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Office Depot Parent Company Rejects Staples’ $2.1 Billion Acquisition Offer

by Katie Lee

Boca Raton, Fla. — ODP Corp., the parent company of Office Depot, has rejected USR Parent Inc.’s off-market transaction offer to acquire the Boca Raton, Fla.-based retailer. USR, the parent company of office products retailer Staples and affiliate of Sycamore Partners, offered to buy ODP for $40 per share in an all-cash deal that would equate to roughly $2.1 billion. In a letter to Stefan Kaluzny, managing director of Sycamore Partners and a member of the board of directors at USR, ODP’s chairman of the board of directors Joseph Vassalluzzo …

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kitchen equipmentNewsrestaurantsvendors

Alto-Shaam Partners with Chrane Foodservice Solutions

by Katie Lee

Menomonee Falls, Wis. — Alto-Shaam, a global leader and innovator in the foodservice equipment solutions industry, has entered into a new partnership agreement with Chrane Foodservice Solutions as its new manufacturer representative in Texas and Oklahoma. Chrane will promote Alto-Shaam’s full portfolio of commercial kitchen equipment, including its Vector® Multi-Cook ovens, Cook & Hold ovens, Combitherm® ovens, rotisserie ovens, heated holding solutions, QuickChiller™ blast chillers and more. The manufacturer representative will also host in-person and virtual ‘A Taste of Alto-Shaam’ events and demonstrations at its kitchens in Dallas-Fort Worth and …

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Newsrestaurants

Swig Appoints New President; Specialty Drink Shop Plans 18 New Units in 2021

by Katie Lee

Salt Lake City — Swig, the highly popular and fast-growing specialty drink shop, has appointed Chase Wardrop as president. In this position, Wardrop will oversee all company operations and the management team of Swig. He will be responsible for expanding the brand’s footprint into new geographies, which includes plans to open 18 new units in 2021. Wardrop has been instrumental in Swig’s rapid growth, and the expanding specialty soda culture as a whole. Today, under his leadership and teamwork with partners Dylan Roeder (vice president, marketing and innovation) and Nicole …

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Newsretailers

Bed Bath & Beyond Inc. Completes Sale of Cost Plus World Market

by Katie Lee

Union, N.J. — Bed Bath & Beyond Inc. has completed the sale of Cost Plus World Market to Kingswood Capital Management, a Los Angeles-based private equity firm. Both companies have agreed to a transition services agreement following the close of the transaction to help ensure business continuity. “The completion of this transaction marks the conclusion of our work to streamline our portfolio,” says Mark Tritton, president and CEO Bed Bath & Beyond. “These efforts will help fund our transformation and put us in the position to start fiscal 2021 with …

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franchise developmentNewsrestaurants

Chicken Salad Chick Makes South Florida Debut

by Katie Lee

Auburn, Ala. — Chicken Salad Chick, a Southern-inspired, fast-casual chicken salad restaurant concept, will be expanding in Florida with its newest restaurant in Coral Springs. The Coral Springs restaurant marks the first Florida opening this year with additional locations in St. Petersburg, Ocala, Gainesville and Wellington slated to open over the next several months. The restaurant will make its South Florida debut on January 27. Chicken Salad Chick is closely following Florida’s state and local guidelines for COVID-19 procedures and will open the Coral Springs restaurant with social distancing measures …

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Newsretailers

Store Closings Begin at All Christopher & Banks Locations Nationwide

by Katie Lee

Chicago — On Jan. 13, 2021, Christopher & Banks filed for Chapter 11 reorganization and authorized store closing sales to be conducted by Hilco Merchant Resources. The store closing process has begun at more than 400 stores nationally. Christopher & Banks was founded in 1956. As of February 2020, the retailer had more than 450 locations. In a statement from Christopher & Banks, Keri Jones, president and CEO, said: “Since the start of the COVID pandemic, we have taken aggressive steps to protect our business while continuing to serve our …

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Express, Inc. Receives $140 Million in Additional Financing to Bolster Liquidity

by Katie Lee

Columbus, Ohio — Fashion apparel retailer Express, Inc. has entered into a definitive loan agreement with Sycamore Partners as lead lender, along with Wells Fargo and Bank of America Merrill Lynch, that strengthens its liquidity position by an additional $140 million. The new financing includes a $90 million FILO Term Loan with a maturity date of May 24, 2024, and a $50 million Delayed Draw Term Loan, to be repaid upon receipt of a CARES Act tax refund expected to be received in the second quarter of 2021. This financing …

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Newspeoplevendors

Hy-Brid Lifts Names New Vice President of Sales and Marketing

by Katie Lee

Richfield, Wis. — Hy-Brid Lifts, an industry leader in aerial lift equipment, has named Marshall Shaver as vice president of sales and marketing. Shaver’s responsibilities will include leading the sales and marketing team, growing the customer base and continuing to execute the company’s successful strategy. Shaver brings more than 10 years of industry experience to his new role, largely derived from his time at Wacker Neuson as the business development manager and director of key accounts. During his time there, Shaver worked with national accounts to build and nurture strong …

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construction and designNewsrestaurants

Golden Chick’s First Modular Constructed Restaurant to Open in 2021

by Katie Lee

Dallas — Golden Chick is kicking off 2021 with innovation in restaurant design and development by introducing the franchise’s very first modular constructed building. The first restaurant is scheduled to be installed in Saginaw, Texas, this month with an expected opening in March, with two more installations in the pipeline for the first half of the year in Snyder and Refugio, Texas. “This new model will allow our franchisees to go-to-market quicker than ever before, while reducing the overall development and operational costs,” says Jim Stevens, president of Golden Chick. …

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Newspeopleretailers

URBN Makes Management Changes

by Katie Lee

Philadelphia — Urban Outfitters, Inc., a leading lifestyle products and services company which operates a portfolio of global consumer brands comprised of Anthropologie, BHLDN, Free People, FP Movement, Terrain, Urban Outfitters, Nuuly and Menus & Venues, has made key management changes. Trish Donnelly, chief executive officer of the Urban Outfitters Group, will be leaving the company as of January 31, 2021, to pursue a new career opportunity. Sheila Harrington will become CEO for both Urban Outfitters Group and Free People Group. Additionally, Gabrielle Conforti, currently the chief merchandising officer for …

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