Canton, Mass. — Shares of Dunkin’ Brands Group Inc. rose by more than 15% on Oct. 26 as the Massachusetts-based coffee and breakfast chain moved forward with talks to be acquired by Atlanta-based Inspire Brands, the parent company of chains like Arby’s and Jimmy John’s. The New York Post reports that the deal, which would take Dunkin’ private, is valued at $8.8 billion. Dunkin’s stock price closed at $89.80 per share on Oct. 23 and peaked at $104.87 per share in trading on Oct. 26 before closing just below that …
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Plano, Texas — Cinemark Holdings, Inc., one of the world’s largest and most influential movie theatre companies, has reopened five of its Alameda County, Calif., theatres as of Oct. 27. Century San Francisco Centre 9 and XD as well as multiple Santa Clara County theatres will reopen Oct. 30. These theatres, which join the 13 Cinemark and Century theatres currently open in the Greater Bay Area, will reopen with enhanced cleanliness and safety protocols, Cinemark’s exclusive Private Watch Parties and this year’s newest films. With approximately 85% of its theatres …
Newport Beach, Calif. — Year-over-year revenue for Chipotle Mexican Grill increased 14.1% to $1.6 billion for third-quarter 2020. Digital sales soared 202.5% to $776.4 million, accounting for 48.8% of sales for the period. The company’s net income was $80.2 million. Despite the sales increase, the net income is a decrease from $98.6 million in third-quarter 2019 as expenses increased during the COVID-19 pandemic. In addition to increased revenue, the Newport Beach-based fast-casual chain opened 44 new restaurants and closed three locations during the third quarter, bringing the total restaurant count …
San Francisco — Gap Inc., a longtime apparel tenant in enclosed regional malls nationwide, has announced plans to close 350 stores under its Banana Republic and Gap banners in an effort to transition focus to e-commerce and off-mall retail locations. Store closures are scheduled for completion by fiscal year 2023, which ends Feb. 1, 2024, with 75% scheduled to close in 2021. By that time, the company expects 80% of its revenue to come from e-commerce and off-mall locations, including street-front retail stores and shops in strip and outlet centers. …
New York City — Authentic Brands Group (ABG), a global brand development, marketing and entertainment company, and AR Holdings, a leading Latin American-based brand and retail operator, have partnered to grow Forever 21 across the territory. AR Holdings will drive Forever 21 across all channels in the region including its e-commerce, wholesale and 26 retail locations in Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Panama and Peru. “Over the last 8 years, Forever 21 has established a strong foothold in Latin America and we are excited to …
Bloomington, Ind. — Curry Up Now, an award-winning Indian fast-casual concept, has broken ground on its first Indiana location, which is slated to open in early spring 2021 in Bloomington near Indiana University. This expansion is part of a multi-unit franchise deal for the entire state of Indiana, with plans to grow Curry Up Now in the greater Indianapolis area and expand across the state to additional college towns such as West Lafayette and South Bend, and into suburbs like Fishers and Carmel. “We were attracted to Bloomington from the …
Union, N.J. — Bed Bath & Beyond Inc. has appointed Mary-Farrell Tarbox and Ann-Marie Clendenin as regional vice presidents (RVP) for the Central and East regions, respectively, effective October 26, 2020. Both will report directly to Gregg Melnick, executive vice president and chief stores officer. Tarbox will be responsible for over 350 of Bed Bath & Beyond’s retail stores across 22 states, while Clendenin will oversee another approximately 200 stores across 12 states. Tarbox and Clendenin will work with Melnick and his team to execute a cultural shift in the …
San Diego — QDOBA Mexican Eats®, the largest franchise opportunity in the fast-casual Mexican segment, has introduced new restaurant formats that set the stage for continued growth. QDOBA’s new concepts feature buildouts including mobile-order drive-thrus, walk-up windows, mobile-order pickup lockers, dedicated curbside pickup areas, ghost kitchens and concepts with updated outdoor seating. The new formats come on the heels of a major multi-unit franchise development strategy announced last month that is set to grow the brand to 2,000 units. “Today’s customer wants a frictionless, safe experience and we’re evolving to …
Plano, Texas — J.C. Penney has drafted and filed an asset purchase agreement (APA), effectively moving the Plano, Texas-based retailer one step closer to concluding negotiations for its acquisition by Brookfield Asset Management and Simon Property Group, a $1.75 billion deal that was announced in September. J.C. Penney CEO Jill Soltau described this filing as “another important milestone in our restructuring plan” that should help the company shed its Chapter 11 bankruptcy status in time for the holiday shopping season. A hearing to seek court approval for the transaction is …
Sonic Automotive Expands EchoPark Brand Nationwide, Opens First in the State of Tennessee
by Katie Lee
Nashville, Tenn. — Sonic Automotive, Inc., a Fortune 500 Company and one of the nation’s largest automotive retailers, has opened its newest EchoPark specialty pre-owned vehicle store in Nashville, Tenn. As Sonic Automotive continues to rapidly expand its EchoPark network, its first Tennessee location will allow car buyers in the region to shop an assortment of high-quality, 1- to 4-year-old pre-owned vehicles priced 20% to 40% below new car pricing. This new EchoPark location, located just north of downtown Nashville, was formerly a Sonic Automotive franchised dealership that was recently …