San Francisco — Gap Inc. has hired Asheesh Saksena to join the Gap Inc. senior leadership team as chief growth officer, a newly created position that will focus on executing the company’s strategic agenda, as well as leading growth initiatives for the future. In addition, the company also named Sandra Stangl as the new president and CEO of Banana Republic. Saksena most recently served as president of Best Buy Health where he led the formation and operation of the brand’s strategic diversification into digital health after serving as the company’s …
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Plano, Texas — Former restaurant and entertainment executive, Ted Beaman, along with his 20-year business partners, Sean McCullough and Greg Stevens, are shifting careers from the entertainment industry to open 10 MOOYAH Burgers, Fries & Shakes, a Plano, Texas-based “better burger” concept, across the Dallas-Fort Worth metropolitan area. Eight of the 10 locations will be new, whereas the other two locations — in Flower Mound and Frisco, Texas — are being acquired and remodeled. All 10 of these locations will feature the brand’s new prototype with new dining zones, digital …
Guitar Center Files for Chapter 11 Bankruptcy Protection, Hires A&G to Evaluate Store Footprint
by Katie Lee
Westlake Village, Calif. — Musical instrument retailer Guitar Center has filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the Eastern District of Virginia. The Westlake Village-based company did not announce plans to close any of its 297 stores, but it has retained A&G Real Estate Partners to explore opportunities for its real estate portfolio. In court filings, Guitar Center cited 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, according to The …
Athens, Ga. — Zaxby’s Operating Company L.P. (Zaxby’s) and its subsidiaries have announced that investment funds managed by the Goldman Sachs Merchant Banking Division (Goldman Sachs) will acquire a significant stake in the company. The partnership will support accelerated growth for Zaxby’s as well as expansion into new sales channels with a guest-focused strategy. The deal is expected to be finalized by year end 2020. Zaxby’s, the fast-casual chain known for its chicken fingers, wings and signature sauces, operates primarily in the Southeastern United States, with more than 900 restaurants …
St. Louis — Construction is complete on two new $1.2 million Jiffy Lube centers in Sycamore and Springfield, Ill. Knoebel Construction served as the general contractor for the 3,500-square-foot automotive service centers and completed all of the pre-construction site work. Knoebel has been selected to build six additional Jiffy Lube locations in four Midwestern states for Stonebriar Auto Services, a Jiffy Lube franchisee. Those locations in Cape Girardeau, Mo.; Nixa, Mo.; Lake Hallie, Wis.; Manitowoc, Wis.; Jeffersonville, Ind.; and Machesney, Ill., and will complete in early 2021. Each location features …
Atlanta — The Hummus & Pita Co., a leading Mediterranean fast-casual concept, opened its first location in the South — near Perimeter Mall in Atlanta — on Nov. 21. This is the first of three franchised locations opening in the Southeast before year’s end, and as part of a five-location deal with franchise group Premier Kings, Inc., one of the largest Burger King franchisees in the country. Additional locations in Huntsville and Montgomery, Ala., are set to open in the coming weeks. “We saw a great opportunity in The Hummus …
Vancouver, B.C. — Foot Locker has opened its first Canadian community power store in Vancouver, British Columbia. A second community-based power store will open in Toronto, Ontario, in early December. The Vancouver and Toronto locations follow successful openings of power stores in Detroit, Philadelphia, New York, London, Compton, Calif., Liverpool and Hong Kong. “We are so excited to bring our power store model to Canada over the next two months,” says Richard McLeod, vice president of marketing for Foot Locker, North America. “Although the shopping experience is different with current guidelines, …
Wichita, Kan. — Freddy’s Frozen Custard & Steakburgers, a leading national fast-casual restaurant concept known for its cooked-to-order Steakburgers and freshly churned frozen custard treats, has signed a multi-unit franchise agreement to develop 50 new restaurants over the next several years across the Southeast. As part of this agreement, Freddy’s will grow its footprint throughout the Florida West Coast and Panhandle, with locations currently under development and slated to open next year in Pensacola and Tampa. These new restaurants will be owned by experienced multi-unit operators RSolution Holdings, who signed …
Houston — Francesca’s Holdings Corp. will close 140 stores throughout the country by Jan. 30, 2021, the Houston-based women’s apparel and accessories retailer announced on Nov. 16. According to The Wall Street Journal, the 140 shuttered stores represent about 20% of the company’s total store count. Francesca’s also said that if the company is unable to raise sufficient capital to continue funding operations and paying obligations, it will likely seek to restructure its debt load by filing for Chapter 11 bankruptcy. Francesca’s stock price opened at $3.53 per share on …
Eatontown, N.J. — Total Comfort Group, a leading provider of HVAC, refrigeration, electrical and plumbing services throughout the United States, is expanding into the state of Florida. A new branch office located in Lakeland, Fla., will support its self-performing push in the region. “I am excited about our continued expansion throughout the region,” says Frank Bacchetta, president and CEO of Total Comfort Group. “It’s been our long-standing goal to expand our best-in-class service to our clients throughout the South. As we continue to build our presence throughout the region, Florida …