer Posts

Older Posts